electroCore (ECOR) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $25.2 million, up 57% year-over-year, driven by strong VA/DoD and Truvaga sales, with Q4 revenue of $7 million marking the ninth consecutive record quarter.

• Net loss narrowed by 37% to $11.9 million for 2024.

• Gross margin improved to 85% for the year.

• Significant growth in VA channel sales (up 85% to $17.8 million) and Truvaga wellness product sales (up 174% to $2.8 million).

• Cash and equivalents at year-end were $12.2 million.

Financial highlights

• Gross profit for 2024 was $21.4 million, with gross margin at 85% (up from 83%).

• Operating expenses were $33.6 million, with R&D expense down to $2.4 million and SG&A up to $31.2 million.

• Adjusted EBITDA net loss improved to $9 million from $15.4 million in 2023.

• Net loss per share was $1.59, compared to $3.42 in 2023.

• Net cash used in operating activities was $7 million, down 53% year-over-year.

Outlook and guidance

• Expect gross margins to remain in the mid-80s for 2025, with potential for slight decline if new product mix becomes material.

• No formal 2025 guidance provided pending NeuroMetrix acquisition close; management aims for continued revenue growth and declining cash burn.

• Plans to grow addressable market through partnerships, new product launches, and acquisitions.