Envoy Medical (COCH) AI Stock Analysis

• Market Cap: $18.80M
• Dividend Yield: N/A
• Average Volume (3M): 394.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.39
• Revenue Growth: -25.18%
• EPS Growth: -9.71%
• Country: US
• Employees: 42
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.35
• Shares Outstanding: 28,934,960
• 10 Day Avg. Volume: 193,663
• 30 Day Avg. Volume: 394,378
• PEG Ratio: 0.03
• Price to Book (P/B): -1.43
• Price to Sales (P/S): 119.42
• P/FCF Ratio: -1.42
• Enterprise Value/Market Cap: 0.58
• Enterprise Value/Revenue: 52.44
• Enterprise Value/Gross Profit: -17.82
• Enterprise Value/Ebitda: -0.56
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -1.13
• Revenue Forecast (FY): $250.00K

• Rating: 42 Neutral
• Price Target: $0.68 ▼(-0.87% Downside)

The score is primarily constrained by very weak financial performance (minimal/contracting revenue, large losses, negative equity, and sustained cash burn). Technicals also lean bearish with a negative MACD and price below key moving averages. Corporate events provide some support via listing extension and capital-flexibility steps, but are offset by the minimum bid deficiency risk, while valuation is difficult to support due to losses and no dividend.

Positive Factors

Product Pipeline (Acclaim CI)

Envoy’s fully implanted Acclaim cochlear implant advancing to pivotal enrollment signals a clear product development timeline. Successful pivotal data and eventual FDA approval would create a durable commercial product, drive multi-year revenue potential, and establish a differentiated competitive position.

Large Addressable Market

A 2.8 million U.S. candidate pool implies substantial structural demand if Acclaim is approved. The scale supports multi-year growth opportunities via hospitals and clinics, durable reimbursement-driven sales, and potential share gains versus legacy implants given a differentiated fully implanted device.

Capital Flexibility via Warrant Amendments and Shelf

Extending shortfall warrants and having a declared-effective shelf registration materially improves near-term financing optionality. This reduces immediate refinancing pressure, provides structured access to equity capital and liquidity options for investors, aiding runway and strategic execution.

Negative Factors

Weak Financial Performance

Revenue contraction and negative gross profit indicate the business lacks scale and unit economics. Deep operating losses and absence of operating leverage suggest profitability remains distant absent sizable commercial uptake or major margin improvements, creating a multi-quarter structural profitability gap.

Poor Cash Generation / High Burn

Sustained negative operating and free cash flow forces ongoing dependence on external financing. Modest TTM improvements are insufficient to self-fund clinical completion and commercialization, increasing dilution risk and constraining long-term investment in sales, manufacturing, and R&D.

Listing and Liquidity Risk

A Nasdaq minimum bid deficiency and delisting risk are structural governance and liquidity threats. Potential reverse splits or trading disruptions can deter institutional investors, hamper share liquidity, and complicate future financings, pressuring strategic execution over the 2–6 month compliance horizon.

Envoy Medical Business Overview & Revenue Model

Company Description

Envoy Medical, Inc., a hearing health company, provides medical technologies for the hearing loss spectrum. Its products include hearing aids; Esteem middle ear implants; bone conduction devices; and Acclaim cochlear implants. Envoy Medical Corporation was formerly known as St. Croix Medical, Inc. and changed its name to Envoy Medical Corporation in December 2004. The company was founded in 1995 and is based in White Bear Lake, Minnesota.

How the Company Makes Money

Envoy Medical generates revenue primarily through the sale of its medical devices, particularly the Coclear Implant System and associated accessories. The company monetizes its products by selling them directly to hospitals and clinics that perform implantation surgeries. Additionally, Envoy Medical may engage in partnerships with healthcare providers, distributors, and other medical organizations to expand its market reach. Key revenue streams include device sales, ongoing maintenance and support services, and potential licensing agreements for technology used in their products. The company may also benefit from reimbursement programs offered by insurance providers, which help to cover the costs of surgeries and devices for patients.

Envoy Medical Financial Statement Overview

Summary

Financials indicate a high-risk profile: extremely small and contracting revenue, deeply negative profitability (including negative gross profit), persistently negative shareholders’ equity, and ongoing material operating/free cash flow burn. Modest improvements in losses/free cash flow and lower debt help, but do not offset weak scale and funding dependence.

Income Statement

Envoy Medical remains in a very weak earnings position. Revenue is extremely small and has contracted in TTM (Trailing-Twelve-Months) versus the prior annual period, and profitability is deeply negative with gross profit below zero and very large operating and net losses. While losses were somewhat lower in TTM (Trailing-Twelve-Months) than in 2024, the business still lacks operating leverage and has not shown a consistent path to sustainable margins.

Balance Sheet

The balance sheet is stressed, primarily due to persistently negative shareholders’ equity across all periods, which signals accumulated losses and weak capital structure. Total debt is relatively low in TTM (Trailing-Twelve-Months) compared with 2024, which reduces near-term leverage pressure, but negative equity meaningfully limits financial flexibility and increases financing/refinancing risk despite the lower current debt load.

