electroCore (ECOR) Planet MicroCap Showcase: Toronto 2026 summary

Financial performance and outlook

• Revenue grew ~50% compounded annually over five years; FY2025 revenue was ~$32M, and 1H2026 revenue was $19M, equivalent to a stated ~$40M annual run rate.

• Gross margin expanded from the low 70s to the mid-to-high 80s.

• Target: adjusted EBITDA positive in 2H2027; growth plans emphasize high-contribution-margin medical devices and operational efficiency.

• Sales and marketing expense target: reduce from ~60% of revenue to 40%-50%.

• ~$7.5M of debt is on the books, with amortization beginning in March 2027.

Products and clinical pipeline

• gammaCore is a handheld, non-invasive vagal nerve stimulation device with ~6 FDA clearances for primary headache conditions; its non-drug, non-opioid use supports VA adoption.

• Quell Fibromyalgia, acquired with NeuroMetrix in May 2025, is FDA-approved for fibromyalgia; revenue reached $1.3M last quarter after sequential growth of ~30%.

• Quell is sold in ~30% of existing accounts; deployment-related fibromyalgia prevalence was cited at ~2% before and 8%-11% after deployment.

• A 510(k) filing for Quell in chemotherapy-induced peripheral neuropathy (CIPN) was announced; the device has Breakthrough Device Designation, and approval could address an indication without a specific marketed treatment.

• Truvaga direct-to-consumer revenue rose from $2.4M in 2024 to $5M in 2025; growth will be paced for profitability. TAC-STIM was developed with the Air Force Research Laboratory for military performance and wellness use.

Market opportunity and commercial expansion

• VA opportunity includes ~600,000 headache patients, with ~3% served; products are sold at ~150 of 170 VA Medical Centers across ~1,300 prescribing locations.

• ~70% of revenue comes from the VA; commercial expansion targets federal workers’ compensation, active-duty military, medical treatment facilities and TRICARE.

• New commercial leadership is intended to broaden federal-market access; management expects to make a significant VA-market dent over the next two years using gammaCore and Quell.

• Kaiser Permanente coverage and contract access were secured in late 2025, spanning 12.5M lives; the VA was cited as covering 9.5M lives.

• More than 30 investigator-initiated trials are exploring potential indications including PTSD, mild traumatic brain injury, gastroparesis and stroke.