electroCore, Inc. is a commercial-phase medical device enterprise whose focus lies in developing and bringing to market a variety of non-invasive vagus ...
electroCore, Inc. is a commercial-stage bioelectronic medicine company founded in 2005 and headquartered in Rockaway, New Jersey. The company focuses on developing and commercializing non-invasive vagus nerve stimulation (nVNS) therapies. Its flagship product, gammaCore Sapphire, is a portable, rechargeable device for acute treatment of migraine and episodic cluster headaches in ...electroCore, Inc. is a commercial-stage bioelectronic medicine company founded in 2005 and headquartered in Rockaway, New Jersey. The company focuses on developing and commercializing non-invasive vagus nerve stimulation (nVNS) therapies. Its flagship product, gammaCore Sapphire, is a portable, rechargeable device for acute treatment of migraine and episodic cluster headaches in adults. The device is prescription-only and designed for long-term use. electroCore also offers gammaCore Sapphire CV for certain patients. The company's mission is to improve patient outcomes through innovative neuromodulation technology. As a public company listed on NASDAQ (ECOR), it has a market capitalization of approximately $82 million, with revenue per share of $3.93, but has been unprofitable with negative net margins. The company employs around 83 people and invests in research and development (R&D) at about 8.5% of revenue. Key leaders include founder and chairman Thomas J. Errico, MD, and CEO Frank Amato (appointed in a management reorganization). The company has faced financial challenges, with negative free cash flow and a book value per share of -$0.30, but continues to expand patient access to its products and focus on commercialization.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$32.0M
+27.2%
-1.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-14.0M
-17.5%
+42.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+86.8%
+2.1%
-0.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-41.1%
+15.0%
+47.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-43.6%
+7.6%
+41.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-8.3M
-18.8%
-17.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-25.8%
+6.6%
-18.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-550.2%
-1103.6%
-105.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.02x
-42.6%
+18.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the ElectroCore First Quarter 2026 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. Earlier today, ElectroCore published results for the first quarter ended March 31, 2026, and the press release is available on the company's website. Before we begin, I would like to remind everyone that members on the call will make forward-looking statements within the meaning of the federal securities laws made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements that are not historical facts should be deemed to be forward-looking, including, without limitation, any guidance, the company's outlook on second quarter and full year performance, and its path to profitability. These statements involve material risks and uncertainties that could cause actual results to differ materially from those anticipated. For a list of risk factors, please see the company's filings with the Securities and Exchange Commission. ElectroCore disclaims any obligation to update these statements, except as required by law. This call contains time-sensitive information accurate only as of today, May 6, 2026. Joining us on today's call from ElectroCore are Dr. Thomas Errico, one of the company's founders, Investor and Independent Chairman of the Board of Directors; Joshua Lev, Interim President and Chief Financial Officer; and Mike Fox, recently appointed Chief Operating Officer. It is now my pleasure to turn the call over to Dr. Thomas Errico, ElectroCore's Founder and Independent Chairman, for opening remarks. Dr. Errico?
Joseph Errico: Thank you, Amanda. Good afternoon, everyone, and thank you for joining ElectroCore's First Quarter 2026 Earnings Call. This is the first earnings call since we announced our leadership transition, and I want to take a moment to share how encouraged I am by the progress we have made executing that transition and by the momentum we continue to see across the organization. Since stepping into the role of Interim President, Josh has provided steady, disciplined leadership while maintaining his focus on financial rigor. The alignment between our operational priorities and our financial strategy has been evident, and the organization has responded with focus and urgency. The strategy has not changed. The execution has not slowed. If anything, the focus across the organization has sharpened. At the same time, Michael Fox joined us as Chief Operating Officer on April 13, bringing more than 35 years of commercial leadership experience across complex health care markets, including extensive work within the federal systems and the U.S. Department of Veterans Affairs. In just 3 weeks, his depth of experience has already provided valuable insights to strengthen our execution, particularly as we continue to expand our presence within complex government channels.?He will introduce himself shortly. Importantly, this …