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Envoy Medical Inc

envoymedical.com

What Do They Do?

Develops implanted hearing devices for people with hearing loss, including a middle-ear implant and an investigational cochlear implant.

How Do They Make Money?

FY2025 revenue

Who Are Their Customers?

The Acclaim CI is intended for adults with severe-to-profound sensorineural hearing loss. Envoy plans to reach patients through trained surgical sites, with audiologists referring candidates to those sites.

Do Revenues Turn Into Profits?

No. It lost $23.8M in FY2025.

Operating income, FY2025
−9241% of revenue
▲ +16% (Loss) vs FY2024 (−$19.3M, −8558%)
Net income, FY2025
−9857% of revenue
▲ +14% (Loss) vs FY2024 (−$20.8M, −9242%)
Free cash flow, FY2025
−7627% of revenue
▼ −3% (Loss) vs FY2024 (−$18.9M, −8413%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▼ −35%
vs $78K in Q2 FY2025
Net income
▲ +5% (Loss)
vs −$5.7M in Q2 FY2025
  • Mar 31, 2026 Envoy changed its independent auditor EisnerAmper was appointed after Grant Thornton was dismissed; the prior audit reports included a going-concern paragraph.

From acquisition vehicle to hearing devices The older report described a blank-check company seeking a business combination; the latest describes Envoy as a hearing-health company developing implanted hearing devices.

Who Do They Compete With?

Competes with Cochlear, Advanced Bionics, Med-El, and Nurotron

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