electroCore, Inc. ECOR
is a bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic
technologies. Our two leading commercial products are gammaCore non-invasive vagus nerve stimulation, or nVNS, and Quell Fibromyalgia,
or Quell. We also sell our Truvaga and TAC-STIM products, which are handheld, personal-use consumer products, developed to promote general
wellness and human performance.
Last close
9.21
2026-09-04
Market cap
$83.0M
2026-06-30 share count
52-week range
4.41 - 10.95
Valuation FY2025 figures against the last close
P/S2.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.65
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.0M | $25.2M | $16.0M | $8.6M | $5.5M | $3.5M | $2.4M | $993.0K | $811.5K | — |
| Cost of revenue | $4.2M | $3.8M | $2.8M | $1.6M | $1.4M | $1.7M | $1.2M | $578.7K | $518.5K | — |
| Gross profit | $27.8M | $21.4M | $13.2M | $7.0M | $4.1M | $1.8M | $1.2M | $414.2K | $292.9K | — |
| R&D | — | $2.4M | $5.3M | $5.5M | $2.5M | $4.2M | $9.9M | $12.5M | $7.8M | — |
| SG&A | $38.2M | $31.2M | $27.2M | $24.3M | $21.6M | $21.8M | $35.4M | $42.5M | $18.1M | — |
| Total operating expenses | $40.9M | $33.6M | $32.5M | $29.9M | $24.1M | $26.5M | $47.3M | $55.0M | $25.9M | — |
| Operating income | -$13.2M | -$12.2M | -$19.3M | -$22.9M | -$20.0M | -$24.7M | -$46.1M | -$54.6M | -$25.6M | — |
| Interest expense | $14.9K | $18.4K | — | $4.0K | — | — | — | — | $6.3M | — |
| Pre-tax income | -$14.0M | -$12.0M | -$19.0M | -$22.6M | -$18.1M | -$24.7M | -$45.1M | -$55.8M | -$36.0M | — |
| Income tax | $3.0K | $93.0K | $186.0K | $431.0K | $851.0K | $1.2M | $17.7K | $2.4K | — | — |
| Net income | -$14.0M | -$11.9M | -$18.8M | -$22.2M | -$17.2M | -$23.5M | -$45.1M | -$55.8M | -$35.8M | — |
| EPS, basic | -1.65 | -1.59 | -3.42 | -4.69 | -4.36 | — | — | — | — | — |
| EPS, diluted | -1.65 | -1.59 | -3.42 | -4.69 | -4.36 | -0.60 | -1.54 | -1.19 | — | — |
| Shares, diluted (wtd. avg.) | $8.5K | $7.5K | $5.5M | $4.7K | $3.9K | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.0M | $3.7M | $10.3M | $17.7M | $34.7M | $4.2M | $13.6M | $7.6M | $13.2M | $416.3K |
| Short-term investments | $4.6M | $8.5M | — | — | — | $18.4M | $10.5M | $61.0M | $24.0M | — |
| Receivables | $1.0M | $1.4M | $717.0K | $401.0K | $438.0K | $270.5K | $496.1K | $267.6K | $103.2K | — |
| Inventory | $1.6M | $1.7M | $2.2M | $2.0M | $1.4M | $876.4K | $891.0K | $1.9M | $327.8K | — |
| Total current assets | $15.7M | $16.3M | $14.3M | $21.2M | $37.5M | $25.1M | $26.5M | $72.7M | $39.0M | — |
| Property, plant and equipment | $382.0K | $158.0K | $204.0K | $50.0K | $147.0K | $244.0K | $345.2K | $380.9K | $168.6K | — |
| Total assets | $18.7M | $20.5M | $16.1M | $24.8M | $42.8M | $31.5M | $35.5M | $73.5M | $39.2M | — |
| Accounts payable | $2.7M | $1.8M | $2.2M | $2.1M | $938.0K | $2.1M | $5.2M | $2.7M | $840.4K | — |
| Short-term debt | — | — | — | — | — | $311.6K | — | — | — | — |
| Total current liabilities | $11.3M | $9.2M | $8.1M | $7.0M | $5.5M | $5.9M | $9.1M | $7.1M | $6.1M | — |
| Long-term debt | $6.6M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $20.4M | $12.9M | $8.7M | $7.7M | $6.2M | $7.9M | $10.6M | $7.3M | $6.4M | — |
| Retained earnings | -$191.1M | -$177.1M | -$165.2M | -$146.4M | -$124.2M | -$107.0M | -$83.5M | -$38.3M | -$152.9M | — |
| Total equity | -$1.7M | $7.5M | $7.4M | $17.1M | $36.6M | $23.6M | $24.9M | $66.2M | -$90.1M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.2M | -$6.9M | -$14.7M | -$16.6M | -$13.6M | -$20.1M | -$45.1M | -$47.1M | -$25.3M | — |
| Depreciation and amortisation | — | $760.0K | $962.0K | $548.0K | $382.0K | $399.2K | $249.6K | $66.7K | $32.3K | — |
| Stock-based compensation | $1.9M | $1.9M | $1.7M | $2.7M | $3.3M | $3.3M | $3.9M | $7.6M | $462.3K | — |
| Capital expenditure | $66.0K | — | $206.0K | — | — | — | $69.7K | $278.9K | $152.5K | — |
| Investing cash flow | $3.9M | -$8.5M | -$206.0K | — | $18.2M | -$8.0M | $51.0M | -$36.8M | -$24.1M | — |
| Financing cash flow | $7.6M | $8.4M | $7.5M | — | $25.7M | $18.9M | $160.8K | $78.3M | $62.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-033907.
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