electroCore Inc. (NASDAQ: ECOR) reported full‑year 2025 revenue of $32.0 million, a 27% increase from $25.2 million in 2024. Gross profit rose to $27.8 million, giving the company an 87% gross margin that improved from 85% the prior year, driven by a stronger mix of prescription and wellness product sales. The company posted a net loss of $14.0 million and an adjusted EBITDA net loss of $8.7 million. Total operating expenses climbed to $40.9 million, comprising $38.2 million in selling, general and administrative costs and $2.7 million in research and development. Cash on hand at year‑end was $11.6 million, down from $12.2 million in 2024.
The revenue growth was led by a 25% increase in U.S. prescription sales and a 97% jump in general wellness sales, with the VA channel expanding to 200 facilities by year‑end. The acquisition of Quell Fibromyalgia in May 2025 contributed to the wellness segment’s momentum. EPS for the year was –$0.34, beating the consensus estimate of –$0.39 and matching the Q4 EPS beat of –$0.34 versus an estimate of –$0.41.
Dan Goldberger, the retiring CEO, said, "I have made the decision to retire as CEO of electroCore effective April 1, 2026... With that foundation now in place, the board and I believe this is the right time to begin a leadership transition as electroCore moves into its next stage of growth."
Joshua Lev, the interim president and CFO, added, "electroCore delivered another year of strong top‑line revenue growth, extending our growth trend and exceeding both revenue and EPS analyst consensus estimates. The VA hospital system remains our largest customer and continues to grow with the expanded adoption of our non‑invasive pain therapeutics." He also noted, "we believe our full year 2026 revenue has the potential to continue growing at approximately 30%. Third quarter activity indicates continued adoption. However, in light of the leadership transition, we are not issuing detailed guidance at this time and expect to revisit formal guidance when appropriate."
Investors reacted cautiously, focusing on the widening net loss and higher operating expenses despite the revenue and margin gains. The company’s improved gross margin and strong VA channel expansion signal operational strength, but the continued cash burn and lack of detailed guidance highlight the need for disciplined cost management as the company pursues growth.
The results underscore a strategic pivot toward scaling the wellness platform while maintaining a robust VA presence. The leadership transition and interim appointments signal a period of adjustment, but the company’s ability to sustain revenue growth and margin expansion will be critical to achieving profitability and securing long‑term value for stakeholders.
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