A Bioelectronic Medicine & Wellness Company Nasdaq: ECOR Corporate Presentation March 2026 Forward Looking Statements In addition to historical information, this presentation may contain forward-looking statements with respect to our business, capital resources, strategy and growth, reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks, unce ...

Core Insights - Revenue growth of 27% for full year 2025 was primarily driven by the continued penetration of the VA hospital system and a 93% surge in Truvaga wellness sales [1] - The VA channel is the main revenue driver, currently reaching approximately 13,400 patients, which management estimates is only 2% of the addressable VA headache market [1] - A strategic shift in the direct-to-consumer segment towards the company's own e-commerce site improved Return on Advertising Spend (ROAS) to $2.10 in Q4 [1] Financial Performance - The acquisition of Quell assets in May 2025 contributed $1.5 million in revenue, successfully diversifying the product portfolio within the VA system [1] - Management attributes the 31% year-over-year Q4 revenue growth to increased 'boots on the ground' through a mix of internal staff and variable-cost 1099 representatives [1] - Operational efficiency remains a core focus, with gross margins reaching 87% as the company scales its high-margin non-invasive vagus nerve stimulation (nVNS) platform [1]

Leadership Transition - The company is undergoing a leadership transition with Dan Goldberger retiring as CEO effective April 1, 2026, and Joshua Lev appointed as Interim President [2][4][12] - Michael Fox will join as the new Chief Operating Officer, bringing over 30 years of experience in pharmaceuticals and medical devices [5][15] Financial Performance - The company reported a record revenue of $9.2 million in Q4 2025, a 31% increase year-over-year, and a full-year revenue of $32 million, up 27% from 2024 [13][19] - The VA hospital system remains the largest customer, with revenue from gammaCore and Quell products increasing by 23% year-over-year [14][19] Product Development and Market Strategy - The company is focused on expanding sales within covered entities like the VA system and increasing market presence with its Truvaga wellness product [6][11] - The gammaCore device has shown significant clinical validation, supported by over 20 peer-reviewed publications, and is FDA cleared for both acute and preventive treatments [7][9] Sales and Marketing Initiatives - The company is enhancing its sales presence in the VA system by adding internal team members and contracted representatives [15][26] - Truvaga sales reached $5.4 million in 2025, a 93% increase from 2024, with a focus on direct-to-consumer channels [16][10] Future Outlook - The company anticipates continued revenue growth of approximately 30% in 2026, driven by expanding applications for its nVNS platform and new wellness offerings [24][18] - The leadership transition is expected to maintain operational momentum while the company explores new growth opportunities [1][4]

Core Insights - electroCore's non-invasive vagus nerve stimulation (nVNS) platform is clinically supported by over 20 peer-reviewed publications and multiple randomized controlled trials, demonstrating significant reductions in migraine and cluster headache frequency, intensity, and duration [1][4][6] - The company reported record fourth-quarter revenue growth and expanding adoption within the U.S. Department of Veterans Affairs (VA) system, with a notable increase in sales of its Truvaga wellness product [4][5][9] Leadership Changes - Dr. Thomas Errico announced the appointment of Joshua Lev as interim president while retaining his role as CFO, and Michael Fox will join as COO in April 2026 [2][5] - CEO Dan Goldberger will retire effective April 1, 2026, after focusing on strengthening the company's financial position and commercial strategy since late 2019 [3][5] Financial Performance - electroCore reported Q4 2025 revenue of $9.2 million, a 31% year-over-year increase, and full-year revenue of $32.0 million, up 27% from 2024 [6][16] - The company experienced a net loss of $14.0 million for 2025, compared to a net loss of $11.9 million in 2024, with cash equivalents at approximately $11.6 million at year-end [12][16] VA Adoption and Market Strategy - As of December 31, 2025, 200 VA facilities adopted gammaCore products, serving approximately 13,400 patients, representing about 2% penetration of the addressable VA headache market [13][17] - The company anticipates 2026 revenue growth of approximately 30%, primarily driven by continued adoption within the VA system and plans for an OTC launch of Quell Relief [5][17][18] Product Development and Reimbursement Efforts - electroCore plans to expand its nVNS platform and introduce additional wellness offerings, including Quell Relief for lower extremity pain, with a soft launch planned for H1 2026 [18][19] - The company is pursuing reimbursement opportunities, particularly with Kaiser, which is seen as a key opportunity for broader managed-care adoption [19][20] International Market Presence - NHS England is identified as the primary driver of revenue outside the U.S., with ongoing efforts to navigate administrative challenges related to prescribing rules [20][21]

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]

