electroCore, Inc. (ECOR) 2025 Q4 法說會逐字稿

You all for joining, we'll begin in about 30 seconds. Greetings, and welcome to the electroCore fourth quarter and full year 2025 earnings conference call. (Operator Instructions) Reminder, this con call is being recorded. Earlier today, electroCore published results for the fourth quarter and full year ended December 31, 2025.

感謝各位加入，我們將在約 30 秒後開始。各位好，歡迎參加 electroCore 2025 年第四季及全年財報電話會議。(接線員指示) 提醒您，本次電話會議將被錄音。今日稍早，electroCore 已公布截至 2025 年 12 月 31 日止之第四季及全年業績。

A copy of the press release is available on the company's website. I'd like to remind you that members on the call will make statements during the call that include forward-looking statements within the meaning of the federal securities law, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical fact should be deemed to be forward-looking.

新聞稿副本可於公司網站取得。我想提醒各位，與會者在本次電話會議中所作之陳述可能包含符合聯邦證券法意義之「前瞻性陳述」，並依據 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的安全港條款作出。本次電話會議中任何非歷史事實之陳述，均應視為前瞻性陳述。

All forward-looking statements, including without limitation, any guidance, outlook, or future financial expectation or operational activity and performance, including any statements regarding first quarter 2026 and full year performance and the path to profitability, are based upon the company's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

所有前瞻性陳述（包括但不限於任何指引、展望或未來財務預期或營運活動與表現），包含任何關於 2026 年第一季及全年表現以及達成獲利之路徑的陳述，均係基於公司目前估計及各項假設。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與這些前瞻性陳述所預期或暗示者出現重大差異。因此，您不應過度依賴這些陳述。

For a list of these risks and uncertainties associated with the company's business, please see the company's filings with the Securities and Exchange Commission. electroCore disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information that is accurate only as of the live broadcast today, March 19, 2026.

關於與公司業務相關之風險與不確定性清單，請參閱公司向美國證券交易委員會（SEC）提交之文件。除法律要求外，electroCore 不承擔亦不意圖更新或修訂任何財務預測或前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。本次電話會議包含具時效性之資訊，僅以今日（2026 年 3 月 19 日）直播當下為準且為正確。

It's now my pleasure to introduce Dan Goldberger, electroCore's Chief Executive Officer.

現在我很榮幸介紹 electroCore 執行長 Dan Goldberger。

Bating in today's electroCore earnings call. Joining me today are Dr. Thomas Errico, one of our founders and investor and Chairman of the electroCore Board of Directors; Joshua Lev, our Chief Financial Officer.

出席今天的 electroCore 財報電話會議。今天與我一同出席的還有：我們的共同創辦人之一、投資人暨 electroCore 董事會主席 Thomas Errico 醫師；以及我們的財務長 Joshua Lev。

Before we begin, I want to express what a privilege it is to address so many colleagues, partners, investors, and friends who have supported electroCore since I took the CEO position in late 2019. Over the years, we've taken meaningful steps in building a great company. I am deeply proud of what we accomplished and truly thankful for your support, as well as the support and hard work of all the employees who work tirelessly in making our non-invasive pain therapeutics available to patients who need them. With that in mind, I'd like to share an important personal decision about the next chapter for myself and for this organization.

在開始之前，我想表達自我於 2019 年底就任執行長以來，能向眾多支持 electroCore 的同仁、合作夥伴、投資人與朋友致詞，是一項殊榮。多年來，我們在打造一家優秀公司方面採取了具意義的步驟。我對我們所取得的成果深感自豪，也真誠感謝各位的支持，同時也感謝所有員工的支持與辛勤付出，他們不懈努力，讓我們的非侵入式疼痛治療方案能提供給有需要的病患。基於此，我想分享一項對我個人以及本組織下一篇章都很重要的決定。

After thoughtful discussion with the board about the company's next phase of growth, I have made the decision to retire as CEO of electroCore effective April 1, 2026. When I joined in late 2019, my priority was strengthening the company's financial position and establishing a focused commercial strategy. Over the past several years, we've made substantial progress on those objectives, including building momentum in the VA channel, expanding our product portfolio, and putting the company on a stronger financial footing. With that foundation now in place, the board and I believe this is the right time to begin a leadership transition as electroCore moves into its next stage of growth. To ensure a seamless transition, the Board of Directors has appointed Joshua Lev as Interim President. electroCore is also hiring a new Chief Operating Officer.

在與董事會就公司下一階段成長進行審慎討論後，我已決定自 2026 年 4 月 1 日起退休並卸任 electroCore 執行長一職。我於 2019 年底加入時，首要任務是強化公司的財務狀況並建立聚焦的商業策略。過去數年，我們在這些目標上取得重大進展，包括在 VA 通路建立動能、擴充產品組合，以及使公司具備更穩健的財務基礎。在此基礎已然到位之際，董事會與我皆認為，隨著 electroCore 邁入下一階段成長，現在是啟動領導階層交接的適當時機。為確保順利交接，董事會已任命 Joshua Lev 為臨時總裁。electroCore 亦正在招募新的營運長（Chief Operating Officer）。

These steps will provide stability and operational momentum while the board conducts a thorough search for my permanent successor. I look forward to continuing to support the company during the transition and to exploring new opportunities where my experience may be helpful. I step away knowing that electroCore is in excellent hands and well-positioned for continued success. I'm confident the leadership team will continue building on the progress we've made and drive the company forward in the next phase of growth. It's been an honor to lead this organization and serve you, our shareholders. Thank you for your unwavering support. I look forward to watching electroCore thrive from afar.

這些措施將在董事會全面尋找我的永久接任者期間，提供穩定性與營運動能。我期待在交接期間持續支持公司，並探索我的經驗可能有所助益的新機會。我卸任之際深知 electroCore 由優秀團隊掌舵，且已為持續成功做好充分準備。我相信領導團隊將持續在我們已取得的進展上再接再厲，並在下一階段成長中推動公司向前。能領導本組織並服務各位股東，是我的榮幸。感謝各位始終如一的支持。我期待在遠方見證 electroCore 蓬勃發展。

Now, the chairman, Dr. Errico, would like to share a few thoughts on strategy and the future.

