Envoy Medical (COCH) AI Stock Analysis

• Market Cap: $24.05M
• Dividend Yield: N/A
• Average Volume (3M): 5.78M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.25
• 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: 28,676,842
• 10 Day Avg. Volume: 16,834,227
• 30 Day Avg. Volume: 5,784,294
• 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: 2.24
• Enterprise Value/Revenue: 242.84
• Enterprise Value/Gross Profit: -92.63
• Enterprise Value/Ebitda: -2.80
• 1Y Price Target: $5.50
• Price Target Upside: 605.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 40 Underperform
• Price Target: $1.00 ▲(28.21% Upside)

Envoy Medical's stock score is primarily impacted by its poor financial performance, with significant negative profit margins and high leverage. Technical analysis also indicates bearish trends, with the stock trading below key moving averages and showing weak momentum. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield. These factors collectively result in a low overall stock score.

Positive Factors

Innovative Product

The Esteem Hearing Implant represents a unique offering in the medical device market, potentially providing a competitive edge through innovation.

Market Position

Specialization in hearing solutions positions Envoy Medical to capitalize on niche market demands, fostering long-term growth opportunities.

Partnership Opportunities

Collaborations with healthcare institutions may enhance revenue streams and support R&D, strengthening market presence and innovation.

Negative Factors

Negative Profit Margins

Severe negative profit margins indicate operational inefficiencies, challenging Envoy Medical's ability to achieve sustainable profitability.

High Leverage

High leverage with negative equity poses significant financial risk, limiting financial flexibility and increasing vulnerability to economic shifts.

Declining Revenue

Declining revenue trends suggest challenges in market demand or competitive pressures, impacting long-term growth prospects.

Envoy Medical Business Overview & Revenue Model

Company Description

Envoy Medical (COCH) is a pioneering company in the medical device sector, specializing in innovative solutions for hearing restoration. The company is best known for its flagship product, the Coclear Implant System, which provides a unique approach to treating severe to profound hearing loss. Envoy Medical operates within the healthcare industry, focusing on the development and commercialization of advanced implantable devices designed to improve the quality of life for individuals with hearing impairments.

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

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: 0.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 0.78 is below the 20-day moving average (MA) of 0.89, below the 50-day MA of 1.03, and below the 200-day MA of 1.36, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 40.23 is Neutral, neither overbought nor oversold. The STOCH value of 18.74 is Positive, 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
NMTC	―	$41.25M	―	-95.39%	―	145.48%	67.36%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
EDAP	―	$81.14M	-3.79	―	―	―	―
VVOS	―	$22.59M	-1.60	-262.03%	―	2.65%	70.21%
COCH	―	$24.05M	―	―	―	-26.49%	-91.23%
ADGM	―	$22.30M	―	―	―	15.00%	71.57%

Envoy Medical Corporate Events

Envoy Medical Raises $4 Million in Stock Offering

On October 7, 2025, Envoy Medical entered into a Securities Purchase Agreement to issue and sell 3,007,524 shares of Class A common stock at $1.33 per share, raising approximately $4 million in a registered direct offering. Concurrently, the company issued warrants to purchase up to 9,022,572 shares, potentially generating an additional $12 million if fully exercised. The proceeds are intended for working capital and general corporate purposes, with H.C. Wainwright & Co. acting as the exclusive placement agent.

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.

Envoy Medical Gains FDA Approval for Final Trial

On October 7, 2025, Envoy Medical announced that it received FDA approval to advance its pivotal clinical trial for the Acclaim® cochlear implant to the final stage, following promising three-month data from the initial participants. This approval allows the company to expedite its timeline by three to six months and reduce its capital needs by $10-$15 million, positioning Envoy Medical to potentially redefine the cochlear implant market by addressing the needs of a largely untapped market of U.S. adults who prefer fully implanted devices over traditional external hardware.

The most recent analyst rating on (COCH) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

Envoy Medical Announces Securities Purchase Agreement

On September 22, 2025, Envoy Medical announced a Securities Purchase Agreement with investors for a registered direct offering of 1,908,402 shares of Class A common stock at $1.31 per share, expected to close on September 23, 2025. The offering is anticipated to generate approximately $2.5 million in gross proceeds, with potential additional proceeds of $7.5 million if warrants are fully exercised. The funds will be used for working capital and general corporate purposes, and the issuance positions Envoy Medical to strengthen its financial standing and operational capabilities.

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

Envoy Medical Secures European Patent for Cochlear Implant

On September 19, 2025, Envoy Medical announced the receipt of a European patent for its breakthrough cochlear implant technology, strengthening its global patent portfolio. This patent, effective September 17, 2025, covers advanced signal processing for middle ear sensors, enhancing the company’s position in developing fully implanted hearing devices. The new patent supports Envoy Medical’s mission to deliver life-changing solutions for those with disabling hearing loss, potentially shifting the treatment paradigm for severe to profound sensorineural hearing loss.

The most recent analyst rating on (COCH) stock is a Buy with a $6.00 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 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.

The most recent analyst rating on (COCH) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

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.

The most recent analyst rating on (COCH) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.

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.

The most recent analyst rating on (COCH) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Envoy Medical stock, see the COCH Stock Forecast page.