electroCore, Inc. Segments Disclosure
Note 15. Segment Reporting
The Company views its operations and manages its business as one operating segment: Bioelectronic Innovations. Our CODM is our Chief Executive Officer. The CODM uses loss from operations, as reported on our Consolidated Statements of Operations, including the breakdown of expenses presented below, in evaluating the performance of the Bioelectronic Innovations segment and in determining how to allocate resources to the Company as a whole. The CODM does not review assets in evaluating the results of the Bioelectronic Innovations segment, and therefore, such information is not presented below.
The following table provides the GAAP operating financial results of the Bioelectronic Innovations segment:
| Years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net sales* | $ | 32,032 | $ | 25,182 | ||||
| Cost of goods sold | 4,244 | 3,785 | ||||||
| Gross profit | 27,788 | 21,397 | ||||||
| Operating expenses: | ||||||||
| Research and development | 2,735 | 2,360 | ||||||
| Variable sales and marketing | 11,607 | 7,845 | ||||||
| Fixed sales and marketing | 9,455 | 8,948 | ||||||
| General and administrative | 17,144 | 14,406 | ||||||
| Total operating expenses | 40,941 | 33,559 | ||||||
| Loss from operations | $ | (13,153 | ) | $ | (12,162 | ) | ||
| * | See Note 4 Revenue for geographical and disaggregation information. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 19, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.