接下來，董事長 Errico 醫師將就策略與未來分享一些想法。

Thank you, Dan. On behalf of the board of directors, I want to take a moment to recognize Daniel Goldberger for his outstanding leadership. We're grateful for the strong foundation he has built and for the momentum the company carries forward today. As we look ahead, I'm pleased to share an update on our leadership transition, which is designed to ensure continuity and focus as we enter our next phase of growth. Effective April 1, Joshua Lev, our Chief Financial Officer, will assume the role of interim president, overseeing day-to-day operations while continuing to serve as CFO. Joshua has more than 15 years of experience in finance and operations and has played a central role in guiding the company through several key milestones.

謝謝你，Dan。我代表董事會，想花點時間肯定 Daniel Goldberger 的卓越領導。我們感謝他所建立的堅實基礎，以及公司今日得以延續的動能。展望未來，我很高興就我們的領導交接提供最新進展；此安排旨在確保我們進入下一階段成長時，能維持延續性並保持專注。自 4 月 1 日起，我們的財務長 Joshua Lev 將擔任臨時總裁，在持續擔任 CFO 的同時，負責監督日常營運。Joshua 在財務與營運方面擁有超過 15 年經驗，並在引領公司達成多項關鍵里程碑的過程中扮演核心角色。

He is well-positioned to lead during this transition as we conduct a search for a permanent successor. In April, we will welcome Michael Fox as our new Chief Operating Officer. Michael joins us from ProMedTek, where he served as Chief Revenue Officer. He brings more than three decades of experience across pharmaceuticals, biotechnology, and medical devices with deep expertise in complex federal markets, including the VA system. His operational leadership will be instrumental as we continue to scale across the organization. With this transition in place, the board and management team remains fully focused on executing our strategy of increasing sales within covered entities such as the VA system and driving long-term value through market expansion into general wellness with our Truvaga product offering. Turning now to the business. We remain encouraged by the continued momentum of our non-invasive vagus nerve stimulation or nVNS platform.

在我們尋找永久接任者期間，他已具備良好條件帶領公司完成此次交接。4 月，我們將迎接 Michael Fox 加入，擔任新的營運長。Michael 來自 ProMedTek，先前擔任營收長（Chief Revenue Officer）。他在製藥、生技與醫療器材領域累積超過 30 年經驗，並在包含 VA 體系在內的複雜聯邦市場具備深厚專業。隨著我們持續擴大組織規模，他的營運領導將至關重要。在此交接安排就緒後，董事會與管理團隊仍將全力專注於執行我們的策略：提升在 VA 體系等受涵蓋實體（covered entities）內的銷售，並透過以 Truvaga 產品切入一般健康（general wellness）市場的擴張，創造長期價值。接下來談談業務。我們對非侵入式迷走神經刺激（nVNS）平台持續展現的動能仍感到鼓舞。

Before Joshua Lev reviews the financials, I'd like to briefly highlight the clinical foundation supporting our portfolio. Our flagship gammaCore device is supported by a substantial body of scientific evidence, including more than 20 peer-reviewed publications and multiple randomized controlled trials such as ACT 1 ACT 2, PRESTO, and PREMIUM.

在 Joshua Lev 檢視財務數據之前，我想先簡要強調支持我們產品組合的臨床基礎。我們的旗艦 gammaCore 裝置有大量科學證據支持，包括超過 20 篇同儕審查期刊論文，以及多項隨機對照試驗，例如 ACT 1、ACT 2、PRESTO 與 PREMIUM。

These studies have demonstrated statistically significant reductions in migraine and cluster headache frequency, intensity, and duration. gammaCore is FDA-cleared for both acute and preventative treatments in adult and adolescents, and real-world adoption continues to build. For example, UK audit data shows that a meaningful portion of cluster headache patients achieve clinically significant response rates alongside measurable cost savings compared to standard care.

這些研究顯示，偏頭痛與叢集性頭痛的發作頻率、強度與持續時間皆有具統計顯著性的降低。gammaCore 已獲 FDA 核准用於成人與青少年之急性與預防性治療，且真實世界的採用持續增加。例如，英國稽核資料顯示，相較於標準照護，有相當比例的叢集性頭痛患者可達到具臨床意義的反應率，同時伴隨可衡量的成本節省。

Beyond gammaCore, exploratory studies across additional indications, including Sjögren's syndrome, gastroparesis, traumatic brain injury, and inflammatory conditions related to COVID-19, highlighted the potential for broader anti-inflammatory potential of nVNS.

除了 gammaCore 之外，針對其他適應症（包括修格蘭氏症候群、胃輕癱、外傷性腦損傷，以及與 COVID-19 相關的發炎性疾病）的探索性研究，凸顯 nVNS 可能具備更廣泛的抗發炎潛力。

These studies have shown encouraging signals across fatigue, quality-of-life measures, and anti-inflammatory biomarkers. At the same time, ongoing trials in areas such as PTSD, long COVID, substance abuse disorder, musculoskeletal pain, and concussions, supported by partnerships including the NFL and NFLPA-funded research, support our long-term strategy for indication expansion.

這些研究在疲勞、生活品質衡量指標以及抗發炎生物標記方面顯示出令人鼓舞的訊號。同時，在 PTSD、長新冠、物質使用障礙、肌肉骨骼疼痛與腦震盪等領域的進行中試驗，在包括 NFL 與 NFLPA 資助研究等合作夥伴的支持下，支撐我們長期的適應症擴張策略。

In addition, our Quell device is supported by a growing body of peer-reviewed research, including randomized controlled trials published in well-regarded journals. These studies demonstrate efficacy across multiple pain-related conditions, including difficult-to-treat fibromyalgia, further strengthening the clinical foundation of our portfolio.

此外，我們的 Quell 裝置也獲得日益增加的同儕審查研究支持，包括發表於知名期刊的隨機對照試驗。這些研究證明其在多種與疼痛相關的病症上具有效益，包括難以治療的纖維肌痛，進一步強化我們產品組合的臨床基礎。

On the consumer side, Truvaga continues to gain traction as a wellness product focused on stress reduction, sleep quality, and emotional well-being through parasympathetic nervous system activation. Truvaga has recently received recognition from major lifestyle publications, and engagement across social and digital channels continues to grow.

