ECOR · Electrocore, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $32.03M | $25.18M | $16.03M | $8.59M | $5.45M | $3.50M |
| Cost of Revenue | $4.24M | $3.79M | $2.80M | $1.62M | $1.39M | $1.74M |
| Gross Profit | $27.79M | $21.40M | $13.23M | $6.98M | $4.07M | $1.76M |
| R&D | - | $2.36M | $5.32M | $5.52M | $2.54M | $4.20M |
| SG&A | $38.21M | $31.20M | $27.17M | $24.33M | $21.57M | $21.84M |
| Total Operating Expenses | $40.94M | $33.56M | $32.49M | $29.85M | $24.11M | $26.51M |
| D&A | $760.0K | $760.0K | $962.0K | $548.0K | $381.5K | $399.2K |
| Operating Income | ($13.15M) | ($12.16M) | ($19.27M) | ($22.87M) | ($20.04M) | ($24.75M) |
| Interest Expense | $18.4K | - | - | $4.0K | - | $341 |
| Income Tax | $3.0K | ($93.0K) | ($186.0K) | ($431.0K) | ($851.2K) | ($1.17M) |
| Net Income | ($13.97M) | ($11.89M) | ($18.83M) | ($22.16M) | ($17.22M) | ($23.51M) |
| EPS - Basic | ($1.65) | ($1.59) | ($3.42) | ($4.36) | - | - |
| EPS - Diluted | ($1.65) | ($1.59) | ($3.42) | ($4.36) | - | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.04M | $3.45M | $10.33M | $17.71M | $34.69M | $4.24M |
| Accounts Receivable | $1.03M | $1.37M | $717.0K | $401.0K | $438.2K | $270.5K |
| Inventory | $1.63M | $1.68M | $2.16M | $1.98M | $1.36M | $876.4K |
| Accounts Payable | $2.71M | $1.83M | $2.16M | $2.13M | $1.54M | $2.08M |
| Current Assets | $15.67M | $16.30M | $14.29M | $21.17M | $37.54M | $25.06M |
| Total Assets | $18.67M | $20.47M | $16.10M | $24.76M | $42.83M | $31.52M |
| Current Liabilities | $11.35M | $9.15M | $8.12M | $7.04M | $5.49M | $5.89M |
| Long-term Debt | $6.61M | - | - | - | - | - |
| Total Liabilities | $20.38M | $12.93M | $8.66M | $7.67M | $6.18M | $7.87M |
| Stockholders' Equity | ($1.71M) | $7.54M | $7.44M | $17.09M | $36.65M | $23.01M |
| Retained Earnings | ($191.06M) | ($177.09M) | ($165.20M) | ($146.37M) | ($124.21M) | ($106.99M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($8.19M) | ($6.95M) | ($14.67M) | ($16.64M) | ($13.63M) | ($20.10M) |
| Investing Cash Flow | $3.88M | ($8.52M) | ($206.0K) | - | $18.22M | ($7.96M) |
| Financing Cash Flow | $7.63M | $8.44M | $7.49M | - | $25.68M | $18.95M |
| CapEx | $66.0K | - | $206.0K | - | - | - |
| Free Cash Flow | ($8.25M) | - | ($14.87M) | - | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 86.8% | 85.0% | 82.5% | 81.2% | 74.6% | 50.3% |
| Operating margin | -41.1% | -48.3% | -120.2% | -266.2% | -367.7% | -707.9% |
| EBITDA margin | -38.7% | -45.3% | -114.2% | -259.8% | -360.7% | -696.5% |
| Net margin | -43.6% | -47.2% | -117.5% | -257.9% | -315.9% | -672.5% |
| Free cash flow margin | -25.8% | - | -92.8% | - | - | - |
| FCF / Net income | 0.59 | - | 0.79 | - | - | - |
| R&D / Revenue | - | 9.4% | 33.2% | 64.2% | 46.5% | 120.2% |
| SG&A / Revenue | 119.3% | 123.9% | 169.5% | 283.2% | 395.8% | 624.8% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -74.8% | -58.1% | -117.0% | -89.5% | -40.2% | -74.6% |
| Return on equity | 817.2% | -157.6% | -253.1% | -129.7% | -47.0% | -102.2% |
| Return on invested capital | -212.1% | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.38 | 1.78 | 1.76 | 3.01 | 6.84 | 4.26 |
| Quick ratio | 1.24 | 1.60 | 1.49 | 2.72 | 6.60 | 4.11 |
| Cash ratio | 0.62 | 0.38 | 1.27 | 2.51 | 6.32 | 0.72 |
| Leverage | ||||||
| Debt / Equity | -3.87 | - | - | - | - | - |
| Debt / Assets | 0.35 | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -714.8x | - | - | -5718.5x | - | -72576.3x |
| Equity multiplier | -10.92 | 2.71 | 2.16 | 1.45 | 1.17 | 1.37 |
| Liabilities / Assets | 1.09 | 0.63 | 0.54 | 0.31 | 0.14 | 0.25 |
| Efficiency | ||||||
| Asset turnover | 1.72 | 1.23 | 1.00 | 0.35 | 0.13 | 0.11 |
| Inventory turnover | 2.60 | 2.26 | 1.30 | 0.82 | 1.02 | 1.98 |
| Days sales outstanding | 12d | 20d | 16d | 17d | 29d | 28d |
| Days inventory outstanding | 140d | 162d | 281d | 448d | 359d | 184d |
| Days payable outstanding | 233d | 176d | 282d | 481d | 407d | 437d |
| Cash conversion cycle | -81d | 5d | 16d | -16d | -19d | -224d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | 16.1x | 0.0x | 0.0x | - | - |
| P / S | 0.0x | 4.8x | 0.0x | 0.0x | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 27.2% | 57.1% | 86.6% | 57.6% | 55.9% | 46.3% |
| Revenue CAGR (3y) | 55.1% | 66.5% | 66.1% | 53.2% | 88.7% | - |
| Revenue CAGR (5y) | 55.7% | 60.2% | 81.6% | - | - | - |
| Gross profit growth (YoY) | 29.9% | 61.8% | 89.6% | 71.6% | 131.3% | 42.6% |
| Operating income growth (YoY) | -8.1% | 36.9% | 15.8% | -14.1% | 19.0% | 46.3% |
| Net income growth (YoY) | -17.5% | 36.9% | 15.0% | -28.7% | 26.8% | 47.9% |
| EPS growth (YoY) | -3.8% | 53.5% | 21.6% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | - | 1.4% | -56.4% | -53.4% | 59.3% | -5.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$32.03M totalBioelectronic Innovations Segment$32.03M · 100.0%
Product / service
$30.14M totalProduct$30.07M · 99.8%
License$65.0K · 0.2%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-9.02
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electromedical & Electrotherapeutic Apparatus
Comparing electroCore against the 5 most active filers in the same SIC group.