Leadership Transition at electroCore
electroCore (ECOR) has announced a significant leadership change, with founder Daniel Goldberger retiring as CEO effective April 1, 2026. In his farewell remarks during the Q4 2025 earnings call, Goldberger reflected on his tenure since late 2019.
"I'm Deeply proud of what we accomplished and truly thankful for your support as well as the support and hard work of all the employees worked tirelessly in making our noninvasive pain therapeutics available to patients who need them," Goldberger stated. He noted that the company has successfully strengthened its financial position and established a focused commercial strategy, particularly within the VA channel.
To ensure continuity, the Board of Directors appointed Chief Financial Officer Joshua Lev as Interim President. Additionally, Michael Fox is set to join as Chief Operating Officer in April 2026. Fox brings over three decades of experience from Pro Medtech, where he served as Chief Revenue Officer, with specific expertise in federal markets like the VA system.
Q4 and Full Year 2025 Financial Performance
The leadership transition coincides with strong financial results for the fiscal year ending December 31, 2025. electroCore reported record fourth-quarter revenue of $9.2 million, representing a 31% increase year-over-year. This brought full-year 2025 net sales to $32 million, up 27% from the previous year.
Joshua Lev highlighted that the VA hospital system remains the company's largest customer. Prescription revenue grew 23% year-over-year to $26 million, driven by the adoption of gammaCore and Quell devices. As of December 31, 2025, electroCore products are available in approximately 170 more facilities than a year ago.
In the general wellness sector, revenue reached $1.4 million in Q4 (up 31% YoY) and totaled $5.5 million for the full year, marking a 97% increase from 2024. Truvaga sales were the primary driver, contributing $5.4 million to the wellness segment.
Strategic Outlook and Clinical Validation
Management emphasized that clinical validation continues to support growth across their portfolio. The gammaCore device is supported by over 20 peer-reviewed publications and FDA clearance for acute and preventive treatments of migraines and cluster headaches. Meanwhile, Quell has demonstrated efficacy in conditions such as fibromyalgia.
Looking ahead, the company plans to expand its noninvasive vagal nerve stimulation (nVNS) platform applications, including lower extremity pain relief via Quell Relief. The firm also aims to introduce a next-generation mobile application to enhance user experience and recurring revenue opportunities.
While Goldberger expressed confidence in the company's trajectory, stating, "I step away knowing that electroCore is in excellent hands," he noted that detailed guidance for 2026 would be withheld pending the leadership transition. The Board expects full-year 2026 revenue to potentially grow at approximately 30%.
Key Takeaways
- CEO Succession: Daniel Goldberger retires as CEO on April 1, 2026; Joshua Lev becomes Interim President, and Michael Fox joins as COO in April.
- Record Revenue: Q4 2025 revenue hit a record $9.2 million (+31% YoY); Full-year sales reached $32 million (+27% YoY).
- Growth Drivers: The VA system remains the primary prescription channel, while Truvaga drove a 97% surge in general wellness revenue.
- Future Outlook: The company targets ~30% revenue growth for 2026 but has not issued formal guidance due to the transition.
Original source
electroCore (ECOR) Q4 2025 Earnings Transcript
Published: Mar 19, 2026
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