在消費端方面，Truvaga 作為一款以透過副交感神經系統活化來降低壓力、提升睡眠品質與情緒福祉為重點的健康產品，持續獲得市場動能。Truvaga 近期獲得主要生活風格刊物的肯定，且在社群與數位渠道的互動持續成長。

For example, national media outlets like Women's Health and Men's Health have been driving website traffic. Miranda Kerr mentioned Truvaga on The Skinny Confidential podcast. Affiliates like TrueMed, Ben Greenfield, and Luke Storey have been promoting Truvaga. Truvaga is now available through online retail outlets like Best Buy and RehabMart.

例如，《Women's Health》與《Men's Health》等全國性媒體一直在帶動網站流量。Miranda Kerr 曾在 The Skinny Confidential 播客中提到 Truvaga。TrueMed、Ben Greenfield 與 Luke Storey 等聯盟夥伴也在向其受眾推廣 Truvaga。Truvaga 現已透過 Best Buy 與 RehabMart 等線上零售通路販售。

Independent in-home studies indicate high levels of user-reported calmness and sleep improvement after consistent use. Importantly, this momentum supports diversification of our revenue mix and highlights the scalability of our nVNS technology in direct-to-consumer channels. Overall, the expanding clinical validation across our product lines continues to support prescription growth, payer engagement, and international expansion.

獨立的居家研究顯示，在持續使用後，使用者自述的平靜感與睡眠改善程度很高。重要的是，這股動能支持我們營收組合的多元化，並凸顯我們的 nVNS 技術在直面消費者（DTC）渠道的可擴展性。整體而言，我們各產品線不斷擴大的臨床驗證，持續支持處方成長、支付方互動以及國際擴張。

We believe this positions the company well for sustained revenue acceleration and long-term value creation as we bolster our commercial team with VA governmental specialists to further execute against our pipeline and strategic priorities while maintaining our attention on operating efficiency to progress towards profitability over time.

我們相信，隨著我們以 VA 政府體系專家強化商務團隊，以進一步推進我們的產品管線與策略重點，同時維持對營運效率的關注、逐步邁向獲利，這將使公司具備持續加速營收成長與創造長期價值的良好定位。

Now, I will turn the call over to our interim president and CFO, Joshua Lev, to walk through the financial results.

接下來，我將把電話會議交給我們的代理總裁兼財務長 Joshua Lev，由他說明財務結果。

Thank you, Dr. Errico. Before reviewing the financial results, I want to briefly acknowledge the leadership transition announced earlier. Dan played an important role in shaping the company over the past several years, and the strategy we have in place today reflects that work. On a personal note, I've learned a great deal from working with Dan, and he has been a strong leader for the organization.

謝謝您，Errico 醫師。在檢視財務結果之前，我想先簡要提及先前宣布的領導階層交接。Dan 在過去幾年對公司的塑造扮演了重要角色，而我們目前所採行的策略也反映了那段工作的成果。就個人而言，我從與 Dan 共事中學到很多，他一直是組織的強而有力的領導者。

Our focus remains on executing against that strategy, expanding adoption across the VA system, and continuing to scale our wellness platform. Turning to the details of our fourth quarter and full year 2025 operating performance. electroCore delivered another year of strong top-line revenue growth, extending our growth trend and exceeding both revenue and EPS analyst consensus estimates. The VA hospital system remains our largest customer and continues to grow with the expanded adoption of our non-invasive pain therapeutics.

我們的重點仍是落實該策略、擴大在 VA 體系的採用，並持續擴展我們的健康平台。接著說明 2025 年第四季與全年營運表現的細節。electroCore 再次交出強勁的營收成長，延續成長趨勢，並超越分析師對營收與 EPS 的一致預期。VA 醫院體系仍是我們最大的客戶，且隨著我們非侵入式疼痛治療方案的採用擴大而持續成長。

Truvaga sales also showed strong growth, driven primarily by our e-commerce store at www.truvaga.com and an expanding network of affiliates who actively promote Truvaga to their audience. Revenue in the fourth quarter of 2025 was our highest ever, reaching a record of $9.2 million, up 31% year-over-year, and bringing our full year 2025 revenue to $32 million or 27% over full year 2024.

Truvaga 銷售也呈現強勁成長，主要由我們的電商商店 www.truvaga.com 以及持續擴大的聯盟夥伴網絡所帶動，這些夥伴積極向其受眾推廣 Truvaga。2025 年第四季營收創下歷史新高，達到 920 萬美元，年增 31%，並使 2025 全年營收達到 3,200 萬美元，較 2024 全年成長 27%。

Prescription device revenue increased 23% year-over-year to $26 million by continued growth of gammaCore and Quell within the VA hospital system. Acquiring the Quell assets in May 2025, Quell Fibromyalgia generated $1.5 million in revenue. As of December 31, 2025, 200 VA facilities purchased gammaCore products, up from 170 a year ago. Approximately 13,400 VA patients received gammaCore device.

處方裝置營收年增 23% 至 2,600 萬美元，主要來自 VA 醫院體系內 gammaCore 與 Quell 的持續成長。我們於 2025 年 5 月收購 Quell 資產後，Quell 纖維肌痛產品貢獻了 150 萬美元營收。截至 2025 年 12 月 31 日，共有 200 家 VA 設施採購 gammaCore 產品，高於一年前的 170 家。約有 13,400 名 VA 病患接受了 gammaCore 裝置。

Based on our analysis, we estimate this represents roughly 2% penetration of the addressable VA headache market. Given the scale of the VA system and the number of patients experiencing headaches related to PTSD and mild traumatic brain injury, we believe there may be a significant opportunity for continued growth. Towards this opportunity, we expanded our VA sales presence during 2025 by adding both internal team members and contracted representatives.

根據我們的分析，我們估計這約相當於 VA 頭痛可服務市場約 2% 的滲透率。鑑於 VA 體系的規模，以及因 PTSD 與輕度外傷性腦損傷而出現頭痛的病患人數，我們相信仍有顯著的持續成長機會。為把握此機會，我們在 2025 年擴大了 VA 銷售布局，新增內部團隊成員與簽約代表。

In April 2026, we will also welcome Michael Fox as Chief Operating Officer, whose extensive experience commercializing products within federal healthcare systems will help accelerate adoption and expand our commercial reach. Turning to our general wellness channel, fourth quarter revenue reached $1.4 million, representing 31% year-over-year growth. Full year general wellness revenue totaled $5.5 million, an increase of 97% compared to 2024.

