electroCore, Inc. (ECOR): Business Model Canvas [Dec-2025 Updated]

You're digging into how electroCore, Inc. (ECOR) actually makes its money, and honestly, it's a fascinating dual play that I haven't seen many firms pull off this way. They are balancing a prescription device business, heavily reliant on the U.S. Department of Veterans Affairs-which drove about 70% of their Q2 2025 revenue-with a growing direct-to-consumer wellness line built on their proprietary non-invasive vagus nerve stimulation technology. What really catches my eye, given my background, is that this model supports a massive 86% gross margin on product sales as of Q3 2025, even as they guide for $31.5 million to $32.5 million in total revenue for the full year 2025. This Business Model Canvas breaks down exactly how they manage key partnerships, like with the VA, and where their costs-like that hefty $9.7 million SG&A in Q3 2025-are allocated to support this structure; you'll want to see the details below.

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

You're looking at electroCore, Inc. (ECOR) and how its strategic alliances are translating into tangible revenue streams as of late 2025. The business model heavily relies on leveraging established channels, like the Department of Veterans Affairs (VA), to push both its legacy and newly acquired product lines.

U.S. Department of Veterans Affairs (VA) for Prescription Device Sales

The VA channel remains a cornerstone for electroCore, Inc.'s prescription device revenue. As of the third quarter of 2025, prescription sales growth was strong, driven by this segment. Specifically, sales within the VA market for gammaCore increased 16% over the same period in 2024. Furthermore, the integration of the Quell Fibromyalgia solution, acquired from NeuroMetrix, is immediately contributing to this channel, with Quell bringing in $530,000 in VA revenues during Q3 2025. The penetration level in this government channel is significant; as of September 30, 2025, 195 VA facilities had purchased prescription gammaCore products, up from 166 a year prior. This existing infrastructure is key to scaling new prescription products.

The company's overall prescription device revenue for the third quarter of 2025 was $6.81 million.

Spark Biomedical for Distribution of Sparrow Ascent Device

A critical partnership for expanding the prescription portfolio involves Spark Biomedical Inc. electroCore, Inc. entered an agreement to distribute the Sparrow Ascent™ device within certain Department of Veterans Affairs (VA) facilities. Sparrow Ascent is an FDA-cleared, non-invasive transcutaneous auricular neuromodulation device prescribed for treating opioid withdrawal symptoms. This move targets a substantial need, addressing an estimated 68,000 veterans with opioid use disorders. The partnership is designed to be capital-efficient, leveraging electroCore, Inc.'s established VA distribution network without incurring internal Research and Development costs for the new product.

NeuroMetrix Acquisition for Quell Product Line Integration

The acquisition of NeuroMetrix, Inc. (NURO), which closed on May 2, 2025, immediately diversified electroCore, Inc.'s portfolio into chronic pain and wellness with the Quell Fibromyalgia Solution platform. The transaction terms involved a cash payment of $4.49 per share to former NURO shareholders. To incentivize future performance, holders also received one Contingent Value Right (CVR), which entitles them to future payments linked to sales milestones and proceeds from the disposition of the DPNCheck business. The CVR includes royalties up to an aggregate maximum of $500,000 on prescription Quell product sales over the first two years post-closing. The integration is showing early success, as Quell contributed $595,000 in total product sales in Q3 2025.

electroCore, Inc. expects to accelerate Quell adoption quickly through its established channels, particularly within the VA Hospital System.

Commercial Managed Care Systems for Insurance Coverage Expansion

While the VA channel is a direct sales focus, coverage by commercial payors through the medical benefit pathway remains a factor that can adversely impact results if coverage is lost or delayed. Historically, electroCore, Inc. has worked to tap the commercial payer market. The company's 10-K filing noted that changes in coverage by commercial managed care systems could increase operating expenses or cause a loss of revenue. The company's Q3 2025 revenue breakdown shows that prescription sales, which include commercial coverage, are the largest segment, but specific current covered lives data for late 2025 isn't publicly detailed; however, the company's prior focus on the Federal Supply Schedule (FSS) involved over 10 million covered lives.

