electroCore, Inc. (ECOR): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

Imagine una tecnología médica revolucionaria que transforma cómo abordamos las condiciones neurológicas, ofreciendo esperanza y alivio sin procedimientos invasivos. Electrocore, Inc. (ECOR) ha desarrollado un innovador dispositivo de neuroestimulación llamado Gammacore, que representa un cambio de paradigma en el tratamiento de migrañas y dolores de cabeza de agrupación a través de la estimulación del nervio vago no invasivo. Al combinar la investigación científica de vanguardia con tecnología médica innovadora, esta compañía está redefiniendo las estrategias de manejo del dolor, proporcionando a los pacientes y a los proveedores de atención médica una alternativa portátil sin medicamentos que podría reducir los costos de atención médica y mejorar los resultados del tratamiento.

Electrocore, Inc. (ECOR) - Modelo de negocios: asociaciones clave

Fabricantes de dispositivos médicos para la distribución de productos

A partir del cuarto trimestre de 2023, Electrocore ha establecido asociaciones con los siguientes canales de distribución de dispositivos médicos:

Pareja	Alcance de distribución	Valor de contrato
Salud cardinal	Estados Unidos	$ 1.2 millones anualmente
McKesson Corporation	Mercado norteamericano	Acuerdo de distribución de $ 850,000

Proveedores de atención médica y hospitales

La red clave de la asociación hospitalaria incluye:

• Mayo Clinic - Departamento de Neurología
• Hospital Johns Hopkins - Centro de investigación de dolor de cabeza
• Clínica Cleveland - Instituto Neurológico

Instituciones de investigación neurológica

Institución de investigación	Enfoque de investigación	Valor de colaboración
Universidad de Stanford	Estimulación nerviosa vaquera	Subvención de investigación de $ 750,000
Escuela de Medicina de Harvard	Protocolos de tratamiento de migraña	Asociación de investigación de $ 500,000

Compañías de seguros para el apoyo de reembolso

Asociaciones de reembolso actuales:

• UnitedHealthcare - Cobertura aprobada para la terapia de Gammacore
• Cigna: reembolso parcial para tratamientos neurológicos
• AETNA - Cobertura negociada para intervenciones de migraña

Compañías farmacéuticas

Socio farmacéutico	Tipo de colaboración	Valor de asociación
Eli Lilly	Investigación de neuroestimulación	Acuerdo de desarrollo conjunto de $ 2.1 millones
Pfizer	Integración del tratamiento de migraña	Investigación colaborativa de $ 1.5 millones

Electrocore, Inc. (ECOR) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnologías de neuroestimulación no invasivas

Gasto de I + D para el año fiscal 2023: $ 15.2 millones

Áreas de enfoque de I + D	Inversión
Estimulación nerviosa vaquera	$ 8.7 millones
Tratamientos de trastorno neurológico	$ 4.5 millones
Expansión de la plataforma tecnológica	$ 2 millones

Fabricación de dispositivos de estimulación del nervio vago de Gammacore

Capacidad de producción anual del dispositivo: 100,000 unidades

• Ubicación de fabricación: Estados Unidos
• Cumplimiento de control de calidad: instalación registrada en la FDA
• Costo de producción del dispositivo por unidad: $ 125

Ensayos clínicos y cumplimiento regulatorio

Categoría de ensayo clínico	Número de pruebas activas	Inversión total
Migraña	3	$ 3.6 millones
Dolor de cabeza	2	$ 2.1 millones
Otras condiciones neurológicas	4	$ 4.3 millones

Marketing y ventas de soluciones de neuroestimulación

Gastos anuales de marketing: $ 7.5 millones

• Tamaño del equipo de ventas: 45 profesionales
• Mercados objetivo: Estados Unidos, Europa
• Canales de venta: ventas médicas directas, plataformas en línea

Innovación continua de productos y mejoras tecnológicas

Inversión tecnológica anual: $ 6.3 millones

Enfoque de innovación	Presupuesto de desarrollo	Resultado esperado
Miniaturización del dispositivo	$ 2.1 millones	Diseño más pequeño y más portátil
Tecnología de batería mejorada	$ 1.8 millones	Tiempo operativo más largo del dispositivo
Mejoras de algoritmo de software	$ 2.4 millones	Protocolos de estimulación más precisos

Electrocore, Inc. (ECOR) - Modelo de negocio: recursos clave

Tecnología de estimulación del nervio vago patentado

El dispositivo de estimulación del nervio vago no invasivo de Electrocore (NVNS) representa un recurso tecnológico clave. A partir del cuarto trimestre de 2023, la compañía sostuvo 5 plataformas de tecnología primaria centrado en la neuroestimulación.

