electroCore Touts 30% Growth Outlook, VA Opportunity at LD Micro Conference

Key Points

• electroCore said it is targeting at least 30% year-over-year revenue growth while pushing toward cash-flow breakeven, with growth driven by its non-invasive vagus nerve stimulation platform across federal, commercial and consumer channels.
• The VA remains the company’s biggest opportunity: gammaCore Sapphire accounts for about 70% of revenue, and electroCore sees room to expand far beyond the roughly 2.5% of an estimated 600,000 VA headache patients it has reached so far.
• Its NeuroMetrix acquisition is gaining traction, with the Quell fibromyalgia product rising from about $50,000 a month at acquisition to $400,000 a month in Q1 2026, while consumer wellness and military products also remain part of the growth strategy.

electroCore NASDAQ: ECOR Interim President and CFO Joshua Lev said the bioelectronic technology company is focused on expanding its non-invasive vagus nerve stimulation platform across federal health care, commercial insurance channels and consumer wellness markets.

Speaking at the LD Micro event, Lev said electroCore has grown revenue at a compound annual rate of more than 50% over the past five years and reported $32 million in full-year 2025 revenue. He said the company’s gross profit margin has improved from the low 70% range to 87% in the first quarter of 2026.

Lev described electroCore as a company with “a suite of products and devices sold to different customers to help with different forms of chronic pain.” Its prescription products include gammaCore, which is FDA-cleared for primary headache conditions including cluster headache and migraine, for both acute and preventive treatment.

VA Remains Central to electroCore’s Growth Strategy

Lev said gammaCore Sapphire is the company’s flagship product and accounts for approximately 70% of revenue, with sales primarily into the U.S. Department of Veterans Affairs. He said the VA is the company’s largest customer and that electroCore has sold to roughly 2.5% of an estimated 600,000 headache patients in the VA system over the last three years.

Lev said the VA is attracted to the product because it is a non-opioid pain therapy that does not require injection or ingestion and does not have the same type of contraindication concerns as some pharmaceutical products.

The company recently added a new chief operating officer, Mike Fox, who Lev said has experience selling into the federal marketplace. Lev said Fox’s background is important because electroCore sees a “massive” opportunity within the VA and broader federal health system. He also said other federal opportunities could include federal workers’ compensation, TRICARE and active-duty military channels.

NeuroMetrix Acquisition Adds Fibromyalgia Product

Lev highlighted electroCore’s May 2025 acquisition of NeuroMetrix, which brought in Quell, a product for fibromyalgia. He said fibromyalgia is a large unmet need in the U.S. and within the Veterans Health Administration, adding that approximately 11% to 14% of people returning from deployment come back with some form of fibromyalgia.

According to Lev, Quell was generating about $50,000 per month in revenue when electroCore acquired NeuroMetrix. In the first quarter of 2026, he said the product reached $400,000 in monthly revenue and exceeded $1 million in quarterly revenue for the first time. Since the acquisition, Lev said the product line has generated approximately $2.7 million.

Lev said Quell fits into electroCore’s existing sales structure because the sales team already calls on similar customers for headache and fibromyalgia-related pain needs.

Consumer Wellness and Military Products

electroCore also sells general wellness products under the Truvaga brand through a direct-to-consumer model. Lev said the company uses media spending to drive customers to its website and tracks how much revenue is generated per dollar of media spend.

Lev said the company has historically generated about $1.90 in revenue for every $1 of media spend. In the first quarter of 2026, he said electroCore improved that figure to $2.25 in revenue for each $1 spent by focusing on affiliates, influencers and celebrity partnerships.

Lev cited a recent co-promotion with Miranda Kerr after she mentioned Truvaga on a podcast. He said Kerr has 14.4 million Instagram followers and that the promotion included a package of her face creams and night serums for the first 1,000 purchasers.

The company also sells TAC-STIM, or Tactical Stimulation, a ruggedized wellness product developed in conjunction with the Air Force Research Labs. Lev said TAC-STIM was designed for active-duty military users and has been studied for cognitive performance, sleep, mood, focus and target identification. He said TAC-STIM generated about $400,000 in revenue in 2025, down from $1.3 million the prior year, noting that government spending for the product can be “very lumpy.”

Kaiser Permanente and Pipeline Opportunities

Lev said electroCore was added to formulary and contract with Kaiser Permanente in 2025. He described Kaiser as a significant opportunity, noting that it has 12.5 million covered lives compared with 9.5 million covered lives in the VA system.

Lev said the company believes success with Kaiser could help open broader insurance coverage because Kaiser’s managed-care model resembles the VA more closely than other commercial insurance populations.

Lev also emphasized that electroCore views vagus nerve stimulation as a platform technology. He said the company has more than 30 investigator-initiated trials involving its technology, including studies in areas such as PTSD, mild traumatic brain injury, chemotherapy-induced peripheral neuropathy and long COVID. He said the company must prioritize which indications to pursue because of resource constraints.

Investor Catalysts and Financial Goals

Lev identified three major areas of focus for investors over the next 18 to 24 months: research and development, commercial expansion and operating results. On the R&D side, he said electroCore may add indications, products and features, including potential app-based services tied to devices such as Apple Watch, Whoop or Oura Ring. He also discussed the possibility of AI-driven closed-loop recommendations based on user data.

Commercially, Lev said the company aims to accelerate VA growth and expand into adjacent federal and commercial channels. Financially, he said electroCore is focused on revenue growth and reaching cash flow breakeven, which he described in terms of adjusted EBITDA positivity.

Lev said sales and marketing expense represents approximately 62% of revenue, compared with roughly 40% for comparable medtech companies, and said electroCore believes it can achieve operating leverage as it grows. He reiterated that the company has issued guidance for at least 30% year-over-year growth.

During a question-and-answer session, Lev said electroCore’s competitive advantage includes intellectual property around stimulating the vagus nerve non-invasively in the cervical region of the neck. He said the company is currently pursuing patent litigation against a company based in Lithuania and intends to defend its patents.

Lev also said increased competition could help raise awareness of vagus nerve stimulation, adding that the company believes cervical stimulation is comfortable and user-controlled.

About electroCore NASDAQ: ECOR

electroCore, Inc is a commercial-stage bioelectronic medicine company headquartered in Rockaway, New Jersey. The company specializes in the development and commercialization of non-invasive vagus nerve stimulation (nVNS) therapies designed to address a variety of neurological and inflammatory conditions. Established in 2006, electroCore has focused its efforts on translating neuromodulation science into a compact, patient-administered treatment device.

The company's lead product, gammaCore®, is a handheld, battery-powered device that delivers nVNS through the skin to the cervical branch of the vagus nerve.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.