electroCore Inc. Common Stock (ECOR)

FairStock Score: 27/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach electroCore as a Graham-style analyst: show me durable earnings, conservative finances, and a margin of safety. The business sells gammaCore, a non-invasive vagus nerve stimulation device, in a small 83-employee operation. Revenue is moving in the right direction: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $9.4M, up from $7.4M in fiscal Q2 2025, the quarter ended 2025-06-30. In fiscal year 2025, the year ended 2025-12-31, revenue was $32.0M, but net income was -$14.0M and diluted EPS -$1.65. In fiscal year 2024, the year ended 2024-12-31, revenue was $25.2M and net income was -$11.9M; in fiscal year 2023, the year ended 2023-12-31, revenue was $16.0M and net income was -$18.8M. So sales are growing, but profits remain elusive and the loss in fiscal year 2025 was larger than in fiscal year 2024. FairStock's calculations at the 2026-10-13 close of $8.39 show a negative P/E of -5.08, a -12.9% free cash flow yield, ROE of -478.70%, an Altman Z-Score of -13.88, and a Piotroski F-Score of 3/9. Those are not marks of financial strength. The Lynch category is 'none' because the company lost money in each of the last four years. A medical device can have intellectual property and recurring-use potential, but the figures do not yet demonstrate a moat or pricing power; cash burn is real. At a $75.6M market cap, the price may reflect hope more than proven earning power. I would demand evidence of durable margin improvement and positive free cash flow before seeing a margin of safety. Until then, this is speculation, not a value investment.

In plain English: electroCore makes a non-invasive vagus nerve stimulation device for migraine and cluster headache. The business is growing revenue but still loses money and burns cash, and it has lost money in each of the last four years. At the 2026-10-13 close of $8.39, the price looks speculative relative to current numbers rather than clearly cheap based on earnings or cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer