Envoy Medical (COCH) AI Stock Analysis

• Market Cap: $25.18M
• Dividend Yield: N/A
• Average Volume (3M): 499.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: -26.49%
• EPS Growth: -91.23%
• Country: US
• Employees: 42
• Sector: Healthcare
• Sector Strength: 47
• Industry: Medical - Devices
• EPS (TTM): -0.32
• Shares Outstanding: 21,520,391
• 10 Day Avg. Volume: 1,461,545
• 30 Day Avg. Volume: 499,657
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 2.14
• Enterprise Value/Revenue: 242.84
• Enterprise Value/Gross Profit: -92.63
• Enterprise Value/Ebitda: -2.80
• 1Y Price Target: $4.00
• Price Target Upside: 230.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 39 Underperform
• Price Target: $1.00 ▼(-17.36% Downside)

Envoy Medical's overall stock score is primarily impacted by its poor financial performance, with significant negative profit margins and high leverage. Technical analysis indicates bearish momentum, and valuation metrics are unattractive due to ongoing losses. While recent corporate events provide some positive developments, they are insufficient to counterbalance the financial and technical challenges.

Positive Factors

Market Opportunity

The company believes there is a significant market opportunity, with an estimated 25,000 to 30,000 adults in the U.S. getting cochlear implants annually by 2026, representing a market opportunity exceeding $750 million.

Product Development

Envoy has developed the Acclaim CI, a fully implanted cochlear implant that does not require any external component to be worn on the ear.

Regulatory Approval

The Acclaim CI received approval for its IDE application with the FDA to begin clinical testing and has already started trials with participants.

Negative Factors

Development Risks

Envoy Medical’s devices still have long development and/or commercialization roads ahead, with high risks of clinical trials or commercial failures.

Financial Performance

Revenue was ~$0 million, compared to estimates of $0.1 million, leading to a net loss of $9.1 million or EPS of $(0.46).

Profitability Concerns

Concerns are outweighed by growth prospects and valuation, with a billion dollars market potential presenting high rewards for the risks.

Envoy Medical Business Overview & Revenue Model

Company Description

Envoy Medical (COCH) is a medical device company specializing in developing innovative hearing solutions. The company operates within the healthcare sector, focusing on designing and manufacturing implantable hearing devices. Envoy Medical's core product is the Esteem Hearing Implant, a fully implantable active middle ear device designed to improve hearing for individuals with sensorineural hearing loss.

How the Company Makes Money

Envoy Medical makes money primarily through the sale of its Esteem Hearing Implant. Revenue is generated from device sales to hospitals, clinics, and healthcare providers who perform the implantation procedures. The company may also generate income from maintenance services and replacement parts for the devices. Additionally, partnerships with healthcare institutions and collaborations for research and development could contribute to the company's revenue streams.

Envoy Medical Financial Statement Overview

Summary

Envoy Medical is struggling with financial instability, marked by declining revenues, continuous losses, and high leverage. The negative equity position, coupled with poor cash flow generation, presents significant financial risks. The company needs strategic adjustments to improve profitability and financial health.

Income Statement

Envoy Medical has experienced declining revenues with a negative revenue growth rate in the TTM period. The company is operating at a loss with negative net income, resulting in a negative net profit margin. Margins such as gross profit, EBIT, and EBITDA are negative, indicating financial instability and operational challenges.

