Estados financieros detallados de electroCore, Inc. (ECOR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
electroCore, Inc. registró ingresos de $32.0M en el último ejercicio fiscal, con un CAGR de 5 años del 55.7%.
Márgenes de los últimos 12 meses: margen bruto 87.1%, margen operativo -37.6%, margen neto -40.0%.
Al precio actual de $10.65, ECOR presenta beneficios negativos (P/E no significativo) y un ROE del 5.25%. La capitalización bursátil es de $96M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $254138 | $811457 | $992953 | $2.4M | $3.5M | $5.5M | $8.6M | $16.0M | $25.2M | $32.0M |
| Coste de Ventas | $123731 | $518532 | $578743 | $1.2M | $1.7M | $1.4M | $1.6M | $2.8M | $3.8M | $4.2M |
| Beneficio Bruto | $130407 | $292925 | $414210 | $1.2M | $1.8M | $4.1M | $7.0M | $13.2M | $21.4M | $27.8M |
| I+D | $8.0M | $7.8M | $12.5M | $9.9M | $4.2M | $2.5M | $5.5M | $5.3M | $2.4M | $2.7M |
| Generales y Administrativos | $7.2M | $18.1M | $42.5M | $35.4M | $21.8M | $21.6M | $24.3M | $26.7M | $31.2M | $38.2M |
| Gastos Operativos | $15.1M | $25.9M | $55.0M | $47.3M | $26.5M | $24.1M | $29.9M | $32.0M | $33.6M | $40.9M |
| Beneficio Operativo | -$15.0M | -$25.6M | -$54.6M | -$46.1M | -$24.7M | -$20.0M | -$22.9M | -$18.8M | -$12.2M | -$13.2M |
| EBITDA | -$15.0M | -$28.9M | -$54.5M | -$43.8M | -$23.9M | -$17.7M | -$22.0M | -$17.8M | -$10.7M | -$11.7M |
| Gastos por Intereses | $771245 | $7.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $590000 |
| Beneficio Antes de Impuestos | -$15.8M | -$36.0M | -$55.8M | -$45.1M | -$24.7M | -$18.1M | -$22.6M | -$19.0M | -$12.0M | -$14.0M |
| Impuestos | -$44146 | 0 | $2431 | $17699 | -$1.2M | -$851000 | -$431000 | -$186000 | -$93000 | $3000 |
| Beneficio Neto | -$15.7M | -$35.8M | -$55.8M | -$45.1M | -$23.5M | -$17.2M | -$22.2M | -$18.8M | -$11.9M | -$14.0M |
| BPA | $-1.57 | $-5.52 | $-28.61 | $-23.05 | $-9.04 | $-4.36 | $-4.69 | $-3.42 | $-1.59 | $-1.65 |
| BPA Diluido | $-1.57 | $-5.52 | $-28.61 | $-23.05 | $-9.04 | $-4.36 | $-4.69 | $-3.42 | $-1.59 | $-1.65 |
| Acciones en Circulación (Diluidas) | $10.0M | $6.5M | $2.0M | $2.0M | $2.6M | $3.9M | $4.7M | $5.5M | $7.5M | $8.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $8.7M | $9.2M | $9.6M | $9.4M |
| Beneficio Bruto | $7.5M | $8.2M | $8.4M | $8.2M |
| Beneficio Operativo | -$2.9M | -$2.9M | -$5.3M | -$2.8M |
| EBITDA | -$3.0M | -$1.5M | -$5.2M | -$2.7M |
| Beneficio Neto | -$3.4M | -$3.0M | -$5.3M | -$3.1M |
| BPA | $-0.40 | $-0.38 | $-0.59 | $-0.33 |
| BPA Diluido | $-0.40 | $-0.38 | $-0.59 | $-0.33 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $416336 | $13.2M | $7.6M | $13.6M | $4.2M | $34.7M | $17.7M | $10.3M | $3.5M | $7.0M |
| Inversiones a Corto | 0 | $24.0M | $61.0M | $10.5M | $18.4M | 0 | 0 | 0 | $8.5M | $4.6M |
| Cuentas por Cobrar | $24710 | $103209 | $267599 | $496140 | $270546 | $438000 | $401000 | $717000 | $1.4M | $1.0M |