Celebrity/Athlete Endorsements for Truvaga Plus Awareness

The non-prescription general wellness segment, anchored by Truvaga products, is a fast-growing area, hitting a record high of $1.7 million in revenue for Q3 2025. This growth is supported by strategic awareness campaigns. In September 2025, electroCore, Inc. partnered with Greg Buttle, a former New York Jets linebacker, to champion Truvaga Plus. Further validation came when Truvaga Plus was named the "Best Relaxation Gadget" in Esquire's 2025 Sleep Awards. The wellness segment contributed $1.88 million to the Q3 2025 net sales.

Here is a quick look at the revenue contribution from key channels in the third quarter of 2025:

The company's ability to integrate new products like Sparrow Ascent and Quell into its existing VA footprint is a core operational strength. The integration of Quell into the VA system is already showing results, with $530,000 in VA revenue in the quarter it was reported.

• VA Facilities Purchasing Prescription gammaCore as of 9/30/2025: 195 facilities.
• Quell CVR Royalty Cap: Aggregate maximum of $500,000 over two years.
• NeuroMetrix Acquisition Cash Consideration: $4.49 per share.
• Truvaga Plus Award: Named "Best Relaxation Gadget" in Esquire's 2025 Sleep Awards.

Finance: draft 13-week cash view by Friday.

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

You're looking at the operational engine of electroCore, Inc. as of late 2025, focusing on where the company is putting its time and money to drive growth. The activities here are all about scaling the commercial footprint while funding the next wave of product evolution.

Research and development for next-generation mobile application

Research and development (R&D) spending is a clear indicator of investment in future technology integration. For the third quarter of 2025, electroCore, Inc. reported R&D expense of $0.7 million. This figure represents an increase from the $0.5 million reported in the third quarter of 2024. This R&D uplift is specifically tied to development costs for their next generation mobile application. Looking at the first quarter of 2025, the R&D expense was $642,000, which was up from $399,000 in the first quarter of 2024.

Commercialization and targeted sales/marketing investment

Commercialization efforts are reflected directly in the Selling, General, and Administrative (SG&A) expenses, showing the cost of scaling the sales force and marketing reach. In the third quarter of 2025, SG&A expenses reached $9.7 million. This was a significant year-over-year increase of $2.1 million from the $7.6 million recorded in the third quarter of 2024. Management stated this increase was primarily due to greater investment in selling and marketing costs to support the increased sales volume, and they plan on continuing these targeted investments for the remainder of 2025. Total operating expenses in Q3 2025 were approximately $10.4 million, up from $8.1 million in Q3 2024.

The revenue generated from these activities in Q3 2025 was split across channels:

The Truvaga wellness product specifically hit a record high revenue of $1.7 million in the third quarter of 2025. Furthermore, the prescription device penetration in the Department of Veteran Affairs (VA) channel saw 195 facilities purchasing gammaCore products as of September 30, 2025, an increase from 166 facilities a year prior. The Quell Fibromyalgia product contributed $530,000 in VA revenues during that same quarter.

Manufacturing and supply chain management for devices

While direct manufacturing costs aren't broken out separately, the gross profit figures speak to the efficiency of production and supply chain management relative to sales. For the three months ended September 30, 2025, the gross profit was $7.5 million, representing an 86% gross margin. This compares favorably to the $5.5 million gross profit, or 84% gross margin, achieved in the third quarter of 2024. The Cost of Sales for Q3 2025 was $1.22 million.

Clinical trials for new indications (e.g., acute stroke)

Development efforts for new indications, such as acute stroke, are supported by past trial milestones and ongoing R&D. The TR-VENUS study, assessing non-invasive vagal nerve stimulation (nVNS) for acute stroke treatment, achieved full enrollment in February 2021. This Phase 2 trial recruited a total of 60 subjects with ischemic stroke and eight subjects with hemorrhagic stroke. An update from February 2022 noted that this trial (n=69) suggested safety and feasibility, with Relative Ischemic Lesion Growth Decreased by 65.9% with nVNS versus Sham Treatment. The discontinuation of certain clinical trial activities in the first quarter of 2024 contributed to the lower R&D spend in that period compared to Q1 2025.

