Cigna earnings beat by $0.04, revenue topped estimates
ROCKAWAY, NJ – electroCore, Inc. (NASDAQ:ECOR), a medical device company specializing in electromedical equipment with a market capitalization of $42 million and impressive revenue growth of 57% in the last twelve months, announced a change in its independent registered public accounting firm. On Monday, the company’s previous accountant, Marcum LLP, resigned following the acquisition of its attest business by CBIZ (NYSE:CBZ) CPAs P.C. last year. Effective immediately, CBIZ CPAs has been engaged as the new accountant for the fiscal year ending December 31, 2025.
The company’s Audit Committee approved the transition, which was necessitated by the business acquisition that occurred on November 1, 2024. Prior to the engagement, electroCore had not consulted with CBIZ CPAs on any accounting principles or audit opinions. According to InvestingPro analysis, the company maintains a solid current ratio of 1.78, indicating adequate liquidity to meet short-term obligations.
Marcum’s reports for the fiscal years ending December 31, 2024, and 2023, contained no adverse opinions or disclaimers and were not qualified on any accounting principles. There were no disagreements on accounting practices or financial disclosures that would have required Marcum to report such issues.
During the fiscal period ended September 30, 2023, electroCore identified a material weakness in its internal control over financial reporting related to vendor management. The company has since stated that this issue was remediated without any misstatements in financial results. InvestingPro data shows the company’s overall Financial Health Score is FAIR, with particularly strong performance in growth metrics. Get access to 7 more exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
As per regulatory requirements, Marcum has provided a letter, dated April 3, 2025, to the SEC confirming their agreement with the statements made by electroCore in the 8-K filing. This letter is included as Exhibit 16.1 in the filing. The company’s current Fair Value analysis from InvestingPro suggests the stock may be undervalued at its current trading price of $5.87.
This corporate update is based on information from a press release statement.
In other recent news, electroCore reported a notable 57% increase in revenue for the fiscal year 2024, reaching $25.2 million, with a gross margin improvement to 85%. The company ended the fourth quarter with $7 million in sales, marking an 8% increase from the previous quarter, although there was a slight decrease in sales through the VA/DoD channel. electroCore has been awarded a new Federal Supply Schedule contract by the Veterans Affairs, effective from June 2025 to June 2030, following the termination of numerous other contracts by the VA. The company plans to continue its operations under the current contract until the new one begins. H.C. Wainwright has maintained a Buy rating on electroCore, with a price target of $25 per share, projecting 2025 revenues to be around $30 million. Additionally, electroCore is expanding its product offerings through strategic partnerships and recently acquired NeuroMetrix (NASDAQ:NURO), aiming to enhance its portfolio in the bioelectronic health and wellness sector. The company also launched the Truvega wellness product line and is exploring further international market expansions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.