Cash Flow

Cash generation is poor, with consistently large negative operating cash flow and negative free cash flow across all years and TTM (Trailing-Twelve-Months). Free cash flow improved modestly in TTM (Trailing-Twelve-Months) versus 2024, but the company is still consuming significant cash to operate, implying ongoing dependence on external funding and limited self-funding capacity until revenue and margins improve materially.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	208.00K	225.00K	316.00K	237.00K	310.00K
Gross Profit	-612.00K	-517.00K	-473.00K	-261.00K	-459.00K
EBITDA	-19.54M	-19.81M	-29.79M	-8.63M	-6.80M
Net Income	-21.79M	-20.80M	-29.92M	-15.92M	-8.68M
Balance Sheet
Total Assets	8.18M	11.54M	8.27M	2.56M	2.62M
Cash, Cash Equivalents and Short-Term Investments	3.56M	5.48M	4.22M	183.00K	1.12M
Total Debt	946.00K	19.66M	562.00K	34.53M	23.48M
Total Liabilities	15.71M	30.38M	10.05M	38.75M	47.58M
Stockholders Equity	-7.53M	-18.84M	-1.78M	-36.20M	-44.96M
Cash Flow
Free Cash Flow	-16.38M	-18.93M	-17.24M	-9.02M	-7.06M
Operating Cash Flow	-16.90M	-17.95M	-17.09M	-8.80M	-6.94M
Investing Cash Flow	527.00K	-980.00K	-153.00K	-218.00K	-125.00K
Financing Cash Flow	15.51M	20.20M	21.28M	8.09M	8.06M

Envoy Medical Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COCH, the sentiment is Negative. The current price of 0.69 is above the 20-day moving average (MA) of 0.68, below the 50-day MA of 0.73, and below the 200-day MA of 1.14, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 40.47 is Neutral, neither overbought nor oversold. The STOCH value of 42.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COCH.

Envoy Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EDAP	54 Neutral	$157.05M	-7.23	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NMTC	50 Neutral	$44.63M	-11.29	-91.34%	―	250.35%	83.06%
VVOS	43 Neutral	$15.29M	-0.82	-335.47%	―	18.76%	60.09%
ADGM	43 Neutral	$21.18M	-0.19	-210.36%	―	-70.54%	70.03%
COCH	42 Neutral	$18.80M	-0.49	―	―	-25.18%	-9.71%

Envoy Medical Corporate Events

Envoy Medical Extends Shortfall Warrants, Enhancing Capital Flexibility

On December 18, 2025, Envoy Medical, Inc. amended the terms of 1,125,499 previously issued Shortfall Warrants held by several Meteora-affiliated investment funds, extending their expiration date by one year from December 31, 2025, to December 31, 2026. The warrants, whose exercise price is set weekly based on a volume-weighted average price formula subject to a $1.50 per share minimum, had their underlying Class A common stock issuance and resale, as well as the resale of the Shortfall Warrants themselves, registered under a shelf registration statement that was declared effective by the SEC on August 12, 2025, helping preserve potential future capital-raising flexibility for Envoy Medical and liquidity options for the Meteora investors.

The most recent analyst rating on (COCH) stock is a Hold with a $0.67 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

Envoy Medical Updates Investors on Strategic Plans

Envoy Medical has released an updated investor presentation detailing its strategic plans and the development of its Acclaim CI, a fully-implanted cochlear implant. The company anticipates completing pivotal trial enrollment by Q1 2026 and expects FDA approval by the end of 2027. With an estimated 2.8 million potential candidates in the U.S., Envoy Medical aims to capture a significant portion of the untapped cochlear implant market, offering a differentiated solution with no visible hardware and enhanced usability.

The most recent analyst rating on (COCH) stock is a Hold with a $0.83 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

Envoy Medical Stockholders Approve Warrant Issuance

On November 26, 2025, Envoy Medical, Inc. held a Special Meeting of Stockholders where stockholders approved the issuance of warrants to purchase shares of Class A Common Stock to comply with Nasdaq Listing Rule 5635(d). Additionally, an administrative proposal allowing adjournments of the meeting was approved but not utilized.

The most recent analyst rating on (COCH) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

Envoy Medical Faces Nasdaq Delisting Notice

On November 19, 2025, Envoy Medical, Inc. received a notice from Nasdaq indicating that its Class A Common Stock failed to meet the $1.00 minimum bid price requirement for continued listing. The company has until May 18, 2026, to regain compliance, with options including a reverse stock split if necessary. Failure to comply may result in delisting, though the company plans to monitor stock prices and consider actions to meet the requirements.

The most recent analyst rating on (COCH) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

Envoy Medical Granted Nasdaq Listing Extension

On October 27, 2025, Envoy Medical announced that the Nasdaq Hearings Panel granted the company an extension for continued listing on the Nasdaq Stock Market. This decision was influenced by Envoy Medical’s recent equity capital raises, debt extinguishment, and the FDA’s approval to advance to the final stage of the Acclaim® cochlear implant clinical trial. The company has until February 23, 2026, to comply fully with Nasdaq Listing Rule 5550(b)(2), during which it will continue to update Nasdaq and the public on its compliance progress.

The most recent analyst rating on (COCH) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.