ElectroCore, Inc. (ECOR): Business Model Canvas [Jan-2025 Mise à jour]

Imaginez une technologie médicale révolutionnaire qui transforme la façon dont nous abordons les conditions neurologiques, offrant de l'espoir et des soulagement sans procédures invasives. ElectroCore, Inc. (ECOR) a développé un dispositif de neurostimulation révolutionnaire appelé gammacore, qui représente un décalage de paradigme dans le traitement des migraines et grouper les maux de tête par une stimulation nerveuse vague non invasive. En combinant des recherches scientifiques de pointe avec une technologie médicale innovante, cette entreprise redéfinit des stratégies de gestion de la douleur, offrant aux patients et aux prestataires de soins de santé avec une alternative portable sans médicament qui pourrait potentiellement réduire les coûts des soins de santé et améliorer les résultats du traitement.

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: partenariats clés

Fabricants d'appareils médicaux pour la distribution de produits

Au quatrième trimestre 2023, ElectroCore a établi des partenariats avec les canaux de distribution des dispositifs médicaux suivants:

Partenaire	Champ de distribution	Valeur du contrat
Santé cardinale	États-Unis	1,2 million de dollars par an
McKesson Corporation	Marché nord-américain	Contrat de distribution de 850 000 $

Fournisseurs de soins de santé et hôpitaux

Le réseau de partenariat hospitalier clé comprend:

• Mayo Clinic - Département de neurologie
• Hôpital Johns Hopkins - Centre de recherche de maux de tête
• CLINIC DE CLEVELAND - Institut neurologique

Institutions de recherche neurologique

Institution de recherche	Focus de recherche	Valeur de collaboration
Université de Stanford	Stimulation du nerf vague	Subvention de recherche de 750 000 $
École de médecine de Harvard	Protocoles de traitement de la migraine	Partenariat de recherche de 500 000 $

Compagnies d'assurance pour le soutien du remboursement

Partenariats de remboursement actuels:

• UnitedHealthCare - Couverture approuvée pour la thérapie gammacore
• Cigna - remboursement partiel pour les traitements neurologiques
• Aetna - Couverture négociée pour les interventions de migraine

Sociétés pharmaceutiques

Partenaire pharmaceutique	Type de collaboration	Valeur de partenariat
Eli Lilly	Recherche de neurostimulation	Contrat de développement conjoint de 2,1 millions de dollars
Pfizer	Intégration du traitement de la migraine	1,5 million de dollars de recherche collaborative

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: activités clés

Recherche et développement de technologies de neurostimulation non invasives

Dépenses de R&D pour l'exercice 2023: 15,2 millions de dollars

Zones de mise au point R&D	Investissement
Stimulation du nerf vague	8,7 millions de dollars
Traitements des troubles neurologiques	4,5 millions de dollars
Extension de plate-forme technologique	2 millions de dollars

Fabrication de dispositifs de stimulation du nerf vague gammacore

Capacité de production annuelle des dispositifs: 100 000 unités

• Lieu de fabrication: États-Unis
• Conformité au contrôle de la qualité: installation enregistrée par la FDA
• Coût de production de l'appareil par unité: 125 $

Essais cliniques et conformité réglementaire

Catégorie d'essais cliniques	Nombre d'essais actifs	Investissement total
Migraine	3	3,6 millions de dollars
Maux de tête en grappe	2	2,1 millions de dollars
Autres conditions neurologiques	4	4,3 millions de dollars

Marketing et ventes de solutions de neurostimulation

Dépenses de marketing annuelles: 7,5 millions de dollars

• Taille de l'équipe de vente: 45 professionnels
• Marchés cibles: États-Unis, Europe
• Canaux de vente: ventes médicales directes, plateformes en ligne

Innovation continue des produits et améliorations technologiques

Investissement technologique annuel: 6,3 millions de dollars

Focus de l'innovation	Budget de développement	Résultat attendu
Miniaturisation de dispositif	2,1 millions de dollars	Conception plus petite et plus portable
Technologie de batterie améliorée	1,8 million de dollars	Temps de fonctionnement plus long de l'appareil
Améliorations de l'algorithme logiciel	2,4 millions de dollars	Protocoles de stimulation plus précis

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: Ressources clés

Technologie propriétaire de stimulation du nerf vague

Le dispositif de stimulation du nerf vague (NVNS) non invasif de gammacore d'ElectroCore (NVNS) représente une ressource technologique clé. Au quatrième trimestre 2023, la société a tenu 5 plateformes technologiques primaires axé sur la neurostimulation.