此外，我們將於 2026 年 4 月迎接 Michael Fox 擔任營運長（COO）；他在聯邦醫療體系內推動產品商業化方面擁有豐富經驗，將有助於加速採用並擴大我們的商務觸及。再看一般健康渠道，第四季營收達到 140 萬美元，年增 31%。全年一般健康營收合計 550 萬美元，較 2024 年增加 97%。

This increase was primarily driven by $5.4 million in Truvaga sales, up 93% from 2024. While Truvaga revenue was flat sequentially, the third quarter included a one-time $500,000 order associated with a third-party clinical trial. Excluding that order, Truvaga revenue grew approximately 40% sequentially. Return on advertising spend or ROAS for the period was approximately $2.10, meaning for every dollar spent on media, we generated nearly $2.10.

此成長主要由 Truvaga 銷售 540 萬美元所帶動，較 2024 年成長 93%。雖然 Truvaga 營收季對季持平，但第三季包含一筆與第三方臨床試驗相關的一次性 50 萬美元訂單。若排除該筆訂單，Truvaga 營收季對季約成長 40%。本期廣告投資報酬（ROAS）約為 2.10，意即每投入 1 美元媒體費用，我們可產生接近 2.10 美元的營收。

Increase in ROAS from $1.80 in Q3 2025 was primarily driven by a seasonal increase in sales during the holiday season. Return rates across our e-commerce platforms have increased slightly but remain at approximately 12% to 15%, 14% with prior periods.

ROAS 自 2025 年第三季的 1.80 提升，主要由假期旺季帶來的季節性銷售增加所驅動。我們各電商平台的退貨率略有上升，但仍約維持在 12% 至 15% 之間，與前期約 14% 的水準相近。

We believe the increase in ROAS is a result of the shift away from Amazon and the team's increased focus on driving sales to other direct-to-consumer platforms. As we look forward to 2026, we expect to expand the potential applications for our nVNS platform while introducing additional wellness offerings, including Quell Relief for lower extremity pain.

我們認為 ROAS 的提升，源於我們降低對 Amazon 的依賴，並且團隊更專注於將銷售導向其他直面消費者平台。展望 2026 年，我們預期將擴大 nVNS 平台的潛在應用，同時推出更多健康產品，包括用於下肢疼痛的 Quell Relief。

We are also developing our next generation mobile application designed to complement Truvaga and Quell, which brings more personalized and data-driven user experience, which could support future recurring revenue opportunities. Based on the opportunities ahead, we are investing in people, marketing, and product development to accelerate growth in 2026 and 2027 while maintaining discipline around operating efficiency and our path to profit. Turning briefly to the full year 2025 financial results.

我們也正在開發下一代行動應用程式，旨在與 Truvaga 與 Quell 相互搭配，帶來更個人化、以數據驅動的使用者體驗，並可能支持未來的經常性收入機會。基於未來的機會，我們正在人員、行銷與產品開發方面加大投資，以在 2026 與 2027 年加速成長，同時在營運效率與邁向獲利的路徑上維持紀律。接著簡要說明 2025 全年財務結果。

Net sales in 2025 increased 27% to $32 million, driven by growth of prescription gammaCore and Quell Fibromyalgia products in the VA system, as well as increased sales of our non-prescription Truvaga general wellness products. We expect the majority of 2026 revenue to continue coming from the US Department of Veterans Affairs.

2025 年淨銷售額成長 27% 至 3,200 萬美元，主要受 VA 系統中處方用 gammaCore 與 Quell 纖維肌痛產品成長帶動，並且我們的非處方 Truvaga 一般健康產品銷售增加。我們預期 2026 年的大部分營收將持續來自美國退伍軍人事務部（VA）。

Profit increased to $27.8 million for the year ended December 31, 2025. Gross margin was 87% compared to 85% for the full year 2024. Research and development expense of $2.7 million increased by approximately $375,000 compared to the prior year. This increase was primarily related to the development work on our gammaCore Emerald and our next generation mobile application.

截至 2025 年 12 月 31 日止年度，利潤增加至 2,780 萬美元。毛利率為 87%，相較於 2024 全年為 85%。研發費用為 270 萬美元，較前一年增加約 37.5 萬美元。此增加主要與我們的 gammaCore Emerald 以及下一代行動應用程式的開發工作相關。

Selling, general, and administrative expense of $38.2 million for the year ended December 31, 2025 increased by $7 million compared to $31.2 million. Sales and marketing increased by $4.3 million from the prior period. The increase in sales and marketing was primarily driven by a $3.8 million increase in personnel expenses, which contributed to a $0.9 million increase in sales.

截至 2025 年 12 月 31 日止年度，銷售、一般及行政費用為 3,820 萬美元，較 3,120 萬美元增加 700 萬美元。銷售與行銷費用較前期增加 430 萬美元。銷售與行銷的增加主要由人事費用增加 380 萬美元所驅動，並促成銷售增加 90 萬美元。

General and administrative expense increased by $2.7 million from the prior year. This increase was primarily driven by $800,000 increase in legal fees, primarily associated with development activity. $500,000 associated with one customer, $300,000 investment in IT and systems, and $200,000 of increased transaction fees associated with.

一般及行政費用較前一年增加 270 萬美元。此增加主要由法律費用增加 80 萬美元所驅動，主要與開發活動相關；其中 50 萬美元與單一客戶相關、30 萬美元為 IT 與系統投資，以及與之相關的交易手續費增加 20 萬美元。

Total operating expenses in the full year 2025 were approximately $40.9 million as compared to $33.6 million in the full year of 2024. Other expense of $800,000 for the year ended December 31, 2025 increased by $1 million versus the prior year period. The increase was primarily attributed to non-recurring expenses, including a $0.5 million change to the estimated liability payable to pre-closing shareholders of NeuroMetrix pursuant to its CVR agreement and interest expense associated with our term debt financing with.

2025 全年營業費用總額約為 4,090 萬美元，相較於 2024 全年為 3,360 萬美元。截至 2025 年 12 月 31 日止年度，其他費用為 80 萬美元，較前一年同期增加 100 萬美元。此增加主要歸因於一次性費用，包括依 NeuroMetrix 的 CVR 協議對交割前股東應付之估計負債調整 50 萬美元，以及與我們的定期債務融資相關的利息費用。

Other income for the year ended December 31, 2024, which consisted primarily of interest income. Net loss for 2025 was $14 million or $1.65 per share, compared to net loss of $11.9 million or $1.59 per share in 2024.

