electroCore, Inc. reported its financial results for the second quarter of 2025, revealing a net sales increase of 20% to $7.4 million compared to $6.1 million in the same period last year. For the first half of 2025, the company achieved net sales of $14.1 million, a 22% rise from $11.6 million in the first half of 2024. The gross profit for the second quarter was $6.4 million, reflecting a gross margin of 87%, up from 86% in the prior year. Despite the revenue growth, electroCore continued to incur losses, reporting a net loss of $3.7 million for the quarter, compared to a loss of $2.7 million in Q2 2024.

The company's financial performance was impacted by increased operating expenses, which rose to $9.9 million in the second quarter, up from $7.9 million a year earlier. This increase was primarily driven by higher selling, general, and administrative expenses, which grew by 30% to $9.4 million, reflecting greater investments in sales and marketing. Research and development expenses decreased slightly to $0.5 million from $0.6 million in the previous year. For the first half of 2025, total operating expenses reached $19.5 million, compared to $16.3 million in the same period of 2024.

In terms of strategic developments, electroCore completed the acquisition of NURO on May 1, 2025, enhancing its portfolio in the chronic pain market with the Quell platform. The company has also expanded its distribution agreements, including a new Federal Supply Schedule (FSS) contract with the U.S. Department of Veterans Affairs (VA), which is expected to drive future sales growth. Sales to the VA accounted for approximately 71.8% of total revenue in Q2 2025, underscoring the importance of this customer segment.

Operationally, electroCore reported a slight increase in customer engagement, with prescription product sales to the VA rising significantly. The company also launched its Truvaga product, aimed at the direct-to-consumer market, which contributed to revenue growth. As of June 30, 2025, the company had approximately $7.4 million in cash, cash equivalents, restricted cash, and marketable securities, down from $12.2 million at the end of 2024. The decrease in cash reserves is attributed to ongoing operational losses and investments in growth initiatives.

Looking ahead, electroCore anticipates continued investment in sales and marketing to support its product offerings, particularly in the VA and direct-to-consumer channels. The company has secured a loan agreement providing up to $12 million to support its operations and growth strategies. However, electroCore acknowledges the risks associated with achieving profitability and maintaining sufficient financial resources, emphasizing the need for successful market acceptance of its products to ensure future operational viability.

About electroCore, Inc.

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