electroCore, Inc.

electrocore.com

What Do They Do?

Sells prescription nerve-stimulation devices for headache and fibromyalgia, plus handheld wellness and human-performance products to consumers, military users and professional organizations.

How Do They Make Money?

Customers pay within 30 days of shipment for devices and wellness products, and a sale is counted when products ship or are received by the customer.

FY2025 revenue

Who Are Their Customers?

Government healthcare systems, including the VA, DoD and U.K. NHS, buy prescription products under qualifying agreements; some federal sales go through Lovell. Consumers buy Truvaga directly online or through retail and marketplace partners, while overseas sales also use distribution partners.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

No. It lost $14M in FY2025.

Operating income, FY2025

−41% of revenue

▲ +8% (Loss) vs FY2024 (−$12.2M, −48%)

Net income, FY2025

−44% of revenue

▲ +18% (Loss) vs FY2024 (−$11.9M, −47%)

Free cash flow, FY2025

−26% of revenue

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +28%; vs $7.4M in Q2 FY2025
Net income: ▼ −17% (Loss); vs −$3.7M in Q2 FY2025

Sep 8, 2026 Appoints Joshua Lev and Mike Fox as co-CEOs Lev continues as CFO, and Fox continues as COO.
Aug 6, 2026 Raises 2026 revenue-growth guidance above 30%

Growing. Revenue grew 5.9x in 4 years, from $5.5M in FY2021 to $32M in FY2025, about 56% a year.

Added fibromyalgia device The product lineup has expanded from gammaCore, Truvaga and TAC-STIM to also include Quell Fibromyalgia, a prescription device for fibromyalgia.

Broader Truvaga channels Truvaga has moved beyond sales through electroCore's own direct-to-consumer site to also reach customers through online retailers and employment benefit plans.

Who Do They Compete With?

Competes with CEFALY Technologies, Theranica Bioelectronics, eNeura, Alphabet, Amazon.com, Apple, and Samsung Electronics

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