ElectroCore Inc Dossier
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SectorHealth Care IndustryHealth Care Equipment Beta (adjusted)0.97 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $10.31Price as of 1 Oct 2026 Data confidenceNot applicable Market Cap $93M Enterprise Value $91.3M Shares Outstanding 9.4M diluted Next Earnings Date4 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary electroCore, Inc. (ECOR) represents a high-growth, commercial-stage bioelectronic medicine company with a highly scalable platform centered on non-invasive vagus nerve stimulation (nVNS). The company has demonstrated strong top-line momentum, delivering record Q1 2026 net sales of $9.6 million (up 43% YoY) while maintaining an exceptional gross margin of 87%. Although the company remains unprofitable with a GAAP net loss of $5.3 million in Q1 2026, its underlying operating leverage is improving, as evidenced by a 24% year-over-year reduction in adjusted EBITDA loss to $2.3 million. The investment thesis is supported by deep penetration in the high-value VA hospital channel, the integration of the newly acquired Quell Fibromyalgia franchise, and rapid direct-to-consumer growth via Truvaga. While cash runway remains a key risk, the company's path toward adjusted EBITDA profitability in late 2026 makes it an attractive small-cap medical technology play. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$12.00 Mean target$19.57 High · most bullish analyst$26.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $12.0015% The bear case is triggered by a slowdown in VA procurement, failure to scale the direct-to-consumer Truvaga line, or persistent cash burn that necessitates a highly dilutive equity raise. Continued GAAP losses and going-concern risks would depress the valuation multiples. Base CaseCentral scenario $19.5760% Matches the consensus meanThe base case assumes electroCore successfully executes its reaffirmed full-year 2026 revenue guidance of approximately 30% annual growth over 2025. The VA channel remains the primary revenue driver, supplemented by steady growth in Truvaga and Quell. The company achieves positive adjusted EBITDA by the second half of 2026, and successfully manages its cash runway without severe dilution. Bull CaseUpside scenario $25.0025% The bull case assumes rapid adoption of Truvaga in the consumer wellness market and accelerated penetration of gammaCore and Quell within the VA system (currently at only ~2.5% of the addressable VA headache market). Operating leverage scales rapidly, pushing the company to positive cash flow and net profitability ahead of schedule by late 2026, driving significant multiple expansion. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |