electroCore, Inc.

Net sales were $9.6 million, up 43% year over year, the company’s highest revenue quarter ever. Gross profit was $8.4 million and gross margin expanded to 87%, a 200-basis-point improvement year over year. GAAP net loss was $5.3 million, or $0.59 per share, versus $3.9 million and $0.47 per share a year ago; excluding leadership transition expenses, net loss per share was $0.37. Adjusted EBITDA loss improved 24% to $2.3 million versus $3.1 million last year. On a segment basis, prescription device revenue rose 48% to $7.9 million, consumer wellness revenue rose 44% to $1.6 million, and Truvaga contributed $1.5 million, up 38%. Cash, cash equivalents, and marketable securities were approximately $8.8 million at March 31, 2026, versus $11.6 million at December 31, 2025. Management reaffirmed full-year 2026 revenue guidance of approximately 30% growth, which it said translates to roughly $9 million to $10 million of incremental revenue versus $32 million in 2025.

Joseph Errico said the leadership transition has not slowed execution and instead sharpened the organization’s focus. He emphasized continued commitment to growth in covered entities, advancing the clinical/scientific base for noninvasive vagus nerve stimulation, and expanding consumer wellness, all while managing costs and protecting the path to profitability. His tone was confident and disciplined, with repeated emphasis on durable long-term growth and the strength of the current leadership team while the permanent CEO search continues.

Joshua Lev highlighted the operating leverage in the quarter: 43% revenue growth alongside an 87% gross margin and a 24% improvement in adjusted EBITDA loss to $2.3 million. He broke out $1.9 million of nonrecurring leadership transition costs and $300,000 of legal expense in SG&A, and noted other expense of $276,000 tied to interest on the convertible term debt financing from Avenue Venture Opportunities Fund. He also said Q1 is historically the highest cash-burn quarter, that some working capital items may push part of that burn into Q2, and that the company is evaluating capital resources including its shelf registration and at-the-market facility while staying focused on profitability.

Analysts pressed management on whether the strong 43% Q1 growth should lead to more aggressive guidance, but Lev said the company is staying with approximately 30% full-year growth because Mike Fox has only been on board since April 13 and management wants more time to map tactics and timing. Questions also focused on the VA and DoD channels, with Fox saying the company has built real distribution but is far from saturation and needs more depth at existing VA sites plus better targeting in DoD and federal workers’ comp. On Truvaga, management said the stronger ROAS came from reallocating spend toward affiliate and influencer partnerships rather than a broad change in marketing, and noted the U.K. launch is still a soft launch with no media support yet. Management also said FDA discussions around PTSD are ongoing as they aggregate more data from ACACIA and related studies toward a possible full PTSD label.