Securing and expanding commercial insurance coverage

Securing broad commercial insurance coverage remains a key activity for driving prescription device adoption. Specific, current payer coverage statistics for late 2025 were not publicly available in the latest reports. However, the general commercial insurance market outlook for 2025 suggested a softening market, which could mean potential for broader coverage for policyholders with low-risk profiles. Historically, electroCore, Inc. had a program to provide patients with uninterrupted access to gammaCore while coverage was being pursued, though this program was terminated in December 2019.

Here's a look at the year-to-date financial context supporting these activities:

• Year-to-date net sales for the first nine months of 2025 hit $22.8 million, a 26% increase over the same period in 2024.
• Full Year 2025 revenue guidance was increased to a range of $31.5 million to $32.5 million.
• Total Cash on hand as of September 30, 2025, was approximately $13.2 million.
• Management forecasted net cash usage for the fourth quarter of 2025 to be between approximately $2.0 and $2.5 million.

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

You're looking at the hard assets and capabilities that make electroCore, Inc. (ECOR) run as of late 2025. These aren't just line items; they are the foundation supporting their growth trajectory, especially given the projected cash usage in the near term.

Proprietary Technology and Intellectual Property

The bedrock of electroCore, Inc. (ECOR) is its proprietary non-invasive vagus nerve stimulation (nVNS) technology platform. This core capability is heavily fortified by its intellectual property (IP) estate. As of the last reported figures, electroCore, Inc. (ECOR) has compiled a robust patent portfolio consisting of over 200 patents and patent applications protecting the nVNS platform and its applications. This IP coverage is crucial, especially as the company explores new therapeutic areas beyond its current clearances.

This IP strategy includes coverage for the core mechanism and newer applications, such as patents related to the use of mobile devices to authorize and operate the nerve stimulator. It's a defintely defensive moat around their core asset.

FDA-Cleared/Approved Prescription Devices

The commercial value of the nVNS technology is realized through its FDA-cleared prescription devices, primarily gammaCore and the Quell product line. gammaCore, for instance, holds 6 FDA-cleared indications for headache as of late 2025. These clearances translate directly into revenue streams by addressing significant patient populations.

Here's a quick look at the scope of the prescription device clearances for gammaCore:

The Quell Fibromyalgia product also contributes to the prescription device sales, recording $530,000 in VA revenues during Q3 2025 alone.

Financial Resources and Liquidity

Cash on hand is a critical resource for any growth-stage company funding its commercial expansion. electroCore, Inc. (ECOR) reported a total cash, cash equivalents, restricted cash, and marketable securities balance of $13.2 million as of September 30, 2025. Still, you need to factor in the burn rate. Management forecasts a net cash usage for the fourth quarter of 2025 to be between $2.0 million and $2.5 million. This trajectory suggests a projected cash balance of approximately $10.5 million by December 31, 2025.

This financial position is supporting the increased FY 2025 revenue guidance, which is set in the range of $31.5 million to $32.5 million.

Specialized Sales Channel Access

Access to specific, high-volume healthcare systems is a key resource. electroCore, Inc. (ECOR) has successfully cultivated a specialized sales force targeting the Department of Veteran Affairs (VA) hospital system. This channel is showing tangible results, as evidenced by the growth in adoption. As of September 30, 2025, 195 VA facilities have purchased prescription gammaCore products, a notable increase from 166 facilities one year prior.

The performance metrics tied to this resource include:

• gammaCore sales within the VA increased 16% over the same period in 2024 (Q3).
• The VA channel is a primary driver for prescription device sales acceleration.
• The company is focused on leveraging this channel for both gammaCore and Quell sales.

The non-prescription Truvaga product also contributed significantly, hitting a record $1.7 million in revenue for Q3 2025.

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:

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:

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:

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:

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:

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:

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