Announces the retirement of Dan Goldberger as Chief Executive Officer in addition to other key executive management changes
Company to host a conference call and webcast today, March 19, 2026, at 4:30pm EDT
ROCKAWAY, N.J., March 19, 2026 (GLOBE NEWSWIRE) -- electroCore, Inc. (NASDAQ:ECOR) ("electroCore" or the "Company"), a bioelectronic technology company, today announced full year 2025 financial results.
Reported record full year of 2025 revenue of $32.0 million, an increase of approximately 27% over full year of 2024.
Cash, cash equivalents, and marketable securities ("Total Cash") of $11.6 million at December 31, 2025.
Full year 2026 revenue guidance of approximately 30% annual growth.
Announced Chief Executive Officer, Dan Goldberger will retire effective April 1, 2026, and Joshua Lev will be taking on the role of interim President and Chief Financial Officer.
Hired Michael Fox as Chief Operating Officer, strengthening the sales management team through his strong track record of driving significant revenue growth across the VA system and other key channels.
Full Year 2025 Financial Results and 2026 Select Guidance
For the year ended December 31, 2025, electroCore reported net sales of $32.0 million compared to $25.2 million during the same period in 2024, which represents an approximate 27% increase over the prior year. The increase of $6.8 million is primarily due to an increase in net sales of prescription gammaCoreTM and Quell® Fibromyalgia in the United States and TruvagaTM handsets in the general wellness channel.
(in thousands)
Full year ended December 31,
Channel:
2025
2024
% Change
United States, Rx
$
24,073
$
19,307
25
%
TAC-STIM
422
1,197
-65
%
Outside the United States
1,892
1,785
6
%
In-License / Other
96
82
17
%
General Wellness
5,549
2,811
97
%
Total Net Sales
$
32,032
$
25,182
27
%
Gross profit increased $6.4 million to $27.8 million for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in gross profit is attributable to the increased net sales and favorable product mix. Gross margin was 87% for full year 2025 as compared to 85% for the full year of 2024.
Research and development expense of $2.7 million for the year ended December 31, 2025, increased by $0.4 million compared to the prior year. This increase was primarily due to an increase in development costs associated with our gammaCore Emerald and next generation mobile application.
Selling, general and administrative expense of $38.2 million for the year ended December 31, 2025, increased by $7.0 million compared to $31.2 million for the previous year. Sales and marketing increased $4.3 million from the prior year. The increase in sales and marketing was primarily driven by $3.8 million of variable expenses, which contributed to a $6.9 million increase in sales. General and administrative expense increased $2.7 million from the prior year. This increase was primarily driven by $0.8 million in legal fees primarily associated with business development activities, $0.5 million in bad debt expense associated with one customer, $0.3 million investment in IT systems, and $0.2 million of increased transaction fees associated with increased sales.
Total operating expenses for the full year of 2025 was approximately $40.9 million, compared to $33.6 million for the full year of 2024.
Other expense of $0.8 million for the year ended December 31, 2025, increased $1.0 million as compared to the full year ended December 31, 2024. The increase was primarily attributable to non-recurring expenses, including a $0.5 million change in estimated liability payable to pre-closing shareholders of NeuroMetrix, Inc ("NURO") pursuant to the CVR agreement entered into in connection with our acquisition of NURO, and interest associated with the term debt financing with Avenue Venture Opportunities Fund II, L.P. Other income for the year ended December 31, 2024, of $0.2 million consisted primarily of interest income.
GAAP net loss for the full year of 2025 was $14.0 million compared to $11.9 million for the full year of 2024. Net loss per share for the full year of 2025 was $1.65 as compared to a $1.59 net loss per share in the full year of 2024.
Adjusted EBITDA net loss for the full year of 2025 was $8.7 million as compared to adjusted EBITDA net loss of $9.0 million for the full year 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 changes, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders' litigation and the intellectual litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NURO and other business development activities, 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.
Total Cash at December 31, 2025, was approximately $11.6 million, as compared to approximately $12.2 million as of December 31, 2024.
Full Year 2026 Outlook
For the full year of 2026, the Company is providing revenue guidance of approximately 30% annual revenue growth over 2025.
Organizational Changes
The Company also announced that electroCore's Chief Executive Officer, Dan Goldberger, will be retiring effective April 1, 2026. In addition, the Company announced that Joshua Lev will assume the role of interim President and Michael Fox ...
