electroCore (ECOR) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales rose 23% year-over-year to $6.7 million, driven by strong VA, international gammaCore, and Truvaga sales.

• Gross margin improved to 85% from 84% in Q1 2024, with gross profit of $5.7 million.

• Net loss widened to $3.9 million from $3.5 million in Q1 2024, reflecting higher R&D and SG&A expenses.

• Acquisition of NeuroMetrix (NURO) and Quell product line closed, expanding the product portfolio and addressable market.

• Truvaga direct-to-consumer wellness brand saw net sales of $1.1 million, a 187% increase year-over-year.

Financial highlights

• Q1 2025 net sales: $6.7 million (up 23% YoY); gross profit: $5.7 million (up from $4.6 million YoY); gross margin: 85%.

• Operating expenses: $9.5 million (Q1 2025) vs. $8.4 million (Q1 2024), mainly due to higher sales/marketing and R&D.

• GAAP net loss: $3.9 million (Q1 2025) vs. $3.5 million (Q1 2024); net loss per share: $0.47 vs. $0.53.

• Adjusted EBITDA net loss: $3.1 million (Q1 2025), flat or improved YoY.

• Cash and equivalents at March 31, 2025: $8.0 million.

Outlook and guidance

• Full-year 2025 revenue expected to be approximately $30 million.

• Net cash used for the next three quarters projected at $3.8–$4.3 million.

• Business could be cash neutral at $9 million quarterly revenue, targeted by late 2025 or early 2026.

• Company expects to fund operations for at least the next 12 months with current cash and expected cash flow.

• Truvaga to launch in the U.K. and Canada later in 2025.