Envoy Medical (COCH) AI Stock Analysis

• Market Cap: $23.18M
• Dividend Yield: N/A
• Average Volume (3M): 405.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• 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: 28,786,510
• 10 Day Avg. Volume: 190,153
• 30 Day Avg. Volume: 405,207
• 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: 0.62
• Enterprise Value/Revenue: 68.94
• Enterprise Value/Gross Profit: -23.43
• Enterprise Value/Ebitda: -0.73
• 1Y Price Target: $6.00
• Price Target Upside: 733.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.13
• Revenue Forecast (FY): $250.00K

• Rating: 47 Neutral
• Price Target: $0.83 ▲(15.00% Upside)

Envoy Medical's overall stock score is primarily impacted by its poor financial performance, with negative margins and high leverage posing significant risks. While technical indicators suggest some potential for stabilization, valuation metrics remain weak. Positive corporate events provide some optimism, but the threat of Nasdaq delisting is a critical risk.

Positive Factors

FDA Approval for Final Trial

FDA approval for the final trial stage accelerates product development and reduces capital needs, enhancing market competitiveness and potential revenue growth.

European Patent Secured

Securing a European patent strengthens Envoy Medical's intellectual property portfolio, supporting long-term competitive advantage and market expansion in Europe.

Nasdaq Listing Extension

The Nasdaq listing extension provides Envoy Medical with additional time to stabilize its financials and improve compliance, reducing immediate delisting risk.

Negative Factors

Negative Profit Margins

Severe negative profit margins indicate operational inefficiencies, challenging Envoy Medical's ability to achieve profitability and sustain long-term growth.

High Leverage and Negative Equity

High leverage and negative equity limit financial flexibility, increasing the risk of insolvency and constraining future investment and growth opportunities.

Negative Cash Flows

Negative cash flows indicate reliance on external financing, which may not be sustainable long-term, affecting the company's ability to fund operations and growth.

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	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: 0.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 0.72 is below the 20-day moving average (MA) of 0.79, below the 50-day MA of 0.81, and below the 200-day MA of 1.24, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.56 is Neutral, neither overbought nor oversold. The STOCH value of 4.17 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
EDAP	59 Neutral	$107.69M	-5.70	―	―	―	―
NMTC	53 Neutral	$32.87M	-4.18	-95.39%	―	145.48%	67.36%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VVOS	48 Neutral	$18.61M	-1.02	-335.47%	―	18.76%	60.09%
COCH	47 Neutral	$23.18M	-0.56	―	―	-25.18%	-9.71%
ADGM	46 Neutral	$20.78M	-0.16	-210.36%	―	-70.54%	70.03%

Envoy Medical Corporate Events

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.

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.

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.

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.

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.

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.

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.