分组1 - electroCore, Inc. reported a quarterly loss of $0.35 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.32, but an improvement from a loss of $0.38 per share a year ago, resulting in an earnings surprise of -9.38% [1] - The company posted revenues of $7.38 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 0.83%, and showing an increase from $6.14 million in the same quarter last year [2] - electroCore has surpassed consensus revenue estimates two times over the last four quarters, while it has only exceeded consensus EPS estimates once during the same period [2] 分组2 - The stock has underperformed significantly, losing about 57.7% since the beginning of the year, compared to a 7.1% gain in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.27 on revenues of $7.81 million, and for the current fiscal year, it is -$1.19 on revenues of $30.72 million [7] - The Zacks Industry Rank for Medical - Drugs is currently in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - The company reported record revenue of $7.4 million for Q2 2025, representing a 20% increase year-over-year and a 10% sequential increase [7][19] - Gross margins remained strong at 87%, slightly up from 86% in the previous year [7][20] - GAAP net loss was $3.7 million, or a loss of $0.44 per share, compared to a net loss of $2.7 million, or $0.38 per share, in the previous year [21][22] - Cash balance as of June 30, 2025, was approximately $7.4 million, down from $12.2 million at the end of 2024 [22][23] Business Line Data and Key Metrics Changes - Revenue from the VA hospital system grew 12% sequentially, reaching $5.3 million in Q2 2025 [8][19] - Direct-to-consumer brand TRUVEGA posted $1 million in sales for Q2, a 74% year-over-year growth but a sequential decline [10][19] - The U.S. prescription channel recorded revenue of $394,000, down 17% year-over-year [13][19] Market Data and Key Metrics Changes - Revenue from outside the U.S. was $465,000 for the quarter, down 9% from the same period last year [14][19] - The total addressable market within the VA channel is significant, with estimates of 600,000 patients treated for headaches [8][9] Company Strategy and Development Direction - The company is transitioning from a single product focus to a broader bioelectronic technology company, with plans to invest in growth and long-term value creation [5][12] - The integration of the recently acquired Neurometrics has been completed ahead of schedule, and the company is focusing on expanding its product offerings [6][25] - The company plans to increase marketing and promotional investments in the TRUVEGA platform to drive growth in 2026 and beyond [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the VA channel and the direct-to-consumer market, despite delays in profitability due to increased spending [25][29] - The company expects to need $11.5 million to $12 million in quarterly revenue to achieve cash positivity, significantly higher than the current revenue levels [18][19] - Management highlighted the importance of gross profit margins, which could lead to improved operating margins once sufficient revenue is generated [19][25] Other Important Information - The company entered into a term debt facility with Avenue Capital, providing approximately $7.2 million in additional net cash [14][23] - The company is facing patent infringement issues with a competitor, which has led to legal expenses [11][36] Q&A Session Summary Question: Insights into TRUVEGA revenue composition - The $500 TRUVEGA Plus accounts for about 80% of revenue in the category, while the $350 version lags behind [35] Question: Legal actions regarding patent infringement - Cross complaints have been filed in federal court, but no further comments were made beyond public filings [36] Question: New product expectations - The prescription Quell Fibromyalgia product line is now operational, expected to generate material revenue in the latter half of the year [38][39] Question: Annualized marketing spend increase - Marketing spend is expected to increase by 5% to 6% in line with revenue growth [42][43] Question: Decision to ramp up spending and delay profitability - The decision was influenced by restructuring the sales force and positive trends in direct-to-consumer business [48][49] Question: Contribution of Amazon sales - The company is still resolving issues related to order fulfillment from Amazon [48] Question: Return on advertising spend - The media efficiency ratio was 2.0, indicating $2 of revenue generated for every $1 spent on advertising [57] Question: Integration with Apple Health - The integration allows access to a larger biohacker ecosystem, with potential use cases being explored [59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ TO ______________ Commission File Number 001-38538 electroCore, Inc. (Exact name of Registrant as specified in its charter) Delaware 20-3454976 (St ...