截至 2024 年 12 月 31 日止年度的其他收入主要由利息收入構成。2025 年淨損為 1,400 萬美元或每股 1.65 美元，相較於 2024 年淨損 1,190 萬美元或每股 1.59 美元。

The increase in net loss is primarily attributed to an increase in operating expense and other expense as described. Adjusted EBITDA net loss for the full year 2025 was $8.7 million compared to $9 million in the prior year. The change in adjusted EBITDA primarily reflects the GAAP net loss, offset by adjustments for NeuroMetrix acquisition related items, a reserve for bad debt expense and IP litigation related.

淨損增加主要歸因於如前所述的營業費用及其他費用增加。2025 全年調整後 EBITDA 淨損為 870 萬美元，相較於前一年為 900 萬美元。調整後 EBITDA 的變動主要反映 GAAP 淨損，並由對 NeuroMetrix 收購相關項目、呆帳費用準備及與智慧財產訴訟相關項目的調整所抵銷。

A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the financial statement table included in. Cash equivalents and marketable securities at December 31, 2025 were approximately $11.6 million as compared to approximately $12.2 million as of December 31, 2024.

GAAP 淨損與非 GAAP 調整後 EBITDA 淨損之調節表已提供於所附的財務報表表格中。截至 2025 年 12 月 31 日，現金等價物及有價證券約為 1,160 萬美元，相較於截至 2024 年 12 月 31 日約為 1,220 萬美元。

Looking ahead, we remain focused on accelerating growth in our high-margin prescription device business, particularly within the VA, by adding leaders such as Michael Fox, who spent a career successfully commercializing products in the federal channels, while also continuing to build a durable and efficient general wellness channel.

展望未來，我們仍專注於加速高毛利處方器材業務的成長，特別是在 VA 內，透過延攬如 Michael Fox 等領導者（其職涯成功在聯邦通路商業化多項產品），同時持續打造具韌性且高效率的一般健康通路。

Again, we believe our full year 2026 revenue has the potential to continue growing at approximately 30%. Third quarter activity indicates continued adoption. However, in light of the leadership transition, we are not issuing detailed guidance at this time and expect to revisit formal guidance when appropriate.

再次強調，我們認為 2026 全年營收仍有機會持續以約 30% 的幅度成長。第三季的活動顯示採用持續增加。然而，鑑於領導階層交接，我們目前不提供詳細指引，並預期在適當時機重新檢視正式指引。

Overall, we believe the company is well-positioned to continue driving growth, to reach expanded adoption in the VA system, scale our wellness platform and maintain a disciplined focus on operating efficiency to drive long-term shareholder value and profitability.

整體而言，我們認為公司已具備良好條件以持續推動成長、在 VA 系統中達成更廣泛的採用、擴大我們的健康平台規模，並維持對營運效率的紀律性聚焦，以推動長期股東價值與獲利能力。

I would now like to turn the call over to the Operator for Q&A.

接下來我想把電話交給主持人進行問答。

Thank you, Josh.

謝謝你，Josh。

Thank you all for part.

謝謝大家的參與。

(Operator Instructions)

（主持人指示）

Jeffrey Cohen, Ladenburg.

Ladenburg 的 Jeffrey Cohen。

Dan and Josh, thanks for taking our questions, and, Dan, congrats on all the accomplishments, and we wish you well.

Dan 和 Josh，謝謝你們回答我們的問題；Dan，也恭喜你們取得的所有成就，並祝你一切順利。

So, I guess, firstly, could you talk about the channels, talk about the VA and talk about DTC for both gammaCore as well as for Quell, where you anticipate in 2026? I know that you've done a great job in adding centers of excellence at VAs. How might that look into 2026 and steps and thoughts about DTC business for both Truvaga as well as Quell?

那我想，首先，你們能談談通路嗎？談談 VA，也談談 DTC（直面消費者），包括 gammaCore 以及 Quell 兩者，對於 2026 年你們的預期？我知道你們在 VA 增設卓越中心方面做得非常出色。這在 2026 年可能會呈現什麼樣貌？以及對 Truvaga 與 Quell 兩者的 DTC 業務，你們有哪些步驟與想法？

Jeff, thanks so much. Appreciate you joining the call and always appreciate your great questions. From the VA channel we've had a lot of acceleration over the course of the last year in 2025. We've been pretty adamant that we believe the way for us to go ahead and grow that is to increase the number of boots on the ground, either through W-2 employees or through a 1099 network. We've done a really nice job over the course of 2025 of increasing those 1099s, which is a variable expense as it relates to the overall sales and marketing, right?

Jeff，非常感謝。感謝你加入電話會議，也一如既往感謝你提出的好問題。在 VA 通路方面，我們在 2025 年過去一年中加速成長很多。我們一直相當堅定地認為，我們要進一步成長的方式，是增加前線人力，不論是透過 W-2 員工或透過 1099 網絡。在 2025 年期間，我們在增加這些 1099 人員方面做得很好；就整體銷售與行銷而言，這屬於變動費用，對吧？

Doesn't add any headcount. We're really enthusiastic that we have a new commercial leader joining in Michael Fox, who's joining mid-April. Michael comes to us with a background in selling primarily into the federal channels. He has years of experience and actually decades of experience in building out commercial related teams, primarily focused in accelerating growth within those federal channels, particularly in the VA.

不會增加任何編制人數。我們非常振奮，因為有一位新的商務領導者 Michael Fox 將於 4 月中旬加入。Michael 具備主要向聯邦通路銷售的背景。他在建立商務相關團隊方面擁有多年、甚至數十年的經驗，主要聚焦於加速這些聯邦通路的成長，特別是在 VA。

As we think about how we think the VA is going to grow over the course of 2026, while we haven't given any specific guidance to that, our thought is that we're an existing team, which has been proven successful to go ahead and grow within those channels.

