Envoy Medical (COCH) AI Stock Analysis

• Market Cap: $28.41M
• Dividend Yield: N/A
• Average Volume (3M): 534.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.33
• Revenue Growth: -26.49%
• EPS Growth: -91.23%
• Country: US
• Employees: 42
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.32
• Shares Outstanding: 21,520,391
• 10 Day Avg. Volume: 57,915
• 30 Day Avg. Volume: 534,009
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.90
• Enterprise Value/Revenue: 242.84
• Enterprise Value/Gross Profit: -92.63
• Enterprise Value/Ebitda: -2.80
• 1Y Price Target: $4.00
• Price Target Upside: 205.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 41 Neutral
• Price Target: $1.00 ▼(-23.66% Downside)

Envoy Medical's overall stock score is primarily impacted by its poor financial performance and weak technical indicators. The company's financial instability and negative valuation metrics are significant concerns. While recent corporate events offer some positive developments, they are overshadowed by the ongoing financial challenges.

Positive Factors

Debt Extinguishment

The significant reduction in debt strengthens the balance sheet, reducing financial risk and allowing the company to focus on product development.

Capital Strengthening

Improved capital position enhances financial flexibility, supporting operational needs and potential growth initiatives.

Product Focus

Focusing on product development can drive innovation and market competitiveness, potentially improving long-term revenue prospects.

Negative Factors

Negative Revenue Growth

Declining sales suggest challenges in market demand or competitiveness, potentially impacting long-term financial stability.

High Leverage

High leverage and negative equity increase financial risk, limiting the company's ability to invest in growth opportunities.

Negative Cash Flow

Negative cash flows indicate operational inefficiencies and reliance on external financing, challenging long-term sustainability.

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 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 faces significant financial challenges, characterized by declining revenues, negative profit margins, and high leverage. The negative equity and cash flow deficits indicate a precarious financial position, demanding urgent strategic interventions to stabilize operations and improve financial health.

Income Statement

Envoy Medical has consistently experienced negative profit margins, with the latest TTM data showing a Gross Profit Margin of -262.16% and a Net Profit Margin of -9577.48%. Revenue growth is negative, indicating declining sales. The EBIT and EBITDA margins are also negative, suggesting severe operational inefficiencies.

Balance Sheet

The company's balance sheet reveals high leverage with a negative stockholders' equity, resulting in an uncalculable Debt-to-Equity. The equity ratio is negative, indicating that liabilities exceed assets, which poses a significant financial risk. Return on Equity (ROE) is also uncalculable due to negative equity.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a Free Cash Flow Growth Rate of -18.29% over the recent years. The Operating Cash Flow to Net Income ratio is positive at 0.72, but the overall cash flow position remains weak, relying heavily on 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: 1.31
• 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 1.31 is above the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.41, and below the 200-day MA of 1.50, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 48.11 is Neutral, neither overbought nor oversold. The STOCH value of 63.60 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	58 Neutral	93.48M	-4.36	-46.50%	―	0.00%	0.00%
NMTC	58 Neutral	46.50M	-5.89	-65.26%	―	145.48%	67.36%
VVOS	48 Neutral	25.82M	-1.83	-140.01%	―	2.65%	70.21%
ADGM	45 Neutral	26.30M	-0.35	-270.00%	―	15.00%	71.57%
COCH	41 Neutral	$28.41M	―	1697.39%	―	-26.49%	-91.23%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Envoy Medical Corporate Events

Envoy Medical Faces Nasdaq Delisting Hearing

Envoy Medical, Inc. received a deficiency notification from Nasdaq on February 25, 2025, due to not meeting the minimum market value of listed securities requirement. Despite a 180-day period to regain compliance, the company failed to meet the requirement by August 26, 2025, and requested a hearing to discuss potential pathways to compliance, including recent financial restructuring, though there is no assurance of a favorable outcome.

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.