Company to host a conference call and webcast today, August 6, 2025 at 4:30 p.m. EDT ROCKAWAY, NJ, August 6, 2025 (GLOBE NEWSWIRE) – electroCore, Inc. (Nasdaq: ECOR) ("electroCore" or the "Company"), a commercial-stage bioelectronic technology company, today announced financial results for the three and six months ended June 30, 2025. Recent Highlights "The Veterans Administration market returned to normalized growth in the second quarter, validating our confidence in the long-term relevance of our solution ...

Core Insights - electroCore, Inc. reported net sales of $7.4 million for Q2 2025, representing a 20% increase compared to Q2 2024, and year-to-date net sales of $14.1 million, a 22% increase compared to the first half of 2024 [4][8] - The company successfully closed the acquisition of NeuroMetrix, Inc. and completed the integration ahead of schedule, while also reducing cash usage to approximately $614,000 in Q2 2025 [3][8] Financial Performance - For Q2 2025, gross profit was $6.4 million, yielding an 87% gross margin, compared to $5.3 million and 86% gross margin in Q2 2024 [4] - Total operating expenses for Q2 2025 were approximately $9.9 million, up from $7.9 million in Q2 2024, driven by increased selling, general, and administrative expenses [6][9] - GAAP net loss for Q2 2025 was $3.7 million, or a loss of $0.44 per share, compared to a net loss of $2.7 million, or a loss of $0.38 per share, in Q2 2024 [11][22] Revenue Breakdown - The increase in net sales was primarily attributed to higher sales of prescription products sold to the U.S. Department of Veterans Affairs (VA) and growth in nonprescription wellness products, including Truvaga™ and TAC-STIM [4][8] - Prescription gammaCore sales to the VA increased by 13% year-over-year, while sales of Truvaga™ surged by 74% in Q2 2025 compared to Q2 2024 [5][8] Cash Position and Outlook - As of June 30, 2025, the company had cash, cash equivalents, restricted cash, and marketable securities totaling $7.4 million, down from $12.2 million at the end of 2024 [14] - For the full year 2025, the company expects total revenue to be approximately $30.0 million and net cash usage to be between $3.9 million and $4.4 million [15]

Company Overview - electroCore is a commercial-stage bioelectronic medicine and wellness company focused on multiple indications[6] - The company has FDA clearance for the prevention and treatment of primary headache in adults and adolescents[13] - The company has FDA authorization for symptoms of Fibromyalgia[13] Financial Performance and Projections - The company's revenue has a 5-year CAGR of 58%[7] - Revenue increased from $5.5 million in 2021 to $25.2 million in 2024[12] - Revenue is projected to reach $30 million in 2025[12] - Gross margins are approximately 85%[13] Market Opportunity - The total addressable market (TAM) for VA channel is $2.9 billion[15] - The total addressable market (TAM) for US commercial channel is $101 million[15] - The total addressable market (TAM) for Health & Wellness channel is $33 billion[15] - The total addressable market (TAM) for TAC-STIM is $9.7 billion[15] - $20 billion is spent annually out-of-pocket for chronic pain treatments[14]

分组1 - ElectroCore, Inc. reported a quarterly loss of $0.47 per share, better than the Zacks Consensus Estimate of a loss of $0.56, and an improvement from a loss of $0.53 per share a year ago, resulting in an earnings surprise of 16.07% [1] - The company posted revenues of $6.72 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.12%, but showing an increase from $5.44 million in the same quarter last year [2] - ElectroCore shares have declined approximately 57% since the beginning of the year, contrasting with the S&P 500's decline of 4.7% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.42 on revenues of $7.62 million, and for the current fiscal year, it is -$1.36 on revenues of $31.44 million [7] - The Zacks Industry Rank for Medical - Drugs is in the top 26% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - In the first quarter of 2025, the company reported revenue of $6.7 million, a 23% increase compared to $5.4 million in the first quarter of 2024 [7][23] - Gross margins improved to 85% in Q1 2025 from 84% in Q1 2024 [7][24] - GAAP net loss for Q1 2025 was $3.9 million, compared to a net loss of $3.5 million in Q1 2024 [26] - Cash and cash equivalents totaled approximately $8 million as of March 31, 2025, down from approximately $12.2 million at the end of 2024 [27] Business Line Data and Key Metrics Changes - Prescription gammaCore VA revenue grew 22% to $4.7 million in Q1 2025 from $3.9 million in Q1 2024 [8] - TRUVEGA net sales reached approximately $1.1 million, a 187% increase from the previous year [10] - Revenue from channels outside the United States increased to $513,000 in Q1 2025 from $449,000 in the same period last year [14] Market Data and Key Metrics Changes - The VA Hospital Administration estimates around 600,000 patients are treated for headaches in the VA system, with a significant number of fibromyalgia patients also identified [9] - The company has dispensed gammaCore devices to approximately 9,500 veterans, representing about 1.6% of the total addressable headache market within the VA system [9] Company Strategy and Development Direction - The company is transforming into a broader bioelectronic technology firm, with a focus on medical devices and wellness products [5] - The acquisition of the Quell product line from Neurometrics Inc. is a key component of this transformation [5][17] - The company plans to evaluate market access through third-party payer systems and hospital networks for its prescription product suite [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to sequential growth in core prescription channels and highlighted the strong demand for gammaCore in the VA channel [30] - The company anticipates that operating metrics will improve as revenues grow and one-time expenses decrease [30] - Management expects to achieve cash neutrality with quarterly revenue of about $9 million by the end of 2025 or early 2026 [17] Other Important Information - The company incurred additional one-time expenses for severance related to internal restructuring and the acquisition of Neurometrics [15] - The company plans to launch TRUVEGA in the UK and Canada later in 2025 [14] Q&A Session Summary Question: What are the expected margins for Quell by the end of the year? - Management is optimistic that overhead absorption will be better than the previous structure, aiming for margins above 60% but cannot provide precise estimates yet [40][41] Question: Any concerns about tariff exposure for Quell components? - Management believes there is minimal tariff exposure as most components are sourced domestically, with some from Southeast Asia [42] Question: How should growth be modeled for top-line revenues? - Management expects mid to high single-digit sequential growth in the VA channel, potentially accelerating into the teens as new products are added [50] Question: What is the expected contribution from the new acquisitions? - Material revenue contributions from Sparrow are expected to be more of a 2026 story, while Quell is anticipated to generate revenue once manufacturing is validated [61][63] Question: What are the plans for R&D spending? - R&D expenses are expected to remain steady, focusing on sales support and data related to PTSD and traumatic brain injury [65]

Financial Data and Key Metrics Changes - In the first quarter of 2025, the company reported revenue of $6.7 million, a 23% increase compared to $5.4 million in the same quarter of 2024 [22][6] - Gross margins improved to 85% in Q1 2025 from 84% in Q1 2024 [6][23] - GAAP net loss for Q1 2025 was $3.9 million, compared to a net loss of $3.5 million in Q1 2024 [24][26] - Cash and cash equivalents totaled approximately $8 million as of March 31, 2025, down from approximately $12.2 million at the end of 2024 [26] Business Line Data and Key Metrics Changes - Prescription gammaCore VA revenue grew 22% to $4.7 million in Q1 2025 from $3.9 million in Q1 2024 [7] - TRUVEGA net sales reached approximately $1.1 million, a 187% increase from the previous year [10] - Revenue from channels outside the United States increased to $513,000 in Q1 2025 from $449,000 in the same period last year [14] Market Data and Key Metrics Changes - The VA Hospital Administration estimates around 600,000 patients are treated for headaches in the VA system, with a significant number of fibromyalgia patients also identified [8][9] - The company has dispensed gammaCore devices to approximately 9,500 veterans, representing about 1.6% of the total addressable headache market within the VA system [9] Company Strategy and Development Direction - The company is transforming into a broader bioelectronic technology firm, focusing on medical devices and wellness products, with the acquisition of the Quell product line from Neurometrics being a key component [4][5] - The company aims to leverage established distribution channels, particularly in the VA hospital system, to accelerate the adoption of new products like Quell and Sparrow [20][32] - Plans to launch TRUVEGA in the UK and Canada later in 2025 are underway [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to sequential growth in core prescription channels and highlighted the positive momentum in both VA and direct-to-consumer channels [27][28] - The company anticipates that operating metrics will improve as revenues grow and one-time expenses decrease [28][33] - Management expects to achieve cash neutrality