Envoy Medical (COCH) AI Stock Analysis

• Market Cap: $33.06M
• Dividend Yield: N/A
• Average Volume (3M): 24.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.30
• Revenue Growth: -9.40%
• EPS Growth: -153.52%
• Country: US
• Employees: 42
• Sector: Healthcare
• Sector Strength: 37
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 21,326,618
• 10 Day Avg. Volume: 29,555
• 30 Day Avg. Volume: 24,355
• PEG Ratio: 0.00
• Price to Book (P/B): 24.25K
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 17.83
• Enterprise Value/Revenue: 579.39
• Enterprise Value/Gross Profit: -977.17
• Enterprise Value/Ebitda: -7.78
• 1Y Price Target: $6.83
• Price Target Upside: 340.65% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 49 Neutral
• Price Target: $1.50 ▼(-3.23%Downside)

Envoy Medical's overall stock score is impacted significantly by its poor financial performance, marked by continuous losses and high leverage. While technical indicators show some positive signs, and recent corporate events suggest potential capital strengthening, the valuation remains weak due to negative earnings. These combined factors result in a cautious outlook with significant room for financial improvement.

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).

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 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	212.00K	225.00K	316.00K	237.00K	310.00K
Gross Profit	-603.00K	-517.00K	-473.00K	-336.00K	-459.00K
EBITDA	-13.61M	-19.81M	-18.24M	-8.63M	-6.80M
Net Income	-19.52M	-20.80M	-29.92M	-15.92M	-8.68M
Balance Sheet
Total Assets	10.38M	11.54M	7.64M	2.56M	2.62M
Cash, Cash Equivalents and Short-Term Investments	5.31M	5.48M	4.22M	183.00K	1.12M
Total Debt	923.00K	19.66M	562.00K	34.53M	23.48M
Total Liabilities	34.61M	30.38M	9.40M	58.72M	47.58M
Stockholders Equity	-24.22M	-18.84M	-1.76M	-56.17M	-44.96M
Cash Flow
Free Cash Flow	-16.70M	-18.93M	-17.81M	-9.02M	-7.06M
Operating Cash Flow	-15.83M	-17.95M	-17.65M	-8.80M	-6.94M
Investing Cash Flow	-877.00K	-980.00K	-153.00K	-218.00K	-125.00K
Financing Cash Flow	17.07M	20.20M	21.84M	8.09M	8.06M

Envoy Medical Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.55
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 1.55 is above the 20-day moving average (MA) of 1.45, above the 50-day MA of 1.51, and below the 200-day MA of 1.78, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.03 is Neutral, neither overbought nor oversold. The STOCH value of 55.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COCH.

Envoy Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	59 Neutral	HK$15.54B	5.54	-7.44%	4.07%	11.55%	-28.15%
COCH	49 Neutral	$33.06M	―	1697.39%	―	-9.40%	-153.52%
GBIO	46 Neutral	$25.90M	―	-70.06%	―	146.47%	57.85%
MDAI	45 Neutral	$73.64M	―	256.43%	―	238.96%	35.96%
PYPD	41 Neutral	$34.45M	―	-853.05%	―	―	34.97%
CLGN	40 Underperform	$18.31M	―	-75.27%	―	-76.73%	-85.83%
CASI	39 Underperform	$21.69M	―	-1094.50%	―	11.40%	-18.18%

Envoy Medical Corporate Events

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.

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 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.

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.