Envoy Medical, Inc. (COCH) 10-Year Financial Performance & Capital Metrics

COCH • • Industrial / General

HealthcareMedical DevicesNeurological & Neurostimulation DevicesNeurostimulation & Neuromodulation

AboutEnvoy 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.Show more

Revenue $225K -28.8%
EBITDA -$19M -4.7%
Net Income -$21M +30.5%
EPS (Diluted) -1.49 +41.3%
Gross Margin -229.78% -53.5%
EBITDA Margin -8481.33% -47.0%
Operating Margin -8558.22% -47.3%
Net Margin -9242.22% +2.4%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -23.60

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Shares diluted 49.7% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-10.13%

TTM-25.18%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-3.4%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1.54%

ROCE

10Y Avg-1569.82%

5Y Avg-1569.82%

3Y Avg-1908.39%

Latest-772.4%

Peer Comparison

Neurostimulation & Neuromodulation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BWAYBrainsWay Ltd.	452.42M	23.10	128.33	29.04%	12.73%	8.92%	1.44%	0.09
INSPInspire Medical Systems, Inc.	2.8B	96.47	55.13	28.49%	5.05%	6.69%	3.25%	0.05
TIVCTivic Health Systems, Inc.	3.11M	1.23	-0.06	-33.67%	-15.57%	-134.25%
COCHEnvoy Medical, Inc.	19.42M	0.67	-0.45	-28.8%	-104.75%
HSDTSolana Company	128.03M	3.10	-0.72	-19.25%	-393.59%	-6.89%		0.01
NXLNexalin Technology, Inc.	12.87M	0.69	-0.83	52.35%	-55.3%	-182.01%
CVRXCVRx, Inc.	143.37M	5.47	-2.06	30.53%	-92.95%	-108.26%		0.71
VANIVivani Medical, Inc.	91.92M	1.26	-2.93			-19.88%		1.10

