Logo

COCH

Envoy Medical, Inc.

COCH

Envoy Medical, Inc. • NASDAQ
$0.84 ▲ 5.07% (+0.04)
Market Cap $17.46 M
52w High $2.32
52w Low $0.64
Dividend Yield 0%
P/E -0.61
Volume 179.72K
Outstanding Shares 20.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $42K ▼ $5.547M ▲ $-6.482M ▼ -15.433K% ▼ $-0.35 ▼ $-5.935M ▼
Q2-2025 $78K ▲ $4.914M ▼ $-5.69M ▼ -7.295K% ▲ $-0.32 ▼ $-4.981M ▼
Q1-2025 $46K ▲ $4.927M ▲ $-4.998M ▼ -10.865K% ▲ $-0.29 ▲ $-4.442M ▼
Q4-2024 $42K ▼ $4.409M ▼ $-4.618M ▲ -10.995K% ▼ $-0.36 ▲ $-4.186M ▲
Q3-2024 $56K $4.843M $-5.96M -10.643K% $-0.37 $-5.647M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.556M ▼ $8.181M ▼ $15.712M ▼ $-7.531M ▲
Q2-2025 $5.287M ▼ $9.9M ▼ $39.759M ▲ $-29.859M ▼
Q1-2025 $5.312M ▼ $10.385M ▼ $34.609M ▲ $-24.224M ▼
Q4-2024 $5.483M ▲ $11.538M ▲ $30.38M ▲ $-18.842M ▼
Q3-2024 $4.424M $9.397M $27.926M $-18.529M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.482M ▼ $-4.331M ▲ $0 ▲ $2.601M ▼ $-1.731M ▼ $-4.331M ▲
Q2-2025 $-5.69M ▼ $-4.46M ▼ $-1K ▲ $4.438M ▲ $-25K ▲ $-4.461M ▼
Q1-2025 $-4.998M ▲ $-3.725M ▲ $-6K ▼ $3.554M ▼ $-171K ▼ $-3.731M ▲
Q4-2024 $-6.275M ▼ $-4.388M ▼ $534K ▲ $4.914M ▼ $1.059M ▼ $-3.854M ▼
Q3-2024 $-5.96M $-2.807M $-615K $6.101M $2.678M $-3.422M

Five-Year Company Overview

Income Statement

Income Statement Envoy Medical is still very much in the development stage financially. Reported revenue over the past several years has been minimal, while operating expenses have led to steady losses each year. Earnings per share have been negative throughout the period, although the most recent year shows a somewhat smaller loss than the year before. Overall, the income statement looks like that of an early‑stage medical device company that is investing in clinical and regulatory progress rather than generating meaningful sales yet.

Balance Sheet

Balance Sheet The balance sheet is very light, with only a small base of assets and cash. Equity has been negative in recent years, which signals accumulated losses and a thin financial cushion. There is some use of debt in the most recent period, which adds financial risk if cash generation does not improve. Separate commentary suggests a later clean‑up of a large amount of debt, but based on the historical snapshot alone, the company appears financially fragile and heavily dependent on outside capital to fund its plans.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting ongoing spending on research, development, and overhead without offsetting revenue. Free cash flow is also negative, but there is little to no spending on physical assets, so the cash burn is mostly operating in nature. This pattern is typical for a clinical‑stage medtech business, but it means the company will likely need repeated access to funding until its products gain broader commercial traction, if they do.

Competitive Edge

Competitive Edge Envoy occupies a narrow but potentially attractive niche in hearing health: fully implanted hearing devices. This positions it differently from traditional hearing aid makers and standard implant providers. Its approach, regulatory experience, and specialized know‑how create some barriers for would‑be imitators. At the same time, the company is small, pre‑scale, and competes in a space that also includes large, well‑funded device companies. Until its products are widely approved, reimbursed, and adopted, its competitive position is more about future potential than current market share.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Envoy’s story. The Esteem middle ear implant gives it real‑world experience with fully implanted devices, while the Acclaim fully implanted cochlear implant—now in advanced clinical trials—could be a step‑change product if successful. The company has been building a patent portfolio and refining its technology to improve usability and patient experience. This heavy R&D focus is costly and time‑consuming, but it is also the main driver of any long‑term value: clinical outcomes, regulatory approvals, and physician adoption will determine whether the technology translates into a sustainable business.

Summary

Envoy Medical looks like a classic high‑innovation, early‑stage medical device company: strong technical vision and differentiated products, but currently weak financials and no meaningful revenue base. The business is running losses, burning cash, and operating with a thin balance sheet, which implies dependence on external funding and exposure to execution and regulatory risk. On the other hand, its fully implanted hearing solutions, ongoing clinical trials, and growing intellectual property give it a distinct technological angle in a specialized part of the hearing market. The overall picture is one of significant promise tied closely to the success of key clinical and regulatory milestones, with considerable uncertainty around timing, scale of adoption, and financial self‑sufficiency.

NEWS

November 20, 2025 · 8:00 AM UTC

Envoy Medical Secures New U.S. Patent for Innovative Cochlear Implant System Featuring a Removable Earplug Sensor and an Implanted Battery

Read more

November 10, 2025 · 8:00 AM UTC

Envoy Medical Reports Third Quarter 2025 Financial and Operational Results

Read more

November 4, 2025 · 8:00 AM UTC

Envoy Medical Announces First Three Patients Enrolled in Final Stage of Acclaim(R) Cochlear Implant Pivotal Clinical Trial

Read more

October 29, 2025 · 8:00 AM UTC

Envoy Medical Marks Three-Year Anniversary of First Patient Receiving Its Breakthrough Fully Implanted Cochlear Implant

Read more

October 27, 2025 · 8:00 AM UTC

Envoy Medical Receives Positive Listing Determination from NASDAQ

Read more