COCH
Envoy Medical, Inc.Healthcare·Medical - Devices
--
$0M market cap
Revenue
$0.1M
Free Cash Flow
$-11.9M
Rev Growth
+0.0%
FCF Margin
-10454.4%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Envoy 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.
2-Year Price History
$0.71-70.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -5.9 | -6.0 | -4.4 | -6.1 | -6.1 | -0.0 | 25.3 | 0.9 | 68.9 | -102.7% | -- | -- |
| Act | 2025-Q4 | 0.1 | -6.5 | -6.4 | -6.6 | -5.7 | -5.9 | -0.2 | 3.7 | 0.9 | 19.6 | <-999% | -- | -- |
Valuation & Metrics
Market Stats
Price--
Market Cap$0M
Enterprise Value$-24M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)-10454.4%
FCF Yield0.0%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.1M
Net Income$-10.9M
Free Cash Flow$-11.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin-10870.2%
Net Margin-9593.9%
FCF Margin-10454.4%
CapEx % of Revenue150.9%
SBC % of Revenue-17.5%
ROIC-1440.9%
WC Change % Rev-1033.3%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.4M
Days to Cover9.9
Change (vs Prior)+5.0%
Need at least 2 settlement dates for chart
Employees
Headcount42
Revenue / Employee$2,714
Gross Profit / Employee$-9,762
Cash Runway
25.4months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
67.2%(+52.1% YoY)
23 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.3%(+3.6% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.3% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Nantahala Capital Management, LLC | $5.1M | $0.67 | +$5.1M | +$5.1M | -2.4% | $1.60B |
| Bleichroeder LP | $4.2M | $0.67 | +$4.2M | +$4.2M | -2.8% | $579M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $586K | $0.67 | +$586K | +$586K | — | $4.04T |
| DSG Capital Advisors, LLC | $416K | $0.87 | +$307K | +$307K | +0.0% | $625M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $347K | $0.98 | +$282K | +$284K | +2.3% | $1.61T |
| VANGUARD FIDUCIARY TRUST COPassive | $196K | $0.67 | +$196K | +$196K | — | $395.83B |
| Focus Partners Wealth | $141K | $1.36 | +$0 | +$0 | -0.7% | $89.03B |
| Arcus Capital Partners, LLC | $125K | $1.20 | +$0 | +$0 | +0.3% | $278M |
| NORTHERN TRUST CORPPassive | $74K | $1.09 | +$56K | +$65K | -0.2% | $755.34B |
| CIBC Bancorp USA Inc. | $52K | $0.78 | +$0 | +$52K | +2.7% | $74.02B |
| MORGAN STANLEY | $49K | $2.16 | +$11K | +$15K | -0.3% | $1.65T |
| UBS Group AG | $47K | $0.96 | +$30K | +$29K | -0.3% | $562.11B |
| BlackRock, Inc.Passive | $32K | $1.64 | +$5K | +$21K | -0.2% | $5.69T |
| GOLDMAN SACHS GROUP INC | $24K | $0.67 | +$24K | +$24K | -0.2% | $760.93B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $23K | $0.66 | −$56K | +$23K | -0.6% | $77.14B |
| Lantern Wealth Advisors, LLC | $20K | $0.67 | +$20K | +$20K | -1.1% | $194M |
| LPL Financial LLC | $19K | $1.42 | +$0 | +$19K | -0.2% | $372.65B |
| METEORA CAPITAL, LLC | $19K | $1.81 | +$0 | +$19K | -6.6% | $69.12B |
| STATE STREET CORPPassive | $16K | $3.92 | +$0 | +$0 | -0.2% | $2.89T |
| TWO SIGMA SECURITIES, LLCMM | $15K | $0.66 | −$3K | +$15K | -3.0% | $858M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-2.35%
avg per quarter
Holders (ex-self)
-2.36%
excl. this stock
Buyers (this Q)
-2.48%
19 buyers · $0.01B in
Sellers (this Q)
+0.00%
2 sellers · $0.00B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+9.1%
how holders react when this stock falls
On quiet Qs
+2.1%
−10% to +10% baseline
On rallies (+10%+)
+11.0%
how they react when this stock rises
Holders' portfolio flow this Q
+6.4%
inflows — adds are organic
Sellers' portfolio flow this Q
+10.0%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+2.1%
Holder mid (any stock)
-1.7%
Holder rally (any stock)
-6.8%
Biggest decreases this quarter
CITADEL ADVISORS LLCexited−$58KSUSQUEHANNA INTERNATIONAL GROUP, LLP−$56Kα-0.6Corient Private Wealth LLCexited−$25KVirtu Financial LLCexited−$23KVanguard Personalized Indexing Management, LLCexited−$13KTWO SIGMA SECURITIES, LLC−$3Kα-3.0Fortitude Family Office, LLCexited−$1KBANK OF AMERICA CORP /DE/exited−$0
New buyers this quarter
Nantahala Capital Management, LLC+$0.01Bα-2.4Bleichroeder LP+$0.00Bα-2.8VANGUARD CAPITAL MANAGEMENT LLC+$0.00BVANGUARD FIDUCIARY TRUST CO+$0.00BGOLDMAN SACHS GROUP INC+$0.00Bα-0.2Lantern Wealth Advisors, LLC+$0.00Bα-1.1CWM, LLC+$0.00Bα-0.1AFG FIDUCIARY SERVICES LIMITED PARTNERSHIP+$0.00Bα-0.8GSA CAPITAL PARTNERS LLP+$0.00Bα-5.9
Top-5 holders · 92.1%
Nantahala Capital Management, LLC--
Bleichroeder LP--
VANGUARD CAPITAL MANAGEMENT LLC--
DSG Capital Advisors, LLC--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
NorthRock Partners, LLC—Nantahala Capital Management, LLC7.7MBleichroeder LP6.3MAtlas Merchant Capital LLC—METEORA CAPITAL, LLC28KHighTower Advisors, LLC—Weiss Asset Management LP—DSG Capital Advisors, LLC625KPolar Asset Management Partners Inc.—Focus Partners Wealth213K
Analyst Coverage
Analyst Coverage
Analyst Ratings
2
Buy: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.85M
9 txns · 5 insiders · 4,437,990 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$19.50M
1 txn · 1 insider · 48,750,000 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-12 | BUY | BRYNELSEN CHARLES | director | 2,600,000 | $0.40 | $1.04M | $420K |
| 2026-02-12 | BUY | Kantor Susan | director | 249,990 | $0.40 | $100K | $70K |
| 2026-02-12 | BUY | Lucas Brent T. | director, officer: Chief Executive Officer | 162,500 | $0.40 | $65K | $119K |
| 2026-02-12 | BUY | Patel Mona Chetan | director | 812,500 | $0.40 | $325K | $133K |
| 2026-02-12 | BUY | Potashnick Robert | officer: