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]

PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis, and disclosures on market risk and controls [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section advises readers that the report contains forward-looking statements subject to risks and uncertainties, which could cause actual results to differ materially from projections - Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially[10](index=10&type=chunk) - Statements are based on management's beliefs and assumptions, and the company does not undertake to update them[10](index=10&type=chunk) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for electroCore, Inc. and its subsidiaries, including balance sheets, statements of operations, comprehensive loss, equity, and cash flows, along with accompanying notes - The financial statements are unaudited and prepared in conformity with U.S. GAAP and SEC regulations for interim reporting[28](index=28&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,373 | $3,450 | | Restricted cash | $250 | $250 | | Marketable securities | $3,772 | $8,519 | | Accounts receivable, net | $813 | $1,367 | | Inventories | $1,427 | $1,676 | | Prepaid expenses and other current assets | $922 | $1,038 | | **Total current assets** | **$10,557** | **$16,300** | | Property and equipment, net | $197 | $158 | | Operating lease right of use assets, net | $3,663 | $3,739 | | Other assets, net | $142 | $274 | | **Total assets** | **$14,559** | **$20,471** | | **Liabilities and Stockholders' Equity** | | | | Accounts payable | $2,567 | $1,827 | | Accrued expenses and other current liabilities | $6,646 | $6,964 | | Current portion of operating lease liabilities | $405 | $361 | | **Total current liabilities** | **$9,618** | **$9,152** | | Noncurrent operating lease liabilities | $3,828 | $3,775 | | **Total liabilities** | **$13,446** | **$12,927** | | Common Stock, par value $0.001 per share | $7 | $7 | | Additional paid-in capital | $185,741 | $184,513 | | Accumulated deficit | $(184,616) | $(177,090) | | Accumulated other comprehensive income | $(19) | $114 | | **Total stockholders' equity** | **$1,113** | **$7,544** | | **Total liabilities and stockholders' equity** | **$14,559** | **$20,471** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $7,381 | $6,139 | $14,100 | $11,582 | | Cost of goods sold | $939 | $838 | $1,952 | $1,726 | | Gross profit | $6,442 | $5,301 | $12,148 | $9,856 | | Operating expenses: | | | | | | Research and development | $511 | $635 | $1,153 | $1,034 | | Selling, general and administrative | $9,437 | $7,257 | $18,323 | $15,262 | | Total operating expenses | $9,948 | $7,892 | $19,476 | $16,296 | | Loss from operations | $(3,506) | $(2,591) | $(7,328) | $(6,440) | | Total other expense (income) | $165 | $64 | $246 | $(157) | | Loss before income taxes | $(3,671) | $(2,655) | $(7,574) | $(6,283) | | Benefit from income taxes | $- | $- | $48 | $122 | | Net loss | $(3,671) | $(2,655) | $(7,526) | $(6,161) | | Net loss per share – Basic and Diluted | $(0.44) | $(0.38) | $(0.91) | $(0.90) | | Weighted average common shares outstanding – Basic and Diluted | 8,316 | 7,046 | 8,302 | 6,831 | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Condensed Consolidated Statements of Comprehensive Loss (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(3,671) | $(2,655) | $(7,526) | $(6,161) | | Other comprehensive (loss) income: | | | | | | Foreign currency translation adjustment | $(89) | $33 | $(133) | $109 | | Other comprehensive (loss) income | $(89) | $33 | $(133) | $109 | | Comprehensive loss | $(3,760) | $(2,622) | $(7,659) | $(6,052) | [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Condensed Consolidated Statements of Equity (in thousands) | (in thousands) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Balances as of January 1, 2025** | **6,651** | **$7** | **$184,513** | **$(177,090)** | **$114** | **$7,544** | | Net loss | — | — | — | $(3,855) | — | $(3,855) | | Other comprehensive income | — | — | — | — | $(44) | $(44) | | Sale of common stock | 14 | — | 217 | — | — | 217 | | Financing fees | — | — | (38) | — | — | (38) | | Proceeds from the exercise of warrants | 725 | — | 1 | — | — | 1 | | Issuance of stock related to employee compensation, net | 30 | — | — | — | — | — | | Share based compensation | — | — | 540 | — | — | 540 | | **Balances as of March 31, 2025** | **7,420** | **$7** | **$185,233** | **$(180,945)** | **$70** | **$4,365** | | Net loss | — | — | — | $(3,671) | — | $(3,671) | | Other comprehensive income | — | — | — | — | $(89) | $(89) | | Options exercised | 10 | — | 45 | — | — | 45 | | Financing fees | — | — | (42) | — | — | (42) | | Issuance of stock related to employee compensation, net | 36 | — | — | — | — | — | | Share based compensation | — | — | 505 | — | — | 505 | | **Balances as of June 30, 2025** | **7,466** | **$7** | **$185,741** | **$(184,616)** | **$(19)** | **$1,113** | | **Balances as of January 1, 2024** | **6,003** | **$6** | **$172,704** | **$(165,204)** | **$(64)** | **$7,442** | | Net loss | — | — | — | $(3,506) | — | $(3,506) | | Other comprehensive income | — | — | — | — | 76 | 76 | | Issuance of stock related to employee compensation plan, net of forfeitures | 3 | — | — | — | — | — | | Share based compensation | — | — | 484 |

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]

Core Insights - electroCore, Inc. has appointed James C. Theofilos to its Board of Directors effective August 1, 2025, highlighting the company's commitment to enhancing its leadership team [1][2] - Mr. Theofilos brings nearly two decades of experience in finance and strategic growth, particularly in the healthcare and life sciences sectors, which is expected to benefit electroCore's operational discipline and innovation [2] - electroCore focuses on improving health and quality of life through non-invasive bioelectronic technologies, with its leading products including gammaCore and Quell neurostimulator for chronic pain treatment [3] Company Overview - electroCore, Inc. is a commercial-stage bioelectronic technology company dedicated to innovative non-invasive solutions for health improvement [3] - The company's primary products, gammaCore and Quell, utilize non-invasive vagus nerve stimulation technology to address chronic pain syndromes [3] - Additionally, electroCore markets Truvaga products, which are designed for personal use to enhance general wellness and human performance [3]

Company Overview - electroCore, Inc. is a commercial-stage bioelectronic technology company focused on improving health and quality of life through innovative non-invasive bioelectronic technologies [2] - The company's leading prescription products include gammaCore, a non-invasive vagus nerve stimulation (nVNS) device, and Quell neurostimulator, both aimed at treating chronic pain syndromes [2] - Additionally, electroCore offers Truvaga products, which are handheld nVNS devices designed for personal use to promote general wellness and human performance [2] Upcoming Financial Results - electroCore will report its financial results for the second quarter ended June 30, 2025, after the market closes on August 6, 2025 [1] - Management will host a webinar at 4:30 PM EDT on the same day to review the financial results and address investor questions [1] - Investors can access the webinar through a provided registration link and dial-in details [1]

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]