electroCore (NasdaqCM:ECOR) - Share price, News & Analysis

ECOR fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	2/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

ECOR Stock Overview

electroCore, Inc., a commercial stage medical device company, engages in the development and commercialization of a range of non-invasive vagus nerve stimulation (nVNS) therapies.

Rewards

Revenue is forecast to grow 38.8% per year

Risk Analysis

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year

Does not have a meaningful market cap ($43M)

electroCore Competitors

Vapotherm

NYSE:VAPO

US$46.5m

Biomerica

NasdaqCM:BMRA

US$41.1m

Delcath Systems

NasdaqCM:DCTH

US$38.7m

Precision Optics Corporation

OTCPK:PEYE

US$32.1m

Price History & Performance

Summary of all time highs, changes and price drops for electroCore
Historical stock prices
Current Share Price	US$0.61
52 Week High	US$1.30
52 Week Low	US$0.27
Beta	0.90
1 Month Change	1.65%
3 Month Change	55.06%
1 Year Change	-35.19%
3 Year Change	-66.48%
5 Year Change	n/a
Change since IPO	-96.93%

Recent News & Updates

Jul 12

electroCore sees Q2 revenue estimate higher than consensus

electroCore (NASDAQ:ECOR) expects Q2 revenue to come in more than $2.1M which is a 11% increase from Q1 2022 and ~65% Y/Y growth; this is compared to analysts consensus estimates of $2M. During the quarter, the company expects to recognize revenue of ~$1.2M (vs. $1.26M in Q1 of 2022) post the Department of Veterans Affairs and Department of Defense originating prescriptions for company's gammaCore products. It sees commercial revenue of ~$465K dominated by cash pay initiatives and representing ~68% Q/Q increase and 347% Y/Y growth. Revenue outside of U.S. seen at ~$466K marking ~53% Q/Q increase and ~20% Y/Y increase. Q2 ended with ~$26.6M of cash and equivalents, compared to $29.9M as of the end of Q1 of 2022. Q2 earnings scheduled for August 2022. Shares trading 5.1% higher premarket.

Shareholder Returns

	ECOR	US Medical Equipment	US Market
7D	-8.3%	-0.4%	1.1%
1Y	-35.2%	-21.1%	-9.0%

Return vs Industry: ECOR underperformed the US Medical Equipment industry which returned -20.7% over the past year.

Return vs Market: ECOR underperformed the US Market which returned -8.9% over the past year.

Price Volatility

Is ECOR's price volatile compared to industry and market?
ECOR volatility
ECOR Average Weekly Movement	11.6%
Medical Equipment Industry Average Movement	9.4%
Market Average Movement	7.6%
10% most volatile stocks in US Market	17.0%
10% least volatile stocks in US Market	3.1%

Stable Share Price: ECOR is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 12% a week.

Volatility Over Time: ECOR's weekly volatility (12%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2005	52	Dan Goldberger	https://www.electrocore.com

electroCore, Inc., a commercial stage medical device company, engages in the development and commercialization of a range of non-invasive vagus nerve stimulation (nVNS) therapies. The company is developing gammaCore, a prescription-only nVNS therapy for the acute treatment of pain associated with migraine and episodic cluster headache in adults. Its lead product is gammaCore Sapphire, a rechargeable and reloadable handheld device for regular or intermittent use over many years.

electroCore Fundamentals Summary

How do electroCore's earnings and revenue compare to its market cap?
ECOR fundamental statistics
Market Cap	US$43.38m
Earnings (TTM)	-US$19.86m
Revenue (TTM)	US$7.03m

6.2x

P/S Ratio

-2.2x

P/E Ratio

Is ECOR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ECOR income statement (TTM)
Revenue	US$7.03m
Cost of Revenue	US$1.37m
Gross Profit	US$5.67m
Other Expenses	US$25.53m
Earnings	-US$19.86m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.28
Gross Margin	80.59%
Net Profit Margin	-282.32%
Debt/Equity Ratio	0%

How did ECOR perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is ECOR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ECOR?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for ECOR. This is calculated by dividing ECOR's market cap by their current preferred multiple.
What is ECOR's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$43.38m

ECOR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.5x
Enterprise Value/EBITDA	-0.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does ECOR's PS Ratio compare to its peers?

ECOR PS Ratio vs Peers

The above table shows the PS ratio for ECOR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	4x
VAPO Vapotherm	0.5x	16.6%	US$46.5m
BMRA Biomerica	2.8x	n/a	US$41.1m
DCTH Delcath Systems	10.2x	59.9%	US$38.7m
PEYE Precision Optics Corporation	2.4x	n/a	US$32.1m
ECOR electroCore	6.2x	38.8%	US$43.4m

Price-To-Sales vs Peers: ECOR is expensive based on its Price-To-Sales Ratio (6.2x) compared to the peer average (4x).

Price to Earnings Ratio vs Industry

How does ECOR's PE Ratio compare vs other companies in the US Medical Equipment Industry?

Price-To-Sales vs Industry: ECOR is expensive based on its Price-To-Sales Ratio (6.2x) compared to the US Medical Equipment industry average (4.5x)

Price to Sales Ratio vs Fair Ratio

What is ECOR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ECOR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.2x
Fair PS Ratio	11.3x

Price-To-Sales vs Fair Ratio: ECOR is good value based on its Price-To-Sales Ratio (6.2x) compared to the estimated Fair Price-To-Sales Ratio (11.3x).

Share Price vs Fair Value

What is the Fair Price of ECOR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate ECOR's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate ECOR's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is electroCore forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

29.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ECOR is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: ECOR is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: ECOR is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: ECOR's revenue (38.8% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: ECOR's revenue (38.8% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if ECOR's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has electroCore performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-2.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ECOR is currently unprofitable.

Growing Profit Margin: ECOR is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: ECOR is unprofitable, and losses have increased over the past 5 years at a rate of 2.5% per year.

Accelerating Growth: Unable to compare ECOR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: ECOR is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (-0.2%).

Return on Equity

High ROE: ECOR has a negative Return on Equity (-73.08%), as it is currently unprofitable.

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Financial Health

How is electroCore's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: ECOR's short term assets ($29.1M) exceed its short term liabilities ($5.6M).

Long Term Liabilities: ECOR's short term assets ($29.1M) exceed its long term liabilities ($664.0K).

Debt to Equity History and Analysis

Debt Level: ECOR is debt free.

Reducing Debt: ECOR has no debt compared to 5 years ago when its debt to equity ratio was 14.6%.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: ECOR has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: ECOR has sufficient cash runway for 1.5 years if free cash flow continues to grow at historical rates of 15.3% each year.

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Dividend

What is electroCore current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate ECOR's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ECOR's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ECOR's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ECOR's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as ECOR has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure

CEO

Dan Goldberger (63 yo)

2.83yrs

Tenure

US$1,304,339

Compensation

Mr. Daniel S. Goldberger, also known as Dan, has been Chief Executive Officer and Director of electroCore, Inc. since October 1, 2019. Mr. Goldberger served as Executive Chairman at Repro Med Systems, Inc....

CEO Compensation Analysis

Compensation vs Market: Dan's total compensation ($USD1.30M) is above average for companies of similar size in the US market ($USD753.27K).

Compensation vs Earnings: Dan's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: ECOR's management team is considered experienced (2.7 years average tenure).

Board Members

Experienced Board: ECOR's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: ECOR insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.5%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/17 00:00
End of Day Share Price	2022/08/17 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31