ElectroCore Reports Record 2025 Sales, Sets CEO Transition and Targets 30% Growth for 2026

Leadership points to VA expansion as the main lever for the next phase of growth.

Overview

Full-year 2025 net sales reached $32.0 million, up 27% year over year, with Q4 revenue of $9.2 million rising 31%.
The company posted a GAAP net loss of about $14.0 million and an adjusted EBITDA loss of $8.7 million, ending 2025 with roughly $11.6 million in cash.
Management guided to approximately 30% revenue growth in 2026 and plans a first-half OTC launch of Quell Relief while pursuing additional reimbursement opportunities such as Kaiser.
CEO Dan Goldberger will retire effective April 1, 2026, with CFO Joshua Lev becoming interim president and Michael Fox joining as chief operating officer in April.
Growth was driven by U.S. prescription sales of $24.1 million, up 25%, and general wellness revenue of $5.55 million, up 97%, with VA adoption at about 200 facilities and roughly 13,400 patients representing ~2% penetration.