Overview

• Bioelectronic technology firm's Q1 revenue rose 43%, beating analyst expectations

• Q1 operating income and pretax profit both missed analyst estimates

• Adjusted EBITDA net loss improved 24% yr/yr as platform scales

Outlook

• electroCore reiterates full-year 2026 revenue guidance of approximately 30% annual growth over 2025

• Company expects majority of 2026 revenue to continue coming from the VA channel

• electroCore plans to launch Quell Relief for lower extremity pain in H2 2026

Result Drivers

• VA PRESCRIPTION SALES - Growth in prescription gammaCore sales to the U.S. Department of Veterans Affairs was the company's largest revenue driver

• TRUVAGA EXPANSION - Truvaga revenue grew 38% year-over-year, supported by improved marketing efficiency and international launch in the UK

• QUELL FRANCHISE CONTRIBUTION - Sales of Quell Fibromyalgia products, acquired from NeuroMetrix in 2025 and sold to the VA, contributed meaningfully to revenue

Company press release: ID:nGNX2bmzhQ

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$9.58 mln	$9.01 mln (5 Analysts)
Q1 Net Income		-$5.27 mln
Q1 Operating Income	Miss	-$5.32 mln	-$4.55 mln (3 Analysts)
Q1 Pretax Profit	Miss	-$5.59 mln	-$4.34 mln (4 Analysts)
Q1 Gross Profit		$8.36 mln
Q1 Operating Expenses		$13.68 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"

• Wall Street's median 12-month price target for electroCore, Inc. is $22.00, about 214.7% above its May 5 closing price of $6.99

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