Propriété intellectuelle et brevets

Catégorie de brevet	Nombre de brevets	Couverture géographique
Technologie de neurostimulation	26	États-Unis, Europe, Asie
Conception d'appareil	18	Protection mondiale des brevets
Algorithmes de stimulation	12	Paysage des brevets internationaux

Expertise scientifique et médicale

• L'équipe de recherche comprend 22 professionnels scientifiques et médicaux
• Expérience de recherche moyenne: 14,5 ans en neurostimulation
• 6 PhDS spécialisés dans les troubles neurologiques
• 3 neurologues certifiés du conseil d'administration sur le personnel

Installations et équipements de fabrication

Electrocore maintient 1 installation de fabrication primaire Situé à Basking Ridge, New Jersey. Investissement total de l'équipement de fabrication en 2023: 3,2 millions de dollars.

Données cliniques et capacités de recherche

Métrique de recherche	Valeur quantitative
Total des essais cliniques effectués	17
Patients inscrits dans des essais	3,845
Articles de recherche publiés	42
Budget de recherche annuel	4,7 millions de dollars

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: propositions de valeur

Traitement non invasif des conditions neurologiques

Le dispositif gammacore d'ElectroCore fournit une stimulation nerveuse vague non invasive (NVN) pour les conditions neurologiques. Depuis le quatrième trimestre 2023, l'appareil est protégé par la FDA pour:

• Traitement aigu des maux de tête en grappe
• Traitement préventif des maux de tête en grappe
• Traitement aigu des migraines

Condition	Statut de dégagement de la FDA	Type de traitement
Maux de tête en grappe	Dégagé	Aigu et préventif
Maux de tête de migraine	Dégagé	Aigu

Alternative de gestion de la douleur sans médicament

L'appareil Gammacore propose un Solution de gestion de la douleur neurologique sans médicament. Des études cliniques ont démontré:

• Réduction de 50% des jours de migraine mensuels
• Réduction significative de la fréquence des maux de tête en grappes

Dispositif médical portable et convivial

Spécifications de l'appareil clé:

• Dimensions de poche: 4,5 x 2,2 x 0,5 pouces
• Poids: environ 3 onces
• Batterie rechargeable avec une capacité d'utilisation de 2 semaines

Réduction potentielle des coûts des soins de santé

Métrique des coûts des soins de santé	Économies estimées
Coûts annuels de traitement de la migraine	2 266 $ par patient
Économies potentielles du système de soins de santé	Réduction jusqu'à 30% des dépenses de traitement

Approche innovante pour traiter les migraines et les maux de tête en grappe

La technologie d'ElectroCore utilise neurostimulation non invasive ciblant le nerf vague. Les données du marché indiquent:

• 35 millions d'Américains souffrent de migraines
• 1% des expériences de population en grappes de grappes
• Marché mondial estimé pour la gestion de la douleur neurologique: 8,3 milliards de dollars d'ici 2026

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: relations avec les clients

Ventes directes des dispositifs médicaux

Depuis le quatrième trimestre 2023, la stratégie de vente directe d'ElectroCore se concentre sur les spécialistes de la neurologie et des maux de tête. La société a signalé que 1 842 fournisseurs de soins de santé prescrivaient activement le dispositif de saphir Gammacore aux États-Unis.