當我們思考 VA 在 2026 年將如何成長時，雖然我們尚未提供任何具體指引，但我們的想法是：我們現有團隊已被證明能夠在這些通路中成功推動成長。

Then we've got Michael, who's going to come in and bring his know-how, his knowledge, and hopefully some of his relationships to help accelerate growth within the VA. When it comes to the direct-to-consumer channel, I think what we realized earlier on this year is we're much more effective in terms of our efficiency of media spend when we're focused primarily in driving traffic to our own website at www.truvaga.com.

接著 Michael 會加入，帶來他的專業、知識，並希望也能帶來部分人脈，協助加速 VA 內的成長。至於直面消費者通路，我想我們今年稍早意識到，當我們主要聚焦於把流量導向我們自己的網站 www.truvaga.com 時，在媒體投放效率方面會更有效。

The way that we've been able to go ahead and grow that most efficiently is by increasing the number of affiliates and influencers that we have that are out there that are talking about electroCore, and our Truvaga product. As we look into 2026, our goal is to focus on identifying more partnerships, such as the Miranda Kerr relationship that we talked about earlier, RehabMart, Best Buy, things of that nature that'll help us with the growth in the channel that'll help grow around the truvaga.com traffic.

我們能夠以最高效率推動成長的方式，是增加更多在外部談論 electroCore 以及我們 Truvaga 產品的聯盟夥伴與網紅數量。展望 2026 年，我們的目標是聚焦於辨識更多合作夥伴關係，例如我們先前提到的 Miranda Kerr 合作、RehabMart、Best Buy 等等，這類合作將有助於我們在通路端的成長，並帶動 truvaga.com 的流量成長。

Okay. That's perfect. One more as a follow-up. Can you talk about OUS channels and any expectation into '26, OUS and any specific geographies worth calling out today?

好的。非常好。再追問一個問題。你能談談海外（OUS）通路，以及對 2026 年的任何預期嗎？就 OUS 而言，今天是否有任何值得特別點名的地理區域？

Yes. You know, from our perspective, NHS England is still a channel that's worthwhile in terms of mentioning as it just relates to our overall revenue. We have the most adoption within the NHS in England.

可以。從我們的角度來看，英格蘭 NHS 仍然是一個值得一提的通路，因為它與我們的整體營收相關。我們在英格蘭的 NHS 內擁有最高的採用率。

Yes.

是的。

You know, the NHS does have a bit of a bottleneck because of the way that the rules are written as it relates to who specifically has to write the prescription in order to get prescriptions adjudicated and ultimately fulfilled through the program. While we have interests in other countries outside of England, we've got distributors in locations such as Belgium, where we have some reimbursement.

你知道，NHS 的確存在一些瓶頸，原因在於規則的撰寫方式，特別是關於必須由誰來開立處方，才能讓處方完成審核（adjudicated）並最終透過該計畫完成配藥。雖然我們也對英格蘭以外的其他國家有興趣，但我們在比利時等地也有經銷商，而且在那裡我們有部分給付（reimbursement）。

We're still developing the infrastructure, if you will, or the adjudication infrastructure more than anything, to make sure that there's a pathway for which patients can go ahead and actually either get this covered or pay through cash providers, and we're doing that through third-party distributors. Right now, I'd say NHS England is really going to be our focus as it relates to the main driver of OUS revenue. As additional distribution partners become available and reimbursement opens up, we'll be sure to update the street on that.

我們仍在建置相關基礎設施，若要更精確地說，主要是在建置審核（adjudication）基礎設施，以確保病患有一條可行的途徑，能夠讓這項治療獲得給付，或是透過自費支付的提供者來付款；而我們是透過第三方經銷商來推動這件事。目前我會說，英格蘭 NHS 將會是我們在海外（OUS）營收方面的主要焦點與核心驅動力。隨著更多通路合作夥伴到位、以及給付範圍擴大，我們一定會向市場更新相關進展。

Thanks so much for taking our questions and best of luck, Dan.

非常感謝你回答我們的問題，祝你好運，Dan。

Charles Wallace, HCW.

Charles Wallace，HCW。

Hi, this is Charles on for RK. Thanks for taking my questions. Dan, congrats on all you've done for electroCore, and it was great working with you.

嗨，我是 Charles，代 RK 提問。謝謝你回答我的問題。Dan，恭喜你為 electroCore 所做的一切，能與你共事很愉快。

Thank you.

謝謝你。

For my first question, with the changes with management and the new hiring of Michael Fox and increased responsibilities for Joshua, I wanted to better understand these new leadership dynamics. Will Michael focus primarily on kind of the VA business while Joshua handles the wellness and ex-VA? Thank you.

我的第一個問題，關於管理層變動、新聘 Michael Fox，以及 Joshua 職責增加，我想更了解新的領導運作模式。Michael 是否會主要聚焦於 VA 業務，而 Joshua 則負責健康（wellness）以及非 VA 的業務？謝謝。

Charles, great question. The short answer to your question is yes, but, Charles, I'm sorry. Michael is really has a strong background and history in driving and building commercial organizations. Our expectation is going to be that Michael's going to need to come in here, get his feet wet a little bit, and get a firm understanding as to how our sales operations currently work.

Charles，問得很好。簡短回答是會的，不過 Charles，不好意思。Michael 在推動與建立商業組織方面有很強的背景與經歷。我們的預期是，Michael 需要先進來熟悉一下狀況，並充分理解我們目前的銷售營運是如何運作的。

We believe that Michael's background primarily around commercial and whether that's not just VA, but it could be other federal systems as well, it could also be other commercial systems, perhaps such as, Kaiser or commercial insurers, is really going to fall under, Michael's purview.

我們認為，Michael 的背景主要在商業通路；而這不僅限於 VA，也可能涵蓋其他聯邦體系，亦可能包括其他商業體系，例如 Kaiser 或商業保險公司，這些都將會落在 Michael 的職掌範圍之內。

As it relates to the day-to-day activities as well as Truvaga, right now the plan is for that to fall in my court.

至於日常營運活動以及 Truvaga，目前的規劃是由我來負責。

Perfect. Can you remind us of the prior VA contracts? With the onboarding of Michael, is there going to be any adjustment to this contract?

了解。你能提醒我們先前的 VA 合約內容嗎？隨著 Michael 到任，這份合約會有任何調整嗎？

Great question. You know, at the moment, the answer is I don't know, but I don't think so. Our VA contract already has our products listed on it. The name and who's at the helm of an organization doesn't really necessarily change the nature of the contract in its own right.