with quarterly revenue of about $9 million by the end of 2025 or early 2026 [16] Other Important Information - The company incurred additional one-time expenses for severance related to internal restructuring and the acquisition of Neurometrics [15] - The contribution margin of incremental revenue is approximately 65% with the current product mix [16] Q&A Session Summary Question: What are the expected margins for Quell by the end of the year? - Management indicated that while precise estimates are not available yet, they are optimistic that margins will be well above 60% once manufacturing is restarted [38][39] Question: How does cash look after the Neurometrics acquisition? - Cash levels are expected to remain similar to those reported as of March 31, with the acquisition costs primarily covered by cash on Neurometrics' balance sheet [43] Question: What is the growth outlook for top-line revenues? - Management expects mid to high single-digit sequential growth in the VA channel, potentially accelerating into the teens as new products are introduced [48] Question: How is the company expanding its sales efforts in the VA hospital system? - The company is adding headcount to its sales function to increase support in the VA hospital system, with a focus on new products [50][52] Question: What are the early results from selling TRUVEGA on Amazon? - Initial sales through Amazon have been promising, with a few hundred units sold, and the company is optimistic about future growth [56][57]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) The company's financial information details its balance sheet, income statement, cash flows, and related notes [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported total assets of **$16.0 million** as of March 31, 2025, with net sales growing to **$6.7 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$16.0 million** as of March 31, 2025, primarily due to a reduction in marketable securities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,777 | $3,450 | | Marketable securities | $3,982 | $8,519 | | Total current assets | $11,972 | $16,300 | | **Total assets** | **$16,041** | **$20,471** | | **Liabilities & Equity** | | | | Total current liabilities | $7,856 | $9,152 | | **Total liabilities** | **$11,676** | **$12,927** | | **Total stockholders' equity** | **$4,365** | **$7,544** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales increased by **23.4%** to **$6.7 million** in Q1 2025, but the net loss widened to **$3.9 million** Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $6,719 | $5,443 | | Gross profit | $5,706 | $4,555 | | Total operating expenses | $9,528 | $8,404 | | Loss from operations | $(3,822) | $(3,849) | | **Net loss** | **$(3,855)** | **$(3,506)** | | Net loss per share | $(0.47) | $(0.53) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$4.4 million** in Q1 2025, with cash, cash equivalents, and restricted cash ending at **$4.0 million** Cash Flow Summary for the Three Months Ended March 31 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,355) | $(2,558) | | Net cash provided by (used in) investing activities | $4,500 | $0 | | Net cash provided by financing activities | $180 | $0 | | **Net (de)increase in cash** | **$327** | **$(2,482)** | | Cash, cash equivalents, and restricted cash – end of period | $4,027 | $8,099 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes highlight liquidity challenges, revenue concentration with the VA, and the acquisition of NeuroMetrix, Inc - The company has a history of significant net losses and negative cash flow from operations, funding its activities primarily through the sale of securities[37](index=37&type=chunk)[38](index=38&type=chunk) Management believes its current cash position and expected cash flow will be sufficient for at least the next 12 months[41](index=41&type=chunk) - Revenue is heavily concentrated, with sales to the U.S. Department of Veterans Affairs (VA) and Department of Defense accounting for **70.3%** of net sales in Q1 2025 and **71.2%** in Q1 2024[42](index=42&type=chunk) Net Sales Disaggregation for Q1 (in thousands) | Channel/Market | 2025 | 2024 | | :--- | :--- | :--- | | **By Channel** | | | | Rx gammaCore – VA | $4,721 | $3,875 | | Truvaga | $1,106 | $385 | | **By Geography** | | | | United States | $6,206 | $4,994 | | United Kingdom | $451 | $385 | | **Total Net Sales** | **$6,719** | **$5,443** | - On May 1, 2025, the company completed its acquisition of NeuroMetrix, Inc. (NURO), which will now operate as a wholly-owned subsidiary[76](index=76&type=chunk)[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes **23%** year-over-year revenue growth to increased sales of Rx gammaCore and Truvaga, while managing liquidity challenges [Overview](index=25&type=section&id=Overview) electroCore