Propiedad intelectual y patentes

Categoría de patente	Número de patentes	Cobertura geográfica
Tecnología de neuroestimulación	26	Estados Unidos, Europa, Asia
Diseño del dispositivo	18	Protección global de patentes
Algoritmos de estimulación	12	Paisaje de patentes internacionales

Experiencia científica y médica

• El equipo de investigación comprende 22 profesionales científicos y médicos
• Experiencia de investigación promedio: 14.5 años en neuroestimulación
• 6 doctorados especializados en trastornos neurológicos
• 3 neurólogos certificados por la junta en el personal

Instalaciones y equipos de fabricación

Electrocore mantiene 1 instalación de fabricación primaria Ubicado en Basking Ridge, Nueva Jersey. Inversión total de equipos de fabricación a partir de 2023: $ 3.2 millones.

Datos clínicos y capacidades de investigación

Métrico de investigación	Valor cuantitativo
Ensayos clínicos totales realizados	17
Pacientes inscritos en ensayos	3,845
Documentos de investigación publicados	42
Presupuesto de investigación anual	$ 4.7 millones

Electrocore, Inc. (ECOR) - Modelo de negocio: propuestas de valor

Tratamiento no invasivo para afecciones neurológicas

El dispositivo Gammacore de Electrocore proporciona estimulación del nervio vago no invasivo (NVN) para afecciones neurológicas. A partir del cuarto trimestre de 2023, el dispositivo está limpiado por la FDA para:

• Tratamiento agudo de los dolores de cabeza del grupo
• Tratamiento preventivo de dolores de cabeza de conglomerados
• Tratamiento agudo de los dolores de cabeza de migraña

Condición	Estado de autorización de la FDA	Tipo de tratamiento
Dolores de cabeza de clúster	Despejado	Agudo y preventivo
Dolores de cabeza de migraña	Despejado	Agudo

Alternativa de manejo del dolor libre de drogas

El dispositivo Gammacore ofrece un Solución de manejo del dolor neurológico libre de drogas. Los estudios clínicos han demostrado:

• Reducción del 50% en los días mensuales de migraña
• Reducción significativa en la frecuencia de dolor de cabeza de clúster

Dispositivo médico portátil y fácil de usar

Especificaciones clave del dispositivo:

• Dimensiones de bolsillo: 4.5 x 2.2 x 0.5 pulgadas
• Peso: aproximadamente 3 onzas
• Batería recargable con capacidad de uso de 2 semanas

Reducción potencial en los costos de atención médica

Métrica de costos de atención médica	Ahorros estimados
Costos anuales de tratamiento de migraña	$ 2,266 por paciente
Ahorros potenciales del sistema de salud	Reducción de hasta el 30% en los gastos de tratamiento

Enfoque innovador para tratar migrañas y dolores de cabeza de clúster

La tecnología de Electrocore utiliza Neuroestimulación no invasiva dirigida al nervio vago. Los datos del mercado indican:

• 35 millones de estadounidenses sufren de migrañas
• 1% de las experiencias de la población dolores de cabeza de clúster
• Mercado global estimado para el manejo del dolor neurológico: $ 8.3 mil millones para 2026

Electrocore, Inc. (ECOR) - Modelo de negocio: relaciones con los clientes

Venta directa de dispositivos médicos

A partir del cuarto trimestre de 2023, la estrategia de ventas directas de Electrocore se centra en los especialistas en neurología y dolor de cabeza. La compañía reportó 1.842 proveedores de atención médica que prescribieron activamente el dispositivo Gammacore Sapphire en los Estados Unidos.

Canal de ventas	Número de proveedores activos	Cobertura geográfica
Equipo de ventas directas	42 representantes de ventas	50 estados de EE. UU.
Especialistas en neurología	1.245 proveedores	Segmento objetivo principal
Centros de dolor de cabeza	597 proveedores	Mercado secundario

Atención al cliente y capacitación

Electrocore brinda servicios de apoyo integrales para profesionales y pacientes médicos.

