ECORMEDIUM SIGNALOPERATIONAL10-K

ElectroCore has acquired NeuroMetrix and launched new products while showing solid revenue growth but deteriorating profitability and cash flow.

The acquisition of NeuroMetrix represents a strategic expansion that contributed to revenue growth and improved gross margins. However, the company is burning more cash and posted wider losses despite the revenue gains, suggesting integration costs and operational challenges. The shift from consumer wellness (Truvaga) to prescription devices (gammaCore Emerald) indicates a strategic pivot toward medical applications.

Comparing 2026-03-19 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

ECOR delivered solid revenue growth of 27% with improving gross profit margins, likely driven by the NeuroMetrix acquisition. However, profitability deteriorated with wider net losses and increased cash burn from operations, while total liabilities grew substantially to $20.4M. The company meaningfully reduced R&D spending while increasing SG&A expenses, suggesting a shift in operational priorities as it integrates the acquisition and launches new products.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-68%
$206K→$66K

Capex reduced 68% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
+57.6%
$12.9M→$20.4M

Liabilities grew 57.6% — significant increase in debt or obligations, assess impact on financial flexibility.

R&D Expense
P&L
-55.6%
$5.3M→$2.4M

R&D spending cut 55.6% — could signal cost discipline or concerning reduction in innovation investment.

Gross Profit
P&L
+29.9%
$21.4M→$27.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+27.2%
$25.2M→$32.0M

Revenue growing 27.2% — solid top-line momentum, watch margins for quality of growth.

Accounts Receivable
Balance Sheet
-24.9%
$1.4M→$1.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+24%
$9.2M→$11.3M

Current liabilities rose 24% — increased short-term obligations, watch current ratio.

SG&A Expense
P&L
+22.5%
$31.2M→$38.2M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Operating Cash Flow
Cash Flow
-17.8%
-$6.9M→-$8.2M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Net Income
P&L
-17.5%
-$11.9M→-$14.0M

Net income declined 17.5% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-12
ADDED
(Exact name of Registrant as specified in its Charter) Delaware 20-3454976 (State or other jurisdiction of incorporation or organization) (I.R.S.
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
References to electroCore In this Annual Report, unless otherwise stated or the context otherwise indicates, references to ECOR, electroCore, the Company, we, us, our and similar references refer to electroCore, Inc., a Delaware corporation and its wholly owned subsidiaries, including NeuroMetrix, Inc., a Delaware corporation ( NeuroMetrix or NURO ).
We are subject to risks associated with the commercialization of our product offering through ecommerce marketplaces.
We recently launched our next generation prescription gammaCore device under the brand gammaCore Emerald, and there can be no assurance that the new device will be well received or adopted, which may impact our financial results.
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REMOVED
(Exact n ame of Registrant as specified in its Charter) Delaware 20-3454976 (State or other jurisdiction of incorporation or organization) (I.R.S.
See the definitions of large accelerated filer, accelerated file r, smaller reporting company, and emerging growth company in Rule 12 b- 2 of the Exchange Act.
References to electroCore In this Annual Report, unless otherwise stated or the context otherwise indicates, references to ECOR, electroCore, the Company, we, us, our and similar references refer to electroCore, Inc., a Delaware corporation.
We have a limited history commercializing our nVNS platform technology, including cash pay initiates such as our gConcierge and gCDirect programs, as well as through direct-to-consumer channels, and commercial success is uncertain.
We recently launched our next generation app-enabled consumer wellness product under the brand Truvaga, and there can be no assurance that the new product will be well received or adopted, which may impact our financial results.
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