electroCore, Inc. (ECOR)*
As of 15 March 2025
Financial Highlights
Full year 2024 revenue of $25.2 million, up 57% from 2023
Gross margin improved to 85% for 2024 (from 83% in 2023)
Net loss reduced by 37% for the year to $11.9 million
Cash Q4 2024 revenue of $7 million, up 36% year-over-year
position of $12.2 million as of December 31, 2024
Net cash used in operations reduced by 53% to $7 million for full year
Business Segments Performance
VA Hospital System remains largest customer
Sales grew 85% to $17.8 million for full year 2024
170 VA facilities now purchasing gammaCore (up from 147)
Current FSS contract extended to June 2025
Truvaga (direct-to-consumer wellness product)
Sales of $2.8 million in 2024, up 174%
Q4 sales of $1.2 million, up 271% from Q4 2023
Return on advertising spend of $2.70 for every $1 spent
Recently launched on Amazon and Perks at Work platform
TAC-STIM (military performance product)
Sales of $1.2 million in 2024 (down from $1.7 million in 2023)
Continues to target military special forces units
U.S. prescription gammaCore
Revenue of $1.5 million in 2024, down 15% from 2023
Some customers migrated to Truvaga brand
International sales flat at $1.9 million for 2024
Strategic Developments
Acquiring NeuroMetrix (expected to close in Q2 2025)
Will add Quell platform for fibromyalgia treatment
Plan to integrate into VA sales channels
Distribution agreement with Spark Biomedical
Adding Sparrow Ascent product for opioid withdrawal
Launching in select VA sites in Q2 2025
Outlook
Expecting continued growth in core business lines
Seeing operating leverage as revenue increases
Planning measured expansion of sales force in H2 2025
Continuing to balance growth investments with path to profitability
Not providing 2025 guidance pending NeuroMetrix acquisition close
Management is focused on becoming a leader in bioelectronic health and wellness devices, adding new products to established sales channels, and maintaining financial discipline while pursuing growth opportunities.