• Línea directa de soporte técnico 24/7
• Módulos de capacitación en línea para médicos
• Programa de incorporación del paciente
• Asistencia de configuración del dispositivo remoto

Recursos de pacientes y médicos en línea

Plataforma digital que ofrece información médica extensa y herramientas de gestión de dispositivos.

Recurso digital	Compromiso de usuario	Características
Portal de paciente	3.752 usuarios registrados	Seguimiento del tratamiento, registro de síntomas
Panel de control médico	1.842 cuentas activas	Manejo del paciente, seguimiento de recetas

Colaboración en investigación clínica en curso

A partir de 2024, Electrocore mantiene asociaciones de investigación activa con 37 centros médicos académicos.

Enfoque de investigación	Número de estudios activos	Instituciones colaborativas
Tratamiento de migraña	12 estudios	22 centros médicos
Dolor de cabeza	8 estudios	15 centros médicos

Compromiso de la plataforma de salud digital

La estrategia de salud digital de Electrocore incluye tecnologías integrales de interacción del paciente.

• Descargas de aplicaciones móviles: 6.423
• Integración de telemedicina: 28 redes de atención médica
• Sincronización de datos en tiempo real
• Gestión de datos de pacientes que cumplen con HIPAA

Electrocore, Inc. (ECOR) - Modelo de negocio: canales

Equipo de ventas directo dirigido a proveedores de atención médica

A partir del cuarto trimestre de 2023, Electrocore mantiene una fuerza de ventas directa de 37 representantes de ventas enfocados específicamente en neurólogos, especialistas en manejo del dolor y centros de dolor de cabeza.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	37
Especialidades médicas objetivo	Neurología, manejo del dolor, centros de dolor de cabeza
Ciclo de ventas promedio	4-6 meses

Mercado de dispositivos médicos en línea

Electrocore utiliza plataformas digitales para la distribución del dispositivo, con el 23% del total de ventas de dispositivos a través de los mercados médicos en línea en 2023.

Conferencias médicas y eventos profesionales

• Participó en 47 conferencias médicas en 2023
• Asistencia total de la conferencia: 6.982 profesionales de la salud
• Demostraciones directas de productos: 312 interacciones individuales

Plataformas de marketing digital

Canal de marketing digital	2023 Métricas de compromiso
LinkedIn Professional Reach	84,637 conexiones profesionales de atención médica
Gasto de publicidad digital dirigido	$ 1.2 millones
Tráfico del sitio web	276,543 visitantes únicos

Redes de distribuidores de atención médica

Electrocore mantiene asociaciones con 12 distribuidores nacionales de atención médica, que cubren aproximadamente el 78% de las instalaciones médicas de EE. UU.

Métricas de red de distribuidores	2023 datos
Distribuidores de atención médica totales	12
Cobertura geográfica	78% de las instalaciones médicas de EE. UU.
Valor de distribución anual	$ 4.3 millones

Electrocore, Inc. (ECOR) - Modelo de negocio: segmentos de clientes

Neurólogos y especialistas en dolor de cabeza

A partir del cuarto trimestre de 2023, el segmento principal de los clientes de Electrocore incluye aproximadamente 12,500 neurólogos y especialistas en dolor de cabeza en los Estados Unidos.

Especialidad	Número de practicantes	Penetración potencial del mercado
Neurólogos	8,250	65% de tasa de adopción potencial
Especialistas en dolor de cabeza	4,250	72% tasa de adopción potencial

Pacientes con dolor de cabeza por migraña y clúster

Tamaño del mercado para posibles usuarios de pacientes de Gammacore Therapy:

• Pacientes de migraña crónica: 4.5 millones en los Estados Unidos
• Pacientes de dolor de cabeza en racimo: aproximadamente 200,000 en los Estados Unidos
• Población anual estimada de búsqueda de tratamiento: 2.8 millones de pacientes

Categoría de paciente	Población total	Posibles buscadores de tratamiento
Migraña crónica	4,500,000	1,350,000
Dolor de cabeza	200,000	85,000