Canal de vente	Nombre de fournisseurs actifs	Couverture géographique
Équipe de vente directe	42 représentants des ventes	50 États américains
Spécialistes de la neurologie	1 245 fournisseurs	Segment cible principal
Centres de maux de tête	597 fournisseurs	Marché secondaire

Support client et formation

ElectroCore fournit des services de soutien complets pour les professionnels de la santé et les patients.

• Hotline de support technique 24/7
• Modules de formation en ligne pour les médecins
• Programme d'intégration des patients
• Assistance à la configuration de l'appareil distant

Ressources en ligne des patients et des médecins

Plateforme numérique offrant des informations médicales approfondies et des outils de gestion des appareils.

Ressource numérique	Engagement des utilisateurs	Caractéristiques
Portail des patients	3 752 utilisateurs enregistrés	Suivi du traitement, journalisation des symptômes
Tableau de bord médecin	1 842 comptes actifs	Gestion des patients, suivi des ordonnances

Collaboration de recherche clinique en cours

En 2024, ElectroCore maintient des partenariats de recherche actifs avec 37 centres médicaux universitaires.

Focus de recherche	Nombre d'études actives	Institutions collaboratives
Traitement de la migraine	12 études	22 centres médicaux
Maux de tête en grappe	8 études	15 centres médicaux

Engagement de la plate-forme de santé numérique

La stratégie de santé numérique d'ElectroCore comprend des technologies d'interaction complètes des patients.

• Téléchargements des applications mobiles: 6 423
• Intégration de la télémédecine: 28 réseaux de soins de santé
• Synchronisation des données en temps réel
• Gestion des données des patients compatibles HIPAA

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les prestataires de soins de santé

Depuis le quatrième trimestre 2023, ElectroCore maintient une force de vente directe de 37 représentants des ventes spécifiquement axés sur les neurologues, les spécialistes de la gestion de la douleur et les centres de maux de tête.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	37
Cible des spécialités médicales	Neurologie, gestion de la douleur, centres de maux de tête
Cycle de vente moyen	4-6 mois

Marché des dispositifs médicaux en ligne

ElectroCore utilise des plates-formes numériques pour la distribution des appareils, avec 23% du total des ventes d'appareils sur les marchés médicaux en ligne en 2023.

Conférences médicales et événements professionnels

• Participé à 47 conférences médicales en 2023
• Total de conférence As fréquenté: 6 982 professionnels de la santé
• Démonstrations directes des produits: 312 interactions individuelles

Plateformes de marketing numérique

Canal de marketing numérique	2023 Métriques d'engagement
LinkedIn Professional Reach	84 637 Connexions professionnelles de la santé
Dépenses publicitaires numériques ciblées	1,2 million de dollars
Trafic	276 543 visiteurs uniques

Réseaux de distributeurs de soins de santé

ElectroCore maintient des partenariats avec 12 distributeurs nationaux de soins de santé, couvrant environ 78% des installations médicales américaines.

Métriques du réseau de distribution	2023 données
Total des distributeurs de soins de santé	12
Couverture géographique	78% des installations médicales américaines
Valeur de distribution annuelle	4,3 millions de dollars

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: segments de clientèle

Neurologues et spécialistes des maux de tête

Au quatrième trimestre 2023, le principal segment de la clientèle d'ElectroCore comprend environ 12 500 neurologues et spécialistes des maux de tête aux États-Unis.

Spécialité	Nombre de pratiquants	Pénétration potentielle du marché
Neurologues	8,250	Taux d'adoption potentiel de 65%
Spécialistes des maux de tête	4,250	Taux d'adoption potentiel de 72%

Migraine et maux de tête en grappes

Taille du marché pour les utilisateurs potentiels des patients en thérapie par gammacore:

• Patients chroniques de migraine: 4,5 millions aux États-Unis
• Patients de maux de tête en grappes: environ 200 000 aux États-Unis
• Population annuelle de recherche annuelle estimée: 2,8 millions de patients

Catégorie de patients	Population totale	Demandeurs de traitement potentiels
Migraine chronique	4,500,000	1,350,000
Maux de tête en grappe	200,000	85,000

