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ENVOY MEDICAL INC (NASDAQ: COCH) is a medical device company headquartered in White Bear Lake, Minnesota. Founded in 1995, the company develops fully implanted hearing solutions, including the Esteem® active middle ear implant, which has been commercially available since 2010, and the investigational Acclaim® cochlear implant. Envoy Medical aims to improve access, usability, and compliance across the hearing loss spectrum by eliminating external components once devices are activated.
Corporate Structure
Envoy Medical employs between 11 and 50 people in various functions, including engineering, audiology, clinical affairs, and customer support. CEO Brent Lucas, who previously served as general counsel and advocated for the technology, leads a team focused on developing implantable hearing devices. The company operates as a public entity, trading under the ticker COCH on the NASDAQ exchange, with its principal office located at 4785 White Bear Parkway.
Cochlear implant by Franco Antonio Giovanella
Developments and News
On September 17, 2025, Envoy Medical secured European Patent No. 4338791, which extends protection for its fully implanted devices. By October 2025, all initial patients in the Acclaim® pivotal trial had completed three-month follow-ups, and six-month visits were underway across seven U.S. sites while pending FDA expansion approval. Clinicians and trial staff are being trained at 30 to 40 centers in preparation for larger-scale commercialization. In early October, Envoy announced that the Mayo Clinic successfully implanted its first patient with the Acclaim® device under investigational use protocols.
Financial and Strategic Analysis
Shares of Envoy Medical closed at $1.85 on October 6, 2025, reflecting a 129.30% increase on a volume of 24,392,614 shares, compared to a 52-week range of $0.7410 to $3.1050. As of that date, the market capitalization was approximately $19.2 million.
In the week of September 22–23, 2025, Envoy completed two capital raises:
- September 22: Sold 174,012 shares via an “at-the-market” facility for gross proceeds of $266,060.
- September 23: Filed a prospectus supplement for 1,908,402 shares and warrants at $1.31 per unit, targeting approximately $2.5 million in gross proceeds (net roughly $2.29 million).
According to trailing twelve-month financial statements, Envoy reported revenue of $222,000 and a net loss of $28.2 million. Total cash on hand was $5.29 million, with levered free cash flow reported at –$10.71 million. Valuation multiples included a price/sales ratio of 68.6 and an enterprise value/revenue ratio of 187.1. Management indicated that proceeds would fund clinical trials, regulatory submissions, and scaling commercialization efforts.
Market Position and Industry Context
An estimated 15% of U.S. adults report experiencing hearing difficulty; however, fewer than 30% of those aged 70 and older use hearing aids, and only 5% of eligible cochlear implant candidates use these devices. Envoy’s fully implanted approach differentiates it from conventional hearing aids, bone conduction devices, and implantable systems that require external power. The Acclaim® implant has received FDA Breakthrough Device designation, which may expedite its review process. Envoy competes with established implant manufacturers but seeks to address the needs of underserved patients looking for invisible, continuous hearing solutions without external hardware.
tl;dr
On October 6, 2025, shares of Envoy Medical increased by 129.30% to $1.85 on a volume exceeding 24 million. In late September, the company raised approximately $2.56 million through share issuances and prospectus filings to support pivotal trials and commercialization of its investigational Acclaim® cochlear implant. By mid-September, the company secured a key European patent, and early October marked the first implantation of the Acclaim® device at the Mayo Clinic under investigational use. Trials across seven U.S. sites reached three-month follow-ups, with six-month evaluations ongoing, and a network of 30 to 40 clinical centers is being prepared for broader rollout.