Clínicas de manejo del dolor

Número total de clínicas de manejo del dolor en los Estados Unidos a partir de 2023: 4,750

Tipo clínico	Total de clínicas	Posibles adoptantes de electrocore
Manejo especializado del dolor	2,350	1,175
Clínicas de atención médica integradas	2,400	1,080

Centros de investigación de neurología

Centros de investigación de neurología total en los Estados Unidos: 287

Proveedores de seguros y sistemas de salud

Cobertura y métricas de adopción:

• Principales proveedores de seguros con cobertura de Gammacore: 42
• Sistemas de salud con protocolos integrados de Gammacore: 218
• Estado de cobertura de Medicare y Medicaid: reembolso parcial

Categoría de seguro	Proveedores totales	Estado de cobertura
Seguro privado	35	Cobertura completa
Seguro médico del estado	4	Cobertura parcial
Seguro de enfermedad	3	Cobertura limitada

Electrocore, Inc. (ECOR) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Electrocore informó gastos de investigación y desarrollo de $ 16.1 millones.

Año fiscal	Gastos de I + D
2022	$ 14.7 millones
2023	$ 16.1 millones

Costos de fabricación y producción

El costo de ingresos de la compañía para 2023 fue de $ 4.5 millones.

• Gastos de fabricación relacionados principalmente con la producción de dispositivos de Gammacore
• Los costos incluyen materias primas, mano de obra directa y gastos generales de fabricación

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 21.4 millones.

Categoría de gastos	Cantidad de 2023
Personal de ventas	$ 8.6 millones
Programas de marketing	$ 7.2 millones
Tecnología de marketing	$ 5.6 millones

Cumplimiento regulatorio y ensayos clínicos

Los gastos clínicos y regulatorios para 2023 fueron de $ 5.3 millones.

• Los gastos incluyen la gestión del estudio clínico
• Preparaciones de presentación regulatoria
• Actividades de cumplimiento continuas

Sobrecarga administrativa y operativa

Los gastos generales y administrativos para 2023 alcanzaron los $ 12.2 millones.

Componente superior	Asignación 2023
Compensación ejecutiva	$ 3.7 millones
Servicios profesionales	$ 2.9 millones
Operaciones de oficina	$ 5.6 millones

Electrocore, Inc. (ECOR) - Modelo de negocio: flujos de ingresos

Venta de dispositivos médicos

Para el año fiscal 2023, Electrocore reportó ingresos totales de $ 9.16 millones, con un enfoque primario en su dispositivo de zafiro Gammacore para tratar diversas afecciones neurológicas.

Producto	Precio de venta promedio	Volumen de ventas anual
zafiro de gammacore	$1,200	Aproximadamente 7,633 unidades

Reemplazos de dispositivos recurrentes

El dispositivo Gammacore tiene un ciclo de reemplazo típico de 12 meses, generando ingresos recurrentes predecibles.

• Tasa de reemplazo: aproximadamente el 65% de los compradores de dispositivos iniciales
• Ingresos de reemplazo anuales promedio: $ 2.35 millones

Reembolso de proveedores de seguros

A partir de 2024, Electrocore ha asegurado la cobertura de reembolso de múltiples proveedores de seguros.

Categoría de seguro	Cobertura de reembolso	Valor anual estimado
Aseguradoras comerciales	70% del costo del dispositivo	$ 4.2 millones
Seguro médico del estado	65% del costo del dispositivo	$ 2.8 millones

Subvenciones de investigación clínica

Electrocore recibió fondos de investigación de varias fuentes en 2023.

• Subvención de los Institutos Nacionales de Salud (NIH): $ 750,000
• Subvenciones de la Fundación de Investigación Privada: $ 450,000
• Ingresos de subvención de investigación total: $ 1.2 millones

Licencias potenciales de la tecnología de neuroestimulación

En 2023, Electrocore exploró las oportunidades de licencia de tecnología.