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 [16][20] - Prescription device revenue increased 23% year-over-year to $26 million, driven by growth in gammaCore and Quell within the VA hospital system [16][20] - 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 [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 [16][17] - 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 [17][18] - Truvaga sales increased by 93% from 2024, contributing $5.4 million to general wellness revenue [18] Market Data and Key Metrics Changes - Approximately 13,400 VA patients received gammaCore devices, representing roughly 2% penetration of the addressable VA headache market [17] - The company is expanding its VA sales presence by adding internal team members and contracted representatives [17] Company Strategy and Development Direction - The company aims to increase sales within covered entities such as the VA system and drive long-term value through market expansion into general wellness with the Truvaga product [9][10] - The leadership transition is designed to ensure continuity and focus as the company enters its next phase of growth [8][9] - The company plans to invest in people, marketing, and product development to accelerate growth in 2026 and 2027 while maintaining discipline around operating efficiency [19][24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the continued momentum of the non-invasive vagus nerve stimulation platform and the potential for broader anti-inflammatory applications [10][12] - The company expects to continue growing at approximately 30% in 2026, primarily driven by the VA system [24] - Management acknowledges the challenges in the operating environment but believes the company is well-positioned for sustained revenue acceleration and long-term value creation [24] Other Important Information - The company is hiring a new Chief Operating Officer, Michael Fox, to help accelerate adoption and expand commercial reach [9][10] - The company is developing a next-generation mobile application to complement Truvaga and Quell, which could support future recurring revenue opportunities [19] Q&A Session Summary Question: Can you talk about the channels, VA and DTC for both gammaCore and Quell, and expectations for 2026? - Management indicated that they have seen acceleration in the VA channel and are focused on increasing the number of sales representatives to drive growth [31][32] Question: Can you discuss OUS channels and any expectations for 2026? - Management highlighted NHS England as a key focus for OUS revenue, while also developing infrastructure in other countries [36][38] Question: With the management changes, will Michael focus on the VA business while Joshua handles wellness and ex-VA? - Management confirmed that Michael will focus on commercial growth across various channels, including VA and potentially other federal systems [44][45] Question: Any updates on insurance reimbursement coverage and barriers to broader adoption? - Management noted that they have made progress with Kaiser and are focused on developing key opinion leaders to advocate for their products [60][61]

Core Insights - electroCore reported record net sales of $32.0 million for the full year 2025, representing a 27% increase from $25.2 million in 2024, driven by a 25% growth in the U.S. prescription business and a 97% increase in general wellness sales [1][2][7] Financial Performance - The increase in net sales of $6.8 million was primarily due to higher sales of prescription products gammaCore and Quell Fibromyalgia in the U.S., as well as Truvaga handsets in the general wellness channel [2] - Gross profit rose by $6.4 million to $27.8 million in 2025, with a gross margin of 87%, up from 85% in 2024 [3] - Research and development expenses increased to $2.7 million, up by $0.4 million from the previous year, mainly due to development costs for gammaCore Emerald and a new mobile application [4] - Selling, general, and administrative expenses totaled $38.2 million, an increase of $7.0 million from $31.2 million in 2024, driven by higher sales and marketing costs [5] - Total operating expenses for 2025 were approximately $40.9 million, compared to $33.6 million in 2024 [6] Loss and Cash Position - The GAAP net loss for 2025 was $14.0 million, compared to a loss of $11.9 million in 2024, with a net loss per share of $1.65 [9][21] - Total cash, cash equivalents, and marketable securities amounted to $11.6 million at the end of 2025, down from $12.2 million at the end of 2024 [11] Future Guidance - The company provided revenue guidance for 2026, anticipating approximately 30% annual growth over 2025 [12] Organizational Changes - Dan Goldberger, the CEO, will retire effective April 1, 2026, with Joshua Lev taking on the role of interim President and CFO, and Michael Fox joining as Chief Operating Officer [13][14]

Core Insights - electroCore, Inc. will report its financial results for Q4 and the full year ended December 31, 2025, on March 19, 2026, after market close [1] - A webinar will be hosted by management at 4:30 PM EDT to review the financial results and address investor questions [2] Company Overview - electroCore, Inc. is a bioelectronic technology company focused on improving health and quality of life through innovative non-invasive bioelectronic technologies [3] - The company's leading prescription products include gammaCore, a non-invasive vagus nerve stimulation (nVNS) device, and Quell® for fibromyalgia treatment [3] - Additionally, electroCore commercializes handheld products like Truvaga and TAC-STIM nVNS, aimed at promoting general wellness and human performance [3]

Core Insights - electroCore, Inc. anticipates record revenue for full year 2025 of approximately $31.8 - $32.0 million, representing a growth of about 26% compared to 2024 revenue of $25.2 million [2][7] - For the fourth quarter of 2025, the company expects revenue to be approximately $9.0 - $9.2 million, indicating a growth of around 30% over the fourth quarter of 2024 [2][7] - The company's total cash position at the end of 2025 is approximately $11.6 million, down from approximately $13.2 million as of September 30, 2025 [3][7] Financial Guidance - Full year 2025 revenue is projected to be between $31.8 million and $32.0 million, marking a 26% increase from 2024 [2][7] - Fourth quarter 2025 revenue is expected to be between $9.0 million and $9.2 million, reflecting a 30% increase from the same quarter in 2024 [2][7] Company Overview - electroCore, Inc. is a bioelectronic technology company focused on improving health and quality of life through non-invasive bioelectronic technologies [4] - The company's leading products include gammaCore non-invasive vagus nerve stimulation (nVNS) and Quell neurostimulator, which address chronic pain syndromes [4]