focuses on non-invasive vagus nerve stimulation (nVNS) technology, with key products gammaCore and Truvaga, and recently acquired NeuroMetrix - The company's business is centered on its proprietary non-invasive vagus nerve stimulation (nVNS) technology[91](index=91&type=chunk) - Key product categories include: - **gammaCore:** A prescription device for primary headache conditions - **Truvaga:** A direct-to-consumer general wellness product - **TAC-STIM:** A human performance product developed with the U.S. Department of Defense[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - The two largest customers are the U.S. VA (**70.3%** of revenue in Q1 2025) and the UK NHS (**5.3%** of revenue in Q1 2025)[99](index=99&type=chunk)[100](index=100&type=chunk)[103](index=103&type=chunk) - The company acquired NeuroMetrix, Inc. (NURO) on May 1, 2025, to add the Quell® platform for fibromyalgia and chronic pain to its portfolio[105](index=105&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Net sales increased by **$1.3 million (23%)** in Q1 2025, driven by higher Rx gammaCore and Truvaga sales, with gross margin stable at **85%** - Net sales for Q1 2025 increased **23%** YoY, primarily due to a **$0.8 million** increase in Rx gammaCore sales to the VA and a **$0.7 million** increase in Truvaga sales[114](index=114&type=chunk)[115](index=115&type=chunk) - Gross margin remained strong and consistent at **85%** in Q1 2025, compared to **84%** in Q1 2024, reflecting favorable product mix and increased sales[116](index=116&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **11%** YoY to **$8.9 million**, driven by targeted investments in sales and marketing to support commercial efforts[118](index=118&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company relies on securities sales and an ATM facility for funding, holding **$8.0 million** in cash and marketable securities as of March 31, 2025 - The company's cash, cash equivalents, restricted cash, and marketable securities totaled **$8.0 million** as of March 31, 2025[126](index=126&type=chunk) - The company relies on an At-The-Market (ATM) facility to sell common stock for funding During Q1 2025, it raised approximately **$0.2 million** in net proceeds from this facility[127](index=127&type=chunk) - Management believes its current cash position and expected cash flow from operations will be sufficient to fund operating expenses and capital requirements for at least the next 12 months from the issuance date of the financial statements[129](index=129&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces foreign currency and interest rate risks but does not currently use hedging instruments - The company has foreign currency exchange risk related to sales denominated in British Pound Sterling and license revenue in Japanese Yen[130](index=130&type=chunk) - Interest rate risk is limited to the company's portfolio of cash, cash equivalents, and short-term marketable securities, and is considered minimal[132](index=132&type=chunk) - The company does not currently hedge its foreign currency or interest rate exposure[132](index=132&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[135](index=135&type=chunk) - No changes occurred during the quarter ended March 31, 2025, that materially affected or are reasonably likely to materially affect the company's internal control over financial reporting[136](index=136&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits [Item 1. Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company states that it is not currently a party to any legal proceedings that would have a material adverse effect on its financial condition or results of operations - The company believes there are no current legal proceedings or claims pending that would have a material adverse effect on its financial condition or operations This information is incorporated by reference from Note 14 of the financial statements[70](index=70&type=chunk)[138](index=138&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the risk factors previously disclosed in the company's Annual Report on Form 10-K - The company refers readers to the risk factors detailed in its Annual Report on Form 10-K for the year ended December 31, 2024[139](index=139&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[140](index=140&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) The company disclosed that no director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements during the first quarter of 2025[145](index=145&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and Inline XBRL data files - The report includes a list of filed exhibits, primarily consisting of CEO and CFO certifications as required by the Sarbanes-Oxley Act and XBRL data files[147](index=147&type=chunk)