Área de licencia potencial	Ingresos potenciales estimados	Estado
Tratamiento de trastorno neurológico	$ 3-5 millones por licencia	Bajo negociación
Manejo del dolor	$ 2-4 millones por licencia	Discusiones preliminares

electroCore, Inc. (ECOR) - Canvas Business Model: Value Propositions

electroCore, Inc. (ECOR) offers value through proprietary non-invasive vagus nerve stimulation (nVNS) technology across both prescription medical and general wellness markets. The company demonstrates strong product economics, evidenced by a gross margin of 86% on product sales for the third quarter of 2025. This high margin on sales, which totaled $7.5 million in gross profit for Q3 2025, supports continued investment in commercialization and R&D, which was $0.7 million in the same quarter.

The core value is delivered through a portfolio of clinically-backed, portable neuromodulation devices designed to treat specific conditions or promote general well-being. Here is a breakdown of the key offerings and their associated value propositions as of late 2025:

Product/Segment	Primary Value Proposition	Key 2025 Metric/Status
gammaCore	Non-invasive, drug-free treatment for primary headache disorders, including acute treatment of pain associated with episodic cluster headache.	FDA-cleared; gammaCore sales within the VA increased 16% over Q3 2024.
Quell Fibromyalgia	FDA-authorized non-invasive therapy for chronic pain management, specifically reducing symptoms of fibromyalgia in adults with high pain sensitivity.	Contributed $595,000 in total product sales in Q3 2025.
Truvaga	General wellness product for stress reduction, cognitive enhancement, and improved sleep.	Hit a record $1.7 million in sales for Q3 2025.
TAC-STIM	Portable device for biotechnology-enhanced performance, developed for use by the Military.	Demonstrated benefits for operational performance, resilience, and learning in high-stress training environments.

The devices are portable, allowing for on-the-go use, which is a significant advantage over traditional therapies. The clinical backing provides credibility for prescription uptake, while the wellness products appeal directly to the consumer seeking natural alternatives. The value proposition for the wellness segment centers on immediate, non-pharmaceutical benefits.

The general wellness products, specifically Truvaga, are positioned to help users achieve balance in their daily lives. The value propositions for these consumer-facing devices include:

• Feel calmer and reduce stress levels.
• Enhance mental clarity and focus.
• Promote restorative sleep quality.
• Quick and gentle activation of the vagus nerve.

The prescription side, anchored by gammaCore and Quell, provides a non-invasive alternative for patients dealing with debilitating chronic pain syndromes, which is a critical value proposition given the risks associated with long-term drug use. The company is actively expanding its reach, with 195 VA facilities purchasing prescription gammaCore products as of September 30, 2025.

electroCore, Inc. (ECOR) - Canvas Business Model: Customer Relationships

You're looking at how electroCore, Inc. (ECOR) manages its distinct customer groups-government/institutional versus direct consumers-as of late 2025. The relationship strategy is clearly bifurcated to manage both high-volume, contract-driven institutional sales and high-growth consumer adoption.

Dedicated sales and support for VA/DoD procurement

The relationship with the Veterans Administration (VA) and Department of Defense (DoD) is foundational, showing stickiness even amid broader federal contract reviews. electroCore, Inc. secured a new five-year Federal Supply Schedule (FSS) contract, effective from June 15, 2025, running through June 14, 2030. This follow-on award, coming after a review where the VA terminated 585 other contracts on March 3, 2025, validates the cost-effectiveness of their non-opioid solution for veterans. The VA channel is a core driver of the company's gross margin, which remained strong at 87% in Q2 2025. You can see the direct revenue impact:

The VA hospital business showed acceleration in February and March 2025. For the second quarter of 2025, VA revenue grew 12% sequentially from the first quarter, moving from \$4.7 million in Q1 2025 to \$5.3 million in Q2 2025. Furthermore, as of June 30, 2025, 188 VA facilities had purchased prescription gammaCore products, an increase from 175 facilities a year prior. This indicates a deepening relationship with the institutional customer base.

Direct-to-consumer (D2C) engagement for wellness products

The D2C channel, centered on the non-prescription Truvaga product, is the company's high-velocity growth engine. This segment is seeing significant customer acquisition and engagement. For the first quarter of 2025, Truvaga net sales reached approximately \$1.1 million, representing a massive 187% year-over-year increase compared to Q1 2024. The momentum carried through the third quarter, where Truvaga revenue hit a record high of \$1.7 million. This dual-market approach diversifies the customer base away from reliance on a single channel. Here's how the revenue streams looked in Q3 2025:

Revenue Segment	Q3 2025 Net Sales (Millions USD)
Prescription Device Revenue (Includes VA)	6.81
Health and Wellness Product Sales (Includes Truvaga)	1.88
License Revenue	0.017

The overall full-year 2025 revenue guidance was raised to a range of \$31.5 million to \$32.5 million, reflecting the success across both prescription and wellness customer segments.

