electroCore, Inc. (ECOR) Stock

electroCore, Inc. (ECOR) is a Healthcare stock trading at $10.21 (as of 2026-08-20), with a market capitalization of $92.01M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

electroCore, Inc. develops and commercializes non-invasive vagus nerve stimulation therapies, including gammaCore, a prescription-only treatment for acute pain associated with migraine and episodic cluster headache in adults. Its primary product, gammaCore Sapphire, is a rechargeable, reloadable handheld device intended for regular or intermittent use.

Understand electroCore, Inc.: how it makes money

electroCore develops and commercializes prescription non-invasive vagus nerve stimulation (nVNS) therapies, led by gammaCore Sapphire, and it makes money by selling these therapy devices and capturing revenue tied to treatment in channels such as Veterans Affairs.

Profitability is structurally linked to how many patients are treated and how large the installed base is in the Veterans Affairs channel, because that is where the reported non-zero revenue is concentrated, while consumer wellness revenue is reported as 0.0B in the provided segment candidates.

Revenue by segment (latest quarter)
VA	$0.0B
Consumer Wellness	$0.0B

Business quality (Solid): The dataset provided shows very small revenue (reported as 0.0B for the quarter), limited segment detail, and operating metrics that mainly track Veterans Affairs installed base and penetration rather than broad-based end market demand.

Bull case

Installed base scale is measurable via Veterans Affairs patients treated, which can indicate ongoing therapy usage tied to gammaCore devices: The operational KPI set includes 'GammaCore Veterans Affairs Patients Treated (Installed Base)' and several related VA device and facility purchasing metrics.
Gross margin is high in the latest quarter, suggesting product gross profitability is possible even while the business is still loss-making overall: Latest-quarter gross margin_pct is 87.3%.

Bear case

Operating losses are large relative to the scale shown, which increases the risk that near-term cash burn and execution matter more than reported gross margin: Latest-quarter operating_margin_pct is -55.5%.
Revenue appears concentrated in a single channel in the provided facts, leaving less diversification if that channel underperforms: The only non-zero segment revenue candidate shown is in the 'Veterans Affairs' channel (0.01B), while 'Consumer Wellness Revenue' is shown as 0.0B.
Market penetration measures shown for Veterans Affairs headache markets suggest room for expansion, but they also highlight that adoption is not yet broad: Operational KPIs include 'GammaCore Estimated Veterans Affairs Headache Market Penetration' of 2.5% and 'Estimated Penetration of Addressable Veterans Affairs Headache Market' of 2.0%.

Valuation — source: SEC EDGAR (first-party)
Price	$10.21
Market Cap	$92.01M
Price / Sales	2.47
FCF Yield	-20.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$32.03M
Net Margin	-43.6%
Revenue Growth (YoY)	27.2%
EPS Growth (YoY)	3.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	-12.23 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD CAPITAL MANAGEMENT LLC ($1.22M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Daniel S. Goldberger
Employees	73
Country	US
IPO Date	2018-06-22

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.