| Inventario | $48471 | $327787 | $1.9M | $911172 | $876436 | $1.4M | $2.0M | $2.2M | $1.7M | $1.6M |
| Activos Corrientes | $505939 | $39.0M | $72.7M | $26.5M | $25.1M | $37.5M | $21.2M | $14.3M | $16.3M | $11.6M |
| Inmovilizado Material | $48426 | $168646 | $380904 | $1.8M | $761304 | $760000 | $615000 | $706000 | $3.9M | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $622016 | $39.2M | $73.5M | $35.5M | $31.5M | $42.8M | $24.8M | $16.1M | $20.5M | $18.7M |
| Cuentas por Pagar | $2.2M | $840383 | $2.7M | $5.2M | $2.1M | $938000 | $2.1M | $2.2M | $1.8M | $2.7M |
| Deuda a Corto | 0 | 0 | 0 | $111878 | $311354 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $4.1M | $6.1M | $7.1M | $9.1M | $5.9M | $5.5M | $7.0M | $8.1M | $9.2M | $11.3M |
| Deuda a Largo | $3.7M | 0 | 0 | 0 | $1.1M | 0 | 0 | 0 | 0 | $6.6M |
| Pasivos Totales | $61.7M | $128.7M | $7.3M | $10.6M | $7.9M | $6.2M | $7.7M | $8.7M | $12.9M | $20.4M |
| Reservas | -$100.7M | -$152.9M | -$38.3M | -$83.5M | -$107.0M | -$124.2M | -$146.4M | -$165.2M | -$177.1M | -$191.1M |
| Patrimonio Neto | -$61.5M | -$90.1M | $65.6M | $24.3M | $23.0M | $36.6M | $17.1M | $7.4M | $7.5M | -$1.7M |
| Deuda Total | $3.7M | 0 | 0 | $2.0M | $2.8M | $761000 | $699000 | $626000 | $4.1M | $9.4M |
| Deuda Neta | $3.2M | -$37.2M | -$68.6M | -$22.0M | -$19.8M | -$33.9M | -$17.0M | -$9.7M | -$7.8M | -$2.2M |
| Capital Circulante | -$3.6M | $32.9M | $65.6M | $17.4M | $19.2M | $32.1M | $14.1M | $6.2M | $7.1M | $263000 |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $8.1M | $7.0M | $4.9M | $8.5M |
| Activos Totales | $21.4M | $18.7M | $15.5M | $17.1M |
| Pasivos Totales | $22.5M | $20.4M | $21.2M | $19.9M |
| Patrimonio Neto | -$1.1M | -$1.7M | -$5.7M | -$2.8M |
| Deuda Total | $10.8M | $9.4M | $9.5M | $9.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$15.8M | -$36.0M | -$55.8M | -$45.1M | -$23.5M | -$17.2M | -$22.2M | -$18.8M | -$11.9M | -$14.0M |
| Amortizaciones | $53425 | $32306 | $66663 | $249583 | $399242 | $382000 | $548000 | $1.0M | $1.3M | $1.7M |
| Compensación en Acciones | $142583 | $462329 | $7.6M | $3.9M | $3.3M | $3.3M | $2.7M | $1.7M | $1.9M | $1.9M |
| Cambio en Capital Circulante | $1.8M | -$711605 | -$289091 | -$2.6M | -$1.8M | $1.6M | $2.0M | $815000 | $1.8M | $1.3M |
| Flujo de Caja Operativo | -$13.2M | -$25.3M | -$47.1M | -$45.1M | -$20.1M | -$13.6M | -$16.6M | -$14.7M | -$6.9M | -$8.2M |
| Inversiones (CapEx) | 0 | -$152526 | -$278921 | -$69675 | 0 | 0 | 0 | -$206000 | 0 | -$66000 |
| Adquisiciones | 0 | 0 | 0 | -$51.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | -$3.63B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$13.2M | -$25.5M | -$47.4M | -$45.1M | -$20.1M | -$13.6M | -$16.6M | -$14.9M | -$6.9M | -$8.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.7M | -$1.5M | -$3.0M | -$3.5M |