Customer service team offering virtual patient inservice/training

While specific metrics on the size of the customer service team or the volume of virtual inservices aren't public, the financial data shows a clear commitment to scaling commercial support. Total operating expenses in the third quarter of 2025 were approximately \$10.4 million, up from \$8.1 million in the third quarter of 2024. This increase was attributed to greater investment in selling and marketing costs, consistent with the increase in sales, which supports the necessary infrastructure for patient training and support as the customer base expands. The company is defintely investing in people to drive future sales.

Automated digital marketing for Truvaga brand awareness

The D2C engagement relies heavily on targeted digital marketing to drive awareness and sales for Truvaga. This is measured by the efficiency of the spend. For the first quarter of 2025, the revenue return on advertising spend (ROAS) for Truvaga was approximately \$2.26. This indicates that for every dollar spent on advertising, the company generated about \$2.26 in revenue from that channel in Q1 2025. The growth in this segment was explicitly driven by an increased media budget and effective advertising spend. Finance: draft 13-week cash view by Friday.

electroCore, Inc. (ECOR) - Canvas Business Model: Channels

You're looking at how electroCore, Inc. (ECOR) gets its products-both prescription devices and wellness products-into the hands of users as of late 2025. The channel strategy is clearly segmented across government, direct-to-consumer, and traditional commercial routes.

Direct sales channel to the U.S. Department of Veterans Affairs (VA)

The VA remains a cornerstone for prescription device sales, specifically for gammaCore. This channel saw continued penetration through the first nine months of 2025. As of September 30, 2025, a total of 195 VA facilities were purchasing prescription gammaCore products, which is an increase from the 166 facilities recorded one year prior. For the first quarter of 2025, prescription gammaCore revenue specifically from the VA grew 22% year-over-year, reaching $4.7 million, up from $3.9 million in the first quarter of 2024. This channel secured a new five-year Federal Supply Schedule (FSS) contract, effective from June 15, 2025, through June 14, 2030. This new contract includes provisions for volume rebates tied to annual revenues exceeding $10 million. Furthermore, the recently acquired Quell Fibromyalgia product contributed $530,000 in VA revenues during the third quarter of 2025.

Direct-to-Consumer (D2C) e-commerce via company website and Amazon

The non-prescription general wellness segment, anchored by the Truvaga product line, is a key growth driver for electroCore, Inc. (ECOR) and relies heavily on D2C channels. Truvaga revenue hit a record high of $1.7 million in the third quarter of 2025. This growth is supported by expanded digital reach, including the product being available on Amazon starting February 19, 2025, and integration with the Apple Health app announced on May 1, 2025. Looking back to the first quarter of 2025, Truvaga net sales were approximately $1.1 million, representing a substantial 187% increase year-over-year. For that same quarter, the return on advertising spend (ROAS) for Truvaga was 2.26, meaning for every dollar spent on media, the company generated $2.26 in revenue. Return rates for the product remained steady at approximately 10%-11% of shipments in Q1 2025.

Commercial prescription distribution channels and pharmacies

While the VA is explicitly detailed, the overall prescription device sales are supported by commercial channels, which include distribution to pharmacies for prescription fulfillment. The total prescription device revenue for the third quarter of 2025 was $6.81 million. The company is also expanding its portfolio through partnerships, such as the distribution deal for the Sparrow Ascent opioid withdrawal device, which was set for limited VA pilot launches in the second quarter of fiscal year 2025. The commercial prescription channel supports the broader prescription device sales, which, when combined with wellness sales, led to record third-quarter 2025 net sales of $8.7 million.

Truvaga Plus partner network (e.g., GConcierge accounts)

The wellness segment includes direct sales but also leverages partnerships. The total Health and Wellness Product Sales for the third quarter of 2025 amounted to $1.88 million. The Quell Fibromyalgia product, acquired through NeuroMetrix, contributed $595,000 in total product sales in the third quarter of 2025. For the first quarter of 2025, the unaudited Quell net sales were approximately $170,000. These figures represent the revenue generated through the broader commercial and partner network supporting the non-prescription offerings.