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	310K	237K	316K	225K
Revenue Growth %	-	-0.24%	0.33%	-0.29%
Cost of Goods Sold+	769K	498K	789K	742K
COGS % of Revenue	2.48%	2.1%	2.5%	3.3%
Gross Profit+	-459K	-261K	-473K	-517K
Gross Margin %	-1.48%	-1.1%	-1.5%	-2.3%
Gross Profit Growth %	-	0.43%	-0.81%	-0.09%
Operating Expenses+	6.41M	8.45M	17.89M	18.74M
OpEx % of Revenue	20.68%	35.63%	56.6%	83.28%
Selling, General & Admin	2.47M	3.47M	8.93M	8.56M
SG&A % of Revenue	7.98%	14.64%	28.26%	38.04%
Research & Development	3.94M	4.97M	8.96M	10.18M
R&D % of Revenue	12.71%	20.99%	28.34%	45.24%
Other Operating Expenses	0	0	0	0
Operating Income+	-6.87M	-8.71M	-18.36M	-19.26M
Operating Margin %	-22.16%	-36.73%	-58.1%	-85.58%
Operating Income Growth %	-	-0.27%	-1.11%	-0.05%
EBITDA+	-6.8M	-8.63M	-18.23M	-19.08M
EBITDA Margin %	-21.94%	-36.42%	-57.68%	-84.81%
EBITDA Growth %	-	-0.27%	-1.11%	-0.05%
D&A (Non-Cash Add-back)	71K	75K	133K	173K
EBIT	-6.87M	-8.71M	-29.92M	-19.98M
Net Interest Income+	37.66K	0	0	-816K
Interest Income	37.66K	0	0	0
Interest Expense	0	0	0	816K
Other Income/Expense	-1.8M	-7.22M	-11.56M	-1.54M
Pretax Income+	-8.68M	-15.92M	-29.92M	-20.8M
Pretax Margin %	-27.98%	-67.19%	-94.69%	-92.42%
Income Tax+	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%
Net Income+	-8.68M	-15.92M	-29.92M	-20.8M
Net Margin %	-27.98%	-67.19%	-94.69%	-92.42%
Net Income Growth %	-	-0.84%	-0.88%	0.31%
Net Income (Continuing)	-8.68M	-15.92M	-29.92M	-20.8M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-1.05	-1.57	-2.54	-1.49
EPS Growth %	-	-0.5%	-0.62%	0.41%
EPS (Basic)	-1.05	-1.57	-2.54	-1.49
Diluted Shares Outstanding	10.15M	10.15M	12.55M	18.79M
Basic Shares Outstanding	10.15M	10.15M	12.55M	18.79M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.44M	1.65M	7.46M	9.38M
Cash & Short-Term Investments	1.12M	183K	4.22M	5.48M
Cash Only	1.12M	183K	4.22M	5.48M
Short-Term Investments	0	0	0	0
Accounts Receivable	88K	41K	70K	818K
Days Sales Outstanding	103.61	63.14	80.85	1.33K
Inventory	1.06M	1.29M	1.4M	1.71M
Days Inventory Outstanding	503.12	949.15	649.51	840.19
Other Current Assets	0	0	176K	1.38M
Total Non-Current Assets+	188K	908K	815K	2.15M
Property, Plant & Equipment	188K	908K	815K	2.15M
Fixed Asset Turnover	1.65x	0.26x	0.39x	0.10x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	0	0	0
Other Non-Current Assets	0	0	0	0
Total Assets+	2.62M	2.56M	8.27M	11.54M
Asset Turnover	0.12x	0.09x	0.04x	0.02x
Asset Growth %	-	-0.03%	2.24%	0.39%
Total Current Liabilities+	1.38M	2.52M	7.29M	7.54M
Accounts Payable	661K	1M	1.55M	1.65M
Days Payables Outstanding	313.74	735.13	718.9	812.64
Short-Term Debt	0	448K	0	0
Deferred Revenue (Current)	15K	15K	0	0
Other Current Liabilities	379K	320K	1.76M	5.74M
Current Ratio	1.76x	0.65x	1.02x	1.24x
Quick Ratio	0.99x	0.14x	0.83x	1.02x
Cash Conversion Cycle	293	277.16	11.46	1.35K
Total Non-Current Liabilities+	46.2M	36.23M	2.76M	22.84M
Long-Term Debt	23.48M	33.4M	0	18.72M
Capital Lease Obligations	0	565K	404K	802K
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	22.72M	2.27M	2.36M	3.32M
Total Liabilities	47.58M	38.75M	10.05M	30.38M
Total Debt+	23.48M	34.53M	562K	19.66M
Net Debt	22.36M	34.35M	-3.66M	14.18M
Debt / Equity	-	-	-	-
Debt / EBITDA	-	-	-	-
Net Debt / EBITDA	-	-	-	-
Interest Coverage	-	-	-	-23.60x
Total Equity+	-44.96M	-36.2M	-1.78M	-18.84M
Equity Growth %	-	0.19%	0.95%	-9.61%
Book Value per Share	-4.43	-3.56	-0.14	-1.00
Total Shareholders' Equity	-44.96M	-36.2M	-1.78M	-18.84M
Common Stock	1.39M	1K	2K	2K
Retained Earnings	-210.06M	-225.99M	-257.26M	-284.73M
Treasury Stock	0	0	0	0
Accumulated OCI	-108K	-115K	-118K	-123K
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-6.94M	-8.8M	-17.09M	-17.95M
Operating CF Margin %	-22.37%	-37.15%	-54.09%	-79.77%
Operating CF Growth %	-	-0.27%	-0.94%	-0.05%
Net Income	-8.68M	-15.92M	-29.92M	-22.45M
Depreciation & Amortization	71K	75K	133K	173K
Stock-Based Compensation	0	0	1.57M	0
Deferred Taxes	0	0	0	0
Other Non-Cash Items	1.75M	7.2M	12.11M	4.97M
Working Capital Changes	-82K	-160K	-983K	-638K
Change in Receivables	-19K	47K	-205K	-572K
Change in Inventory	55K	-194K	-10K	-380K
Change in Payables	227K	342K	551K	-19K
Cash from Investing+	-125K	-218K	-153K	-980K
Capital Expenditures	-125K	-218K	-153K	-980K
CapEx % of Revenue	0.4%	0.92%	0.48%	4.36%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	0	0
Cash from Financing+	8.06M	8.09M	21.28M	20.2M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	-2.45M
Share Repurchases	-	-	-	-
Other Financing	58K	0	0	0
Net Change in Cash	-	-	-	-
Free Cash Flow+	-7.06M	-9.02M	-17.24M	-18.93M
FCF Margin %	-22.78%	-38.07%	-54.57%	-84.13%
FCF Growth %	-	-0.28%	-0.91%	-0.1%
FCF per Share	-0.70	-0.89	-1.37	-1.01
FCF Conversion (FCF/Net Income)	0.80x	0.55x	0.57x	0.86x
Interest Paid	0	0	26K	0
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Gross Margin	-148.06%	-110.13%	-149.68%	-229.78%
Net Margin	-2798.39%	-6718.57%	-9468.99%	-9242.22%
Interest Coverage	-	-	-	-23.60x
FCF Conversion	0.80x	0.55x	0.57x	0.86x
Revenue Growth	-	-23.55%	33.33%	-28.8%

Frequently Asked Questions

Growth & Financials

Envoy Medical, Inc. (COCH) reported $0.2M in revenue for fiscal year 2024. This represents a 33% decrease from $0.3M in 2021.

Envoy Medical, Inc. (COCH) saw revenue decline by 28.8% over the past year.

Envoy Medical, Inc. (COCH) reported a net loss of $21.8M for fiscal year 2024.

Dividend & Returns

Yes, Envoy Medical, Inc. (COCH) pays a dividend with a yield of 19.41%. This makes it attractive for income-focused investors.

Envoy Medical, Inc. (COCH) had negative free cash flow of $16.4M in fiscal year 2024, likely due to heavy capital investments.

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