| Inversiones (CapEx) | -$4000 | 0 | -$2000 | -$4000 |
| Flujo de Caja Libre | -$1.7M | -$1.5M | -$3.0M | -$3.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $415000 | $470000 | $1.0M | $755000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +219.3% | +22.4% | +140.7% | +46.3% | +55.9% | +57.6% | +86.6% | +57.1% | +27.2% |
| Crecimiento Beneficio Neto (anual) | | -127.4% | -56.0% | +19.1% | +47.9% | +26.8% | -28.7% | +15.0% | +36.9% | -17.5% |
| Crecimiento BPA (anual) | | -251.6% | -418.3% | +19.4% | +60.8% | +51.8% | -7.6% | +27.1% | +53.5% | -3.8% |
| Cambio en Acciones (anual) | | -35.5% | -69.9% | +0.4% | +32.7% | +51.7% | +19.9% | +16.6% | +35.7% | +13.4% |
| Crecimiento FCF (anual) | | -92.7% | -86.0% | +4.8% | +55.6% | +32.0% | -22.1% | +10.6% | +53.3% | -18.8% |
| Margen Bruto | 51.3% | 36.1% | 41.7% | 51.6% | 50.3% | 74.6% | 81.2% | 82.5% | 85.0% | 86.8% |
| Margen Operativo | -5906.3% | -3160.3% | -5494.1% | -1928.2% | -707.9% | -367.7% | -266.2% | -117.3% | -48.3% | -41.1% |
| Margen EBITDA | -5885.3% | -3558.2% | -5487.4% | -1834.2% | -683.2% | -324.5% | -256.0% | -110.8% | -42.6% | -36.5% |
| Margen Neto | -6192.4% | -4410.9% | -5621.7% | -1888.8% | -672.5% | -315.9% | -257.9% | -117.5% | -47.2% | -43.6% |
| Margen FCF | -5204.2% | -3140.3% | -4772.6% | -1888.3% | -573.6% | -250.0% | -193.7% | -92.8% | -27.6% | -25.8% |
| Tasa Impositiva Efectiva | 0.3% | -0.0% | -0.0% | -0.0% | 4.7% | 4.7% | 1.9% | 1.0% | 0.8% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.32 | $-3.93 | $-24.29 | $-23.04 | $-7.71 | $-3.45 | $-3.52 | $-2.70 | $-0.93 | $-0.97 |
| Dividendo por Acción | $0.00 | $0.00 | $1860.31 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $10.0M | $6.5M | $2.0M | $2.0M | $2.6M | $3.9M | $4.7M | $5.5M | $7.5M | $8.5M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | 524.69% |
| Rentabilidad sobre capital invertido | -201.73% |
| Rentabilidad sobre activos | -86.56% |
| Margen bruto | 87.06% |
| Margen operativo | -37.64% |
| Margen neto | -39.96% |
Salud financiera
| Deuda / Patrimonio | -3.43 |
| Ratio corriente | 1.21 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -13.80 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -189.65 | -53.94 | -3.28 | -1.03 | -2.59 | -2.00 | -0.82 | -1.74 | -10.19 | -2.72 |
| P/VC | -48.63 | -21.42 | 2.79 | 1.93 | 2.64 | 0.94 | 1.07 | 4.41 | 16.08 | -22.29 |
| P/V | 11760.30 | 2377.13 | 184.48 | 19.54 | 17.40 | 6.33 | 2.12 | 2.05 | 4.82 | 1.19 |
| Margen Bruto | 51.3% | 36.1% | 41.7% | 51.6% | 50.3% | 74.6% | 81.2% | 82.5% | 85.0% | 86.8% |
| Margen Operativo | -5906.3% | -3160.3% | -5494.1% | -1928.2% | -707.9% | -367.7% | -266.2% | -117.3% | -48.3% | -41.1% |
| Margen Neto | -6192.4% | -4410.9% | -5621.7% | -1888.8% | -672.5% | -315.9% | -257.9% | -117.5% | -47.2% | -43.6% |