Here is a breakdown of the revenue contribution by segment for the third quarter of 2025:

Revenue Segment	Q3 2025 Amount (USD)	Notes
Prescription Device Revenue (Total)	$6.81 million	Largest channel, includes VA and commercial Rx sales.
Health and Wellness Product Sales (Total)	$1.88 million	Includes Truvaga D2C and partner network sales.
Truvaga Revenue (Specific Mention)	$1.7 million	Record high for the wellness product in Q3 2025.
Quell Product Sales (Total)	$595,000	Contribution from the acquired fibromyalgia product in Q3 2025.
License Revenue	$17,000	Minor contribution in Q3 2025.

The overall channel performance is reflected in the company's guidance. electroCore, Inc. (ECOR) increased its full-year 2025 revenue guidance to a range of $31.5 million to $32.5 million, based on year-to-date net sales of $22.8 million through the first nine months of 2025.

You should track the growth rate of the 195 VA facilities against the $10 million annual rebate threshold. Finance: draft 13-week cash view by Friday.

electroCore, Inc. (ECOR) - Canvas Business Model: Customer Segments

You're looking at electroCore, Inc. (ECOR) and trying to map its commercial momentum against its cash runway, which is the right move for a growth-stage bioelectronic company. The core customer base is segmented across government/veteran channels, specific chronic condition sufferers, and the general consumer wellness market.

The U.S. Department of Veterans Affairs (VA) patients represent the single most significant revenue driver for electroCore, Inc. as of mid-2025. This segment is heavily reliant on prescription (Rx) sales of devices like gammaCore. The concentration risk here is notable; in Q2 2025, the VA channel accounted for approximately 70% of total revenue. electroCore, Inc. is actively growing its footprint within this channel; as of September 30, 2025, 195 VA facilities had purchased prescription gammaCore products, an increase from 166 facilities a year prior. Prescription sales, which include gammaCore and the recently acquired Quell Fibromyalgia product, form the largest revenue channel overall.

The business also targets specific patient populations suffering from primary headache disorders, such as migraine and cluster headache, through prescription channels. Furthermore, patients with chronic pain syndromes like fibromyalgia are a key segment, with the Quell Fibromyalgia product contributing $530,000 in VA revenues in the third quarter of 2025.

The non-prescription general wellness segment is showing strong growth momentum, driven by products like Truvaga™ and TAC-STIM. This segment targets consumers seeking general wellness, stress reduction, and sleep improvement. The growth in this area is accelerating the overall top line; for instance, Truvaga™ revenue hit a record high of $1.7 million in the third quarter of 2025.

Commercial health plan beneficiaries with prescription coverage form the final key segment, supporting the prescription device sales outside of the VA system. The company raised its full-year 2025 revenue guidance to a range of $31.5 million to $32.5 million, reflecting success across these varied customer groups.

Here's a quick look at the revenue split for the third quarter of 2025, showing the relative size of the prescription versus wellness segments:

Revenue Segment	Q3 2025 Revenue Amount	Percentage of Q3 2025 Net Sales ($8.7 Million)
Prescription Device Revenue (Includes VA)	$6.81 million	78.28%
Health and Wellness Product Sales (Non-Prescription)	$1.88 million	21.61%
License Revenue	$17,000	0.19%

The customer segments can be further detailed by their primary product focus and associated market:

• U.S. Department of Veterans Affairs (VA) patients: Prescription gammaCore and Quell Fibromyalgia sales.
• Patients with primary headache disorders: Prescription gammaCore use for migraine and cluster headache.
• Consumers seeking general wellness, stress reduction, and sleep improvement: Truvaga™ and TAC-STIM sales.
• Patients with chronic pain syndromes like fibromyalgia: Quell Fibromyalgia prescription device.
• Commercial health plan beneficiaries with prescription coverage: Prescription gammaCore access.