好問題。你知道，就目前而言，答案是我不確定，但我認為不會。我們的 VA 合約上已經列入了我們的產品。一家組織的名稱以及由誰領導，並不一定會改變合約本身的性質。

That said Michael is coming to us with years and decades of experience in selling to these different channels. If there are opportunities for us to make that contract more efficient for both electroCore, or for the VA for that matter, for the customer, then it's absolutely on the table that we would consider it.

話雖如此，Michael 帶著多年、甚至數十年的經驗，擅長向這些不同通路銷售。如果有機會讓這份合約對 electroCore、或對 VA、以及對客戶而言更有效率，那我們絕對會把它列入考量並加以評估。

Great. For my final question. You know, Dan's kind of been the architect on kind of TAC-STIM in the military channel. With him leaving, does that mean that there might be a de-emphasis on the TAC-STIM product?

很好。我的最後一個問題。你知道，Dan 算是軍方通路 TAC-STIM 的主要設計者／推動者。他離開後，是否意味著公司可能會降低對 TAC-STIM 產品的重視？

No, I don't think so. You know, TAC-STIM has always been a lumpy business for the company, and we still have a robust pipeline of different military groups and military organizations that are of interest. If anything, I think that there could be an opportunity here to maybe pull through some of that or accelerate. You know, as mentioned before, Michael Fox's experience isn't just necessarily in the VA, it's all federal systems.

不，我不這麼認為。你知道，TAC-STIM 一直以來對公司而言都是一個波動較大的業務，但我們仍然有相當強健的管線，涵蓋不同的軍方團體與軍事組織，且他們對我們有興趣。如果有什麼不同，我認為反而可能有機會把其中一些案子往前推，或加速進展。如先前所提，Michael Fox 的經驗不僅限於 VA，而是涵蓋所有聯邦體系。

I do think that there could be, doesn't mean that there will be, but there could be an opportunity to maybe pull forward some of those revenue opportunities because we have someone that's been in-depth in working with those, with the hill and different military organizations.

我確實認為可能會有——不代表一定會——但可能會有機會把其中一些營收機會提前實現，因為我們有一位在與國會山莊以及不同軍事組織深度合作方面經驗豐富的人。

Great. Thanks for taking all my questions. Yeah, my pleasure. Thanks.

很好。謝謝你回答我所有的問題。好的，不客氣。謝謝。

Our next question comes from Charles Wallace. Okay, let's go to Jeremy Pearlman. Jeremy, do you want to unmute?

下一個問題來自 Charles Wallace。好的，我們來到 Jeremy Pearlman。Jeremy，你要不要解除靜音？

Thank you for taking my question. First related, you mentioned earlier on the call the Quell Relief. Is that going to be sold into the VA/DoD channels? Is that going to be in general wellness? Also, is that a first half or second half '26 event? And is revenue from that going to be baked into the guidance, or you think anything from any revenue generated would just be icing on the cake?

謝謝你讓我提問。第一個相關問題，你稍早在電話會議中提到 Quell Relief。那會銷售到 VA/DoD 通路嗎？還是會走一般健康（general wellness）通路？另外，這會是 2026 年上半年還是下半年的事件？而這部分的營收會納入財測指引嗎？還是你認為任何產生的營收都只是額外加分（icing on the cake）？

Hey, Jeremy. Thanks so much for the question. Our Quell Relief product, which is also internally we know as Quell over-the-counter, it's technically an over-the-counter product, so it's not technically a general wellness product. Our plan is to launch that product in the first half of 2026. Our expectations for that product are similar to how when we originally launched Truvaga. I'm not sure if you recall, but we did a very soft launch early on just to see what kind of access and traction we got.

嗨，Jeremy。非常感謝你的問題。我們的 Quell Relief 產品，在內部也稱為 Quell 非處方（over-the-counter）；它在技術上屬於非處方產品，因此嚴格來說並不是一般健康（general wellness）產品。我們計畫在 2026 年上半年推出該產品。我們對這個產品的預期，類似於當初我們首次推出 Truvaga 的方式。我不確定你是否還記得，但我們一開始做的是非常低調的上市（soft launch），只是想先看看我們能取得什麼樣的觸及與市場反應。

The Quell brand itself has legacy users and legacy demand, and we're hoping that by doing a soft launch of the program, we could start getting a sense as to where to best spend our media dollars, which will then give us a more robust plan as to how we go ahead and grow that into its own product category. To answer your question, right now, when we look at our 30% guidance that we've given year-over-year, anything that would come out of the Quell OTC or the Quell Relief product would be incremental to that.

Quell 品牌本身擁有既有使用者與既有需求，我們希望透過該計畫的軟性推出，開始掌握我們的媒體預算最應該投放在哪些地方，進而讓我們制定更完善的計畫，了解如何推進並將其擴展為獨立的產品類別。回答您的問題，就目前而言，當我們看待先前給出的年對年 30% 指引時，任何來自 Quell OTC 或 Quell Relief 產品的貢獻都將是額外增量，不包含在其中。

Okay. Understood. Great. Then maybe if we could jump to your return on advertising spend. You said it was 2.1 times this quarter, and you did mention on one of the earlier questions you are trying to identify more partnerships to help growth. Is there a goal for 2026? You know, how much can you really increase that return? Is it you can get into the 3 times range even more, or is it an incremental gain?

好的。了解。很好。那麼也許我們可以跳到你們的廣告投放報酬率。你說本季是 2.1 倍，而且你在先前某個問題中也提到，你們正嘗試找出更多合作夥伴來帶動成長。2026 年有目標嗎？你知道，這個報酬率實際上能提高多少？是可以提升到 3 倍區間甚至更高，還是只能小幅增加？

That's a fantastic question. You know, the true answer is it really depends, right? We have a team of dedicated people that look at our return on advertising spend on a daily basis, and they move our media dollars around based off of where we're getting the highest efficiency or the highest return on our investment. From what we've seen in the category, we think industry would be somewhere between the 2 to 2.5 range. There have been times within Truvaga's lifespan that we have actually achieved greater than 3% return on media spend.