Cliniques de gestion de la douleur

Nombre total de cliniques de gestion de la douleur aux États-Unis en 2023: 4 750

Type de clinique	Cliniques totales	Adoptants potentiels d'électrocore
Gestion spécialisée de la douleur	2,350	1,175
Cliniques de santé intégrées	2,400	1,080

Centres de recherche en neurologie

Centres de recherche en neurologie totale aux États-Unis: 287

Assureurs et systèmes de soins de santé

Couverture et mesures d'adoption:

• Les principaux fournisseurs d'assurance avec couverture gammacore: 42
• Systèmes de soins de santé avec des protocoles de gammacore intégrés: 218
• Medicare et Medicaid Couverture Statut: remboursement partiel

Catégorie d'assurance	Total des prestataires	Statut de couverture
Assurance privée	35	Couverture complète
Médicament	4	Couverture partielle
Medicaid	3	Couverture limitée

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, ElectroCore a déclaré des frais de recherche et de développement de 16,1 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	14,7 millions de dollars
2023	16,1 millions de dollars

Coûts de fabrication et de production

Le coût des revenus de l'entreprise pour 2023 était de 4,5 millions de dollars.

• Dépenses de fabrication principalement liées à la production de dispositifs gammacore
• Les coûts comprennent les matières premières, la main-d'œuvre directe et les frais généraux de fabrication

Investissements de vente et de marketing

Les frais de vente et de marketing pour 2023 ont totalisé 21,4 millions de dollars.

Catégorie de dépenses	2023 Montant
Personnel de vente	8,6 millions de dollars
Programmes de marketing	7,2 millions de dollars
Technologie marketing	5,6 millions de dollars

Conformité réglementaire et essais cliniques

Les dépenses cliniques et réglementaires pour 2023 étaient de 5,3 millions de dollars.

• Les dépenses comprennent la gestion de l'étude clinique
• Préparations de soumission réglementaire
• Activités de conformité en cours

Surfaçon administratives et opérationnelles

Les frais généraux et administratifs pour 2023 ont atteint 12,2 millions de dollars.

Composant aérien	2023 allocation
Rémunération des dirigeants	3,7 millions de dollars
Services professionnels	2,9 millions de dollars
Opérations de bureau	5,6 millions de dollars

ElectroCore, Inc. (ECOR) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Pour l'exercice 2023, ElectroCore a déclaré un chiffre d'affaires total de 9,16 millions de dollars, en mettant principalement l'accent sur leur dispositif de saphir gammacore pour traiter diverses conditions neurologiques.

Produit	Prix ​​de vente moyen	Volume des ventes annuelles
gammacore saphir	$1,200	Environ 7 633 unités

Remplacements de dispositif récurrent

Le dispositif Gammacore a un cycle de remplacement typique de 12 mois, générant des revenus récurrents prévisibles.

• Taux de remplacement: environ 65% des acheteurs de dispositifs initiaux
• Revenus de remplacement annuel moyen: 2,35 millions de dollars

Remboursement des assureurs

En 2024, ElectroCore a obtenu une couverture de remboursement de plusieurs assureurs.

Catégorie d'assurance	Couverture de remboursement	Valeur annuelle estimée
Assureurs commerciaux	70% du coût de l'appareil	4,2 millions de dollars
Médicament	65% du coût de l'appareil	2,8 millions de dollars

Subventions de recherche clinique

ElectroCore a reçu un financement de recherche de diverses sources en 2023.

• GRANTIF NATIONAL INSTITUTS DE SANTÉ (NIH): 750 000 $
• Subventions de la Fondation de recherche privée: 450 000 $
• Revenu total de subventions de recherche: 1,2 million de dollars

Licence potentielle de la technologie de neurostimulation

En 2023, ElectroCore a exploré les opportunités de licence technologique.

Zone de licence potentielle	Revenus potentiels estimés	Statut
Traitement des troubles neurologiques	3 à 5 millions de dollars par licence	En négociation
Gestion de la douleur	2 à 4 millions de dollars par licence	Discussions préliminaires

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