electroCore Announces First Quarter 2025 Financial Results
First quarter 2025 net sales of $6.7 million, an increase of 23% over first quarter 2024
Closed the acquisition of NeuroMetrix, Inc. (“NeuroMetrix”); first quarter 2025 unaudited Quell net sales of approximately $170,000
ROCKAWAY, N.J., May 07, 2025 (GLOBE NEWSWIRE) — electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a commercial-stage bioelectronic technology company, today announced financial results for the first quarter ended March 31, 2025.
Recent Highlights
- Reported first quarter 2025 revenue of $6.7 million, a 23% increase over first quarter 2024
- Revenue excluding TAC-STIM totaled $6.6 million, reflecting 29% year-over-year growth
- Announced the closing of the acquisition of NeuroMetrix, further expanding electroCore’s bioelectronic platform
“electroCore delivered continued growth in the first quarter, increasing total revenue 23% and growing total revenue excluding TAC-STIM by 29%,” commented Dan Goldberger, CEO of electroCore, Inc. “We maintained gross margins but incurred increased G&A expenses in the quarter due to typical seasonality related to the filing of our Annual Report on Form 10-K, severance expenses, and one time expenses related to the NeuroMetrix transaction, for a combined $665,000 in seasonal or other non-recurring expenses in the quarter. The revenue growth enabled us to further narrow our loss from operations and improve adjusted EBITDA. With the NeuroMetrix acquisition now closed, we are well-positioned as a significant player in non-invasive bioelectronic technology, addressing a larger opportunity with a more diversified product line.”
First Quarter 2025 Financial Results and Select Guidance
For the first quarter of 2025, electroCore’s net sales totaled $6.7 million compared to $5.4 million in the same period of 2024, a 23% year-over-year increase. The $1.3 million increase was driven primarily by higher sales of prescription (Rx) gammaCoreTM sold into United States Department of Veterans Affairs (VA), growth in international markets and continued traction with TruvagaTM wellness products.
Gross profit was $5.7 million, or 85% gross margin, as compared to $4.6 million, or 84% gross margin for the first quarter of 2024.
Total operating expenses were approximately $9.5 million as compared to $8.4 million in the first quarter of 2024.
Research and development expense was $642,000 as compared to $399,000 in the first quarter of 2024. This increase was primarily due to an increase in headcount and effects of discontinuing certain clinical trial activities in the first quarter of 2024 that did not repeat in the first quarter of 2025.
Selling, general and administrative expense was $8.9 million as compared to $8.0 million in the first quarter of 2024. This increase was primarily due to the greater investment in selling and marketing costs consistent with our increase in sales and an increase in separation costs associated with select headcount reductions.
GAAP net loss in the first quarter of 2025 was $3.9 million or a loss of $0.47 per share, compared to the $3.5 million net loss or a loss of $0.53 per share in the first quarter of 2024. The increase in GAAP net loss is primarily attributable to total other expense of $81,000 and a benefit from income tax of $48,000 as compared to total other income of $221,000 and a benefit from income tax of $122,000 for the first quarter of 2025 and 2024, respectively.
Adjusted EBITDA net loss in the first quarter of 2025 was $3.1 million as compared to adjusted EBITDA net loss of $3.2 million in the first quarter of 2024.
The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NeuroMetrix, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
Cash, cash equivalents, restricted cash and marketable securities at March 31, 2025 totaled approximately $8.0 million, as compared to approximately $12.2 million as of December 31, 2024.
Full Year 2025 Outlook
The Company is today providing preliminary guidance for the full year of 2025. For the full year of 2025, we expect total revenue to be approximately $30.0 million and net cash used for the next three quarters to be between $3.8 and $4.3 million with NeuroMetrix providing meaningful revenue by the year ending December 2025.
Webcast and Conference Call Information
electroCore’s management team will host a conference call today, May 7, 2025, beginning at 4:30 PM EDT. Investors must register at the following link to receive login credentials and be able to ask questions on the call: Q1 2025 Financial Results Weblink.
Attendees who prefer to participate in “Listen Only” mode may dial in as follows:
Dial In: +1 646 931-3860
Webinar ID: 885 4355 1292
Passcode: 419231
Additional dial-in numbers can be found here: Additional ECOR Q1 2025 Dial In Numbers
An archived webcast of the event will be available on the “Investors” section of the company’s website at: www.electrocore.com.
About electroCore, Inc.
electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a commercial stage bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. For more information, visit www.electrocore.com.
Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, and other potential new products and markets, revenue and net cash usage guidance for the full-year 2025, the contribution of meaningful revenue by year end of NeuroMetrix and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, and Truvaga, electroCore’s results of operations and financial performance, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.
Contact:
ECOR Investor Relations
(973) 302-9253
investors@electrocore.com