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Envoy Medical Inc. (NASDAQ: COCH) is a hearing health company based in White Bear Lake, Minnesota, founded in 1995. The firm develops fully implanted hearing devices, including the commercially available Esteem® active middle ear implant and the investigational Acclaim® cochlear implant. As of October 8, 2025, shares traded on NASDAQ at $0.9044, reflecting a 43.12% decline over the period, with approximately 3.4 million shares traded on that day.
Corporate structure and leadership
Envoy Medical operates with 11–50 employees across research, engineering, clinical, and administrative functions. Brent T. Lucas has served as Chief Executive Officer since November 2015 and has nearly two decades of experience in hearing implant devices. He is also a long-term shareholder. The board of directors consists of six members, including:
- Chuck Brynelsen (Chairman), former Senior Vice President at Abbott Vascular and Medtronic Early Technologies
- Susan Kantor, financial executive and audit committee chair for multiple public companies
- Janis Smith-Gomez, former marketing leader at Johnson & Johnson with responsibilities up to $27 billion
- Michael Crowe, Senior Vice President of Operations at Bioventus and Six Sigma master black belt
- Mona Patel, marketing professional with experience in neuromodulation
Cochlear implant by Franco Antonio Giovanella
Developments and news
- In October 2025, Envoy announced the first patient implantation of its fully implanted Acclaim® cochlear implant at Mayo Clinic under an investigational protocol.
- Following three-month outcomes from the initial ten participants, the FDA approved an expansion of the pivotal clinical trial in October 2025. This approval is expected to accelerate commercialization by 3–6 months and reduce capital requirements by $10–$15 million, with full enrollment anticipated by early 2026.
- During the week of October 5–8, 2025, Envoy participated in the American Academy of Otolaryngology–Head and Neck Surgery Annual Meeting in Indianapolis, highlighting its hearing solutions.
- In its October 7, 2025 filings, Envoy submitted a preliminary proxy statement (PRE 14A) and an 8-K but disclosed no material changes in strategy or executive leadership.
Financial and strategic analysis
Envoy Medical reported trailing twelve-month revenue of $222,000 against a net loss of $28.2 million and negative free cash flow of $10.71 million. As of the most recent quarter, the company held $5.29 million in cash and cash equivalents, with an enterprise value of $41.53 million. Key valuation metrics include a price-to-sales ratio of 68.64 and an enterprise-value-to-revenue multiple of 187.09. The planned expansion of the Acclaim trial is intended to optimize capital deployment and address funding constraints ahead of potential commercialization.
Market position and industry context
An estimated 15% of U.S. adults report experiencing hearing difficulty. However, fewer than one in three individuals over age 70 use hearing aids, and only 5% of eligible cochlear implant candidates have received devices. Envoy’s fully implanted approach aims to address cosmetic and usability barriers associated with external devices. Established competitors in the cochlear implant market include Cochlear Ltd., Advanced Bionics, and MED-EL, each offering devices with external components. Envoy’s pipeline targets an estimated 2.8 million eligible adults in the U.S., with regulatory approval and reimbursement trends playing a critical role in market adoption.
tl;dr
- First patient implanted with Acclaim® cochlear implant at Mayo Clinic under investigational protocol in October 2025.
- FDA approved expansion of pivotal Acclaim trial in October 2025, which may accelerate commercialization by 3–6 months and reduce $10–$15 million in capital needs.
- Full trial enrollment expected by early 2026; cash runway and additional funding are essential for supporting the launch.