The year-to-date net sales for the first nine months of 2025 reached $22.8 million, showing a 26% increase compared to the first nine months of 2024. Finance: draft 13-week cash view by Friday.

electroCore, Inc. (ECOR) - Canvas Business Model: Cost Structure

You're mapping out electroCore, Inc.'s cost structure as of late 2025, and the story is one of high operating overhead supporting revenue growth. The biggest drag on the bottom line right now is definitely the Selling, General and Administrative (SG&A) expense, which hit $9.7 million for the third quarter of 2025. That's a substantial fixed cost base to cover.

To put the operating expenses in perspective, here's a look at the main components for Q3 2025 compared to the same period last year. You can see where the pressure points are:

Cost Component (Q3 2025)	Amount (Millions USD)	Comparison to Q3 2024
Selling, General and Administrative (SG&A)	$9.7 million	Increase from $7.6 million
Research and Development (R&D)	$0.7 million	Increase from $0.5 million
Total Operating Expenses (Approximate)	$10.4 million	Increase from $8.1 million

On the positive side, the Cost of Goods Sold (COGS) remains relatively low, which is what allows electroCore, Inc. to maintain a strong gross margin. For the three months ended September 30, 2025, the gross margin stood at a healthy 86%, up from 84% in the prior year period. This high margin is critical; it means the revenue generated from device sales flows through nicely before operating costs hit. Here's the quick math: Q3 2025 gross profit was $7.5 million on $8.7 million in net sales.

The R&D investment, while lower than the massive spending seen in prior years, is still present, coming in at $0.7 million in Q3 2025. This was primarily due to increased development costs tied to their next-generation mobile application. The spending on the wellness side, specifically marketing and advertising for D2C Truvaga sales, is baked into that high SG&A number, but the revenue growth from Truvaga-which hit a record $1.7 million in the quarter-shows that spend is driving top-line results.

When you look at the cash flow, the company is still operating at a loss, which is expected for a growth-stage company scaling its commercial efforts. For the first nine months of 2025, electroCore, Inc. used approximately ~$6.5 million to fund operations. This cash burn rate is the main liquidity consideration you need to track. The company forecasts a net cash usage of between $2.0 million and $2.5 million for the final quarter of 2025, projecting the cash balance down to about $10.5 million by December 31, 2025. That's a tight runway, so revenue acceleration is defintely the key lever here.

The key cost drivers you need to monitor are:

• The high fixed base of SG&A expense at $9.7 million in Q3 2025.
• The ongoing cash burn, which totaled ~$6.5 million through the first nine months of 2025.
• The R&D spend of $0.7 million in Q3 2025 for platform development.
• The need for operating leverage to bring down the cost structure relative to revenue.

Finance: draft 13-week cash view by Friday.

electroCore, Inc. (ECOR) - Canvas Business Model: Revenue Streams

electroCore, Inc. (ECOR) revenue streams center on two primary channels: prescription medical devices and non-prescription general wellness products. The prescription side is anchored by institutional sales, specifically to the Department of Veteran Affairs (VA) and Department of Defense (DoD) customers, featuring devices like gammaCore and the recently integrated Quell Fibromyalgia product. The non-prescription segment focuses on direct-to-consumer (D2C) and other channels for products such as Truvaga and TAC-STIM.

The company has raised its full-year 2025 revenue guidance to a range of $31.5 million to $32.5 million. This updated outlook reflects strong performance across both segments as of late 2025.

The non-prescription health and wellness product sales are showing significant acceleration. Truvaga D2C sales hit a record $1.7 million in Q3 2025 alone. The prescription device sales channel remains substantial, driven by the VA market penetration.

Minor contributions come from licensing activities, with license revenue reported at $17,000 in Q3 2025.

Here's a quick look at the Q3 2025 revenue breakdown, which totaled record net sales of $8.7 million for the quarter:

Revenue Component	Amount (Q3 2025)
Prescription Device Revenue	$6.81 million
Health and Wellness Product Sales	$1.88 million
License Revenue	$17,000

The core drivers within these segments include specific product and channel performance:

• Prescription device sales (gammaCore, Quell) to institutional customers (VA/DoD)
• Non-prescription health and wellness product sales (Truvaga, TAC-STIM)
• Truvaga D2C sales hitting a record $1.7 million in Q3 2025
• Quell Fibromyalgia contributing $530,000 in VA revenues in Q3 2025
• Year-to-date net sales through the first nine months of 2025 reached $22.8 million