Balance Sheet

The balance sheet reveals significant financial stress, with negative stockholders' equity indicating liabilities exceed assets. The company has a negative equity ratio and faces high leverage, evidenced by a high debt-to-equity ratio. Return on equity is negative due to ongoing losses, posing risks to financial sustainability.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, highlighting challenges in generating cash from operations. The operating cash flow to net income ratio is less than one, indicating inefficiency in converting income to cash flow. Free cash flow remains negative, although there is some improvement in financing activities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	222.00K	225.00K	316.00K	237.00K	310.00K
Gross Profit	-582.00K	-517.00K	-473.00K	-261.00K	-459.00K
EBITDA	-19.26M	-19.81M	-29.79M	-8.63M	-6.80M
Net Income	-21.27M	-20.80M	-29.92M	-15.92M	-8.68M
Balance Sheet
Total Assets	9.90M	11.54M	7.64M	2.56M	2.62M
Cash, Cash Equivalents and Short-Term Investments	5.29M	5.48M	4.22M	183.00K	1.12M
Total Debt	901.00K	19.66M	562.00K	34.53M	23.48M
Total Liabilities	39.76M	30.38M	9.40M	58.72M	47.58M
Stockholders Equity	-29.86M	-18.84M	-1.76M	-36.20M	-44.96M
Cash Flow
Free Cash Flow	-15.47M	-18.93M	-17.81M	-9.02M	-7.06M
Operating Cash Flow	-15.38M	-17.95M	-17.65M	-8.80M	-6.94M
Investing Cash Flow	-88.00K	-980.00K	-153.00K	-218.00K	-125.00K
Financing Cash Flow	19.01M	20.20M	21.84M	8.09M	8.06M

Envoy Medical Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 1.21 is below the 20-day moving average (MA) of 1.35, below the 50-day MA of 1.46, and below the 200-day MA of 1.56, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 37.90 is Neutral, neither overbought nor oversold. The STOCH value of 25.69 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	61 Neutral	$56.84M	―	-51.63%	―	―	―
NMTC	53 Neutral	$38.54M	―	-95.39%	―	145.48%	67.36%
Sector *	51 Neutral	$7.81B	-0.22	-40.01%	2.29%	21.48%	-2.11%
ADGM	47 Neutral	$21.69M	―	-329.16%	―	15.00%	71.57%
COCH	39 Underperform	$25.18M	―	1697.39%	―	-26.49%	-91.23%
MODD	―	$41.47M	―	-215.41%	―	―	―
VVOS	49 Neutral	$35.20M	―	-262.03%	―	2.65%	70.21%

Envoy Medical Corporate Events

Envoy Medical Extinguishes Debt with Satisfaction Agreement

On August 25, 2025, Envoy Medical, Inc. entered into a Satisfaction Agreement with GAT Funding, LLC, extinguishing over $32 million in debt for a one-time payment of $100,000. This financial restructuring strengthens Envoy Medical’s balance sheet, allowing the company to focus on developing its lead product, the Acclaim cochlear implant. Additionally, Glen A. Taylor, the company’s largest stockholder and owner of GAT Funding, announced his retirement from the board, marking the end of nearly two decades of service. The move is expected to simplify the company’s capital structure and enhance its growth prospects.

Envoy Medical Amends Stock Purchase Warrants Agreement

Envoy Medical, Inc. announced an amendment to its existing Stock Purchase Warrants with the Meteora Parties, originally issued as part of an Equity Prepaid Forward Transaction on April 17, 2023. On July 28, 2025, the amendment adjusted the exercise price of the 3,209,511 outstanding Shortfall Warrants to a volume weighted average price formula, with a minimum price of $1.50 per share, impacting the company’s stock issuance strategy.

Envoy Medical Strengthens Capital with Promissory Note

On June 26, 2025, Envoy Medical, Inc. drew the remaining $5 million from a promissory note with GAT Funding, LLC, an entity controlled by Glen Taylor, a board member and controlling stockholder. As part of the agreement, Envoy issued a warrant to GAT for purchasing 750,000 shares of its Class A Common Stock at $1.48 per share, valid for two years. This financial move strengthens Envoy’s capital position, potentially impacting its market operations and stakeholder interests.

Envoy Medical Elects Directors and Amends Incentive Plan

At the annual meeting, Envoy Medical‘s stockholders elected two Class II directors to the Board of Directors, ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, approved executive compensation on a non-binding basis, and amended the 2023 Equity Incentive Plan. These decisions reflect the company’s ongoing governance and operational strategies, potentially impacting its financial oversight and executive management structure.