Financial Data and Key Metrics Changes - Revenue for Q4 2025 reached a record $9.2 million, up 31% year-over-year, bringing full year 2025 revenue to $32 million, a 27% increase over 2024 [14][18] - Prescription device revenue increased 23% year-over-year to $26 million, driven by growth in gammaCore and Quell products [14][18] - Net loss for 2025 was $14 million or $1.65 per share, compared to a net loss of $11.9 million or $1.59 per share in 2024 [21][22] Business Line Data and Key Metrics Changes - VA hospital system remains the largest customer, with 200 facilities purchasing gammaCore products, up from 170 a year ago [14][15] - General wellness revenue reached $5.5 million for the full year, a 97% increase compared to 2024, primarily driven by Truvaga sales [15][16] - Truvaga sales increased by 93% from 2024, totaling $5.4 million [16] Market Data and Key Metrics Changes - Approximately 13,400 VA patients received gammaCore devices, representing roughly 2% penetration of the addressable VA headache market [15] - NHS England remains a key channel for international sales, with ongoing efforts to develop infrastructure for reimbursement in other countries [38] Company Strategy and Development Direction - The company is focused on increasing sales within the VA system and expanding into general wellness with the Truvaga product [8][12] - A leadership transition is underway, with Joshua Lev appointed as Interim President and Michael Fox joining as Chief Operating Officer to enhance commercial efforts [5][8] - The company aims to introduce additional wellness offerings and a next-generation mobile application to support recurring revenue opportunities [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for sustained revenue acceleration and long-term value creation [12][23] - The leadership transition is seen as an opportunity to maintain operational momentum while focusing on growth strategies [6][7] - The company expects 2026 revenue to continue growing at approximately 30% [23] Other Important Information - Gross margin improved to 87% compared to 85% in 2024 [18] - Research and development expenses increased to $2.7 million, primarily for gammaCore Emerald and mobile application development [19] Q&A Session Summary Question: Can you discuss the channels for gammaCore and Quell in 2026? - Management highlighted the growth in the VA channel and the addition of commercial leaders to accelerate growth [30][31] Question: What about the OUS channels and specific geographies? - NHS England remains the primary focus for international revenue, with ongoing efforts to develop reimbursement pathways in other countries [35][38] Question: Will Michael Fox focus on the VA business while Joshua handles wellness? - Michael will oversee broader commercial strategies, including VA and other federal systems, while Joshua will manage wellness products [44][45] Question: Any updates on insurance reimbursement coverage? - The company is focused on Kaiser as a key opportunity for broader reimbursement adoption, with plans to leverage success for additional managed care systems [58][59]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 reached a record $9.2 million, up 31% year-over-year, bringing full year 2025 revenue to $32 million, a 27% increase over 2024 [14][18] - Prescription device revenue increased 23% year-over-year to $26 million, driven by growth in gammaCore and Quell products [14][18] - Net loss for 2025 was $14 million or $1.65 per share, compared to a net loss of $11.9 million or $1.59 per share in 2024 [21][22] Business Line Data and Key Metrics Changes - VA hospital system remains the largest customer, with 200 facilities purchasing gammaCore products, up from 170 a year ago [14][15] - General wellness revenue for Q4 reached $1.4 million, representing 31% year-over-year growth, with full year revenue totaling $5.5 million, a 97% increase compared to 2024 [15][16] Market Data and Key Metrics Changes - Approximately 13,400 VA patients received gammaCore devices, representing roughly 2% penetration of the addressable VA headache market [15] - The company is expanding its VA sales presence by adding internal team members and contracted representatives [15] Company Strategy and Development Direction - The company is focused on increasing sales within covered entities such as the VA system and expanding into general wellness with the Truvaga product [8][12] - A leadership transition is underway, with Joshua Lev appointed as interim president and Michael Fox joining as Chief Operating Officer to enhance commercial efforts [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for sustained revenue acceleration and long-term value creation, emphasizing the importance of operational efficiency [12][23] - The company expects full year 2026 revenue to continue growing at approximately 30%, although detailed guidance is not being issued at this time due to the leadership transition [23] Other Important Information - The company is investing in people, marketing, and product development to accelerate growth while maintaining discipline around operating efficiency [17][23] - The Quell Relief product is expected to launch in the first half of 2026, with revenue from this product considered incremental to existing guidance [52] Q&A Session Summary Question: Can you talk about the channels, VA and DTC for both gammaCore and Quell? - Management highlighted the acceleration in the VA channel and the addition of new commercial leadership to drive growth [30][31] Question: Can you discuss OUS channels and expectations for 2026? - The NHS in England remains a key focus for OUS revenue, with ongoing efforts to develop infrastructure in other countries [34][38] Question: Will Michael focus primarily on the VA business while Joshua handles wellness and ex-VA? - Yes, Michael will focus on commercial growth across various channels, while Joshua will manage wellness products [44][45] Question: Is there any adjustment to VA contracts with the onboarding of Michael? - Current VA contracts are expected to remain unchanged, but opportunities for efficiency improvements may be explored [47] Question: Will there be a de-emphasis on the TAC-STIM product after Dan's departure? - No, there is still a robust pipeline for TAC-STIM, and Michael's experience may help accelerate revenue opportunities [49] Question: Will Quell Relief be sold into VA/DOD channels or general wellness? - Quell Relief is an over-the-counter product expected to launch in the first half of 2026, with revenue considered incremental to guidance [52] Question: What are the updates on insurance reimbursement coverage? - The company has made progress with Kaiser, which is seen as a significant opportunity for broader reimbursement adoption [56][58]

electroCore (NasdaqCM:ECOR) Q4 2025 Earnings call March 19, 2026 04:30 PM ET Speaker5Greetings, and welcome to the electroCore fourth quarter and full year 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode. Please make sure to mute yourself. Question and answer session will follow the formal presentation. A reminder, this conference call is being recorded. Earlier today, electroCore published results for the fourth quarter and full year ended December 31, 2 ...