ECOR | Market Cap: $54.1M (07/13/26)
Industry:
Healthcare Equipment, Supplies, & Technology

DESCRIPTION

electroCore makes non-invasive vagus nerve stimulation (VNS) devices — handheld or wearable electromechanical devices that patients use at home to deliver brief electrical pulses to the vagus nerve without surgery or implants. The company's core prescription product is gammaCore, an FDA-cleared device for treating and preventing migraine and cluster headache. In May 2025, electroCore acquired NeuroMetrix, adding Quell Fibromyalgia — a wearable prescription neurostimulation device and the first non-drug device FDA-authorized for fibromyalgia. On the consumer side, electroCore sells Truvaga, a direct-to-consumer handheld VNS device for general wellness (stress, sleep, relaxation), and TAC-STIM, a similar device sold to active-duty military for performance enhancement. The U.S. Department of Veterans Affairs (VA) is electroCore's dominant customer, accounting for roughly 71% of revenue, with the U.K. National Health Service (NHS) contributing a small additional share. electroCore sells to the VA through a Federal Supply Schedule contract and a veteran-owned government distributor. Prescription products carry mid-80s gross margins, giving the business meaningful operating leverage as revenue scales. Truvaga is sold via the company's e-commerce site, retail partners including Best Buy, and influencer channels, with revenue driven by advertising spend. electroCore's growth strategy centers on broadening its VA product portfolio with new prescription devices, expanding into commercial managed care channels via DME distributors, and growing Truvaga through retail and digital marketing.

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