electroCore (ECOR) Q4 2025 earnings summary

Executive summary

• CEO Dan Goldberger announced his retirement effective April 1, 2026, with CFO Joshua Lev appointed as interim president and Michael Fox joining as COO to ensure leadership continuity and operational momentum.

• The company reported record revenue for Q4 2025 and full year 2025, driven by strong growth in both prescription and wellness channels, particularly within the VA system and through Truvaga sales.

• Strategic focus remains on expanding VA and federal channels, scaling direct-to-consumer wellness offerings, and leveraging clinical validation to drive adoption and payer engagement.

• Full year 2026 revenue guidance projects approximately 30% annual growth, with optimism about future prospects and category leadership in bioelectronic technology.

Financial highlights

• Q4 2025 revenue reached a record $9.2 million, up 31% year-over-year; full year 2025 revenue was $32 million, up 27% from 2024.

• Gross margin improved to 87% from 85% in 2024; gross profit increased by $6.4 million to $27.8 million.

• Net loss for 2025 was $14 million ($1.65/share) versus $11.9 million ($1.59/share) in 2024; adjusted EBITDA net loss was $8.7 million, slightly improved from $9 million in 2024.

• Cash equivalents and marketable securities at year-end 2025 were $11.6 million, down from $12.2 million in 2024.

• Operating expenses for 2025 were $40.9 million, up from $33.6 million in 2024, driven by increased personnel, legal, and marketing costs.

Outlook and guidance

• Anticipates continued revenue growth of approximately 30% for full year 2026, with the majority of revenue expected from the VA channel.

• No detailed guidance issued due to leadership transition; formal guidance to be revisited later.

• Plans to launch Quell Relief (OTC) in the first half of 2026, with any revenue from this product incremental to current growth expectations.

• Focused on expanding Kaiser coverage in 2026, with broader managed care insurer adoption targeted for 2027-2028.