這是個非常好的問題。你知道，真正的答案是這確實取決於情況，對吧？我們有一支專責團隊每天都在看廣告投放報酬率，並根據我們在哪裡獲得最高效率或最高投資報酬，來調整媒體預算的配置。就我們在這個品類中看到的情況，我們認為產業水準大概會落在 2 到 2.5 的區間。在 Truvaga 的發展歷程中，也曾有一些時期我們實際達到超過 3% 的媒體投放報酬率。

Typically what happens is the more efficient you get over time in a particular channel, that efficiency then hits its you know its peak and then starts coming down, and you have to find different avenues. So to answer your question, I think that our goal for the year is going to try to have that above two. Having that above 2 or $2 of revenue for every dollar of media is a good place as a sort of conservative number. Then our expectation would be is that we try to hover around that, call it between 2 and 2.5 on an average basis for the year.

通常會發生的是，當你在某個渠道隨著時間推移變得更有效率時，那個效率會達到峰值，然後開始下滑，你就必須尋找不同的途徑。所以回答你的問題，我認為我們今年的目標是盡量把它維持在 2 以上。維持在 2 以上，也就是每投入 1 美元媒體費用帶來 2 美元營收，作為較保守的數字是個不錯的位置。接著我們的預期是盡量在那附近徘徊，全年平均大概落在 2 到 2.5 之間。

Okay. Understood. Just last question. You know, in the past, any updates on your insurance reimbursement coverage, and maybe what do you think the biggest barriers to broader reimbursement adoptions are you're facing? You know, it's always been it seems like it's been a struggle over time. Thanks.

好的。了解。最後一個問題。你知道，關於你們的保險給付／報銷涵蓋範圍，有沒有任何更新？以及你認為目前在推動更廣泛的報銷採用方面，最大的障礙是什麼？你知道，長期以來看起來一直都很不容易。謝謝。

Yeah, thank you. Thank you. Just from an update point of view, I think the biggest opportunity we have in front of us is the work that we've been doing with Kaiser. We've spent some time talking about it in the past. Earlier on in this year, we finally got on contract with Kaiser, so not only were we on formulary, but we're also on contract. That allows us to give us a license to sell, if you will, within the organization and gives prescribers an easier opportunity to actually prescribe the product itself, but it's not necessarily the end-all be-all. We've spent the better part of the last quarter, and within 2026, what we plan to do is spend more time trying to develop the right KOLs and subject matter experts, advocates for the product within the system.

是的，謝謝你。謝謝。就更新而言，我認為我們眼前最大的機會，是我們與 Kaiser 合作所做的工作。我們過去也花了一些時間談過。今年稍早，我們終於與 Kaiser 簽訂合約，因此我們不僅進入其處方集（formulary），也同時完成簽約。這讓我們可以說是取得在該組織內銷售的「許可」，也讓開立處方者更容易實際開立該產品，但這不一定就是萬靈丹或終點。我們在上一季投入了大量時間；而在 2026 年，我們計畫投入更多時間，培養合適的 KOL 與領域專家，成為系統內支持該產品的倡議者。

I think Kaiser will remain to be our largest sort of opportunity, if you will, as it relates to from an insurance point of view, where can we get coverage? The reason why I say that is Kaiser is the largest of these managed care systems. Typically they're kind of like a beachhead strategy.

我認為就保險端而言，Kaiser 仍將是我們最大的機會，也就是說，在哪裡能取得給付涵蓋。我之所以這麼說，是因為 Kaiser 是這些管理式醫療體系中規模最大的。通常它有點像是一種「灘頭堡」策略。

If you can get Kaiser and show other managed care systems that it works, other managed care systems will follow suit. Right now we've guided in the past that we've got dedicated resources focused primarily on trying to get Kaiser up and running. If we do, our plan would be to leverage that success and turn it into additional adoption throughout other managed care, insurers.

如果你能拿下 Kaiser，並向其他管理式醫療體系證明它有效，其他管理式醫療體系就會跟進。我們過去的指引也提到，我們已配置專責資源，主要聚焦在讓 Kaiser 的推動上軌道。如果我們做到了，我們的計畫就是利用這個成功案例，帶動其他管理式醫療與保險業者的進一步採用。

Okay. You think that, that could be a 2026 event?

好的。你認為那可能會在 2026 年發生嗎？

Well, no, I would think that some Kaiser success, the plan is or the hope is for it to be in 2026. I think other additional insurers would be after that. It would be 2027 and 2028.

嗯，不是，我會認為是 Kaiser 方面的一些成功——計畫或希望是在 2026 年實現。至於其他額外的保險業者，會在那之後。可能會是 2027 年和 2028 年。

Okay, got it thank you for taking my questions. Have a nice night.

好的，了解，謝謝你回答我的問題。祝你今晚愉快。

Joshua, I'm going to turn the call back over to you for a closing statement. That has exhausted our questions from live callers.

Joshua，我把電話交回給你做結語。現場來電的提問已經全部結束。

Well, great, Rob. Thank you so much. Just wanted to thank everyone for the opportunity and for joining us today. I want to recognize the team for their continued hard work and their commitment to our patients, to the healthcare providers, and to our customers, especially as we go through this transition. I also want to thank our shareholders for their continued support.

好的，Rob。非常感謝你。我想感謝大家今天給我們這個機會並加入我們。我也要肯定團隊持續的努力與對病患、醫療照護提供者以及我們客戶的承諾，尤其是在我們經歷這段轉型期間。我也要感謝股東們持續的支持。

Before we conclude, I'd like to extend our sincerest appreciation to Dan for all of his leadership and the foundation that he's leaving behind. We're excited about the opportunities ahead and remain focused on execution, disciplined investment, and long-term value creation for our shareholders. On behalf of myself, the employees of electroCore, and everyone who has benefited from your leadership, Dan, thank you for your dedication, your vision, and the lasting impact you've made on the organization.

在我們結束之前，我想向 Dan 致上最誠摯的感謝，感謝他所有的領導，以及他所留下的基礎。我們對未來的機會感到振奮，並將持續專注於落實執行、紀律投資，以及為股東創造長期價值。我代表我本人、electroCore 的員工，以及所有因你的領導而受益的人，Dan，感謝你的投入、你的願景，以及你為組織帶來的深遠影響。

We wish you the very best in your retirement and in the next chapter ahead.

祝你退休生活一切順利，也祝福你接下來的新篇章。

That concludes today's call. Thank you for your participation.

今天的電話會議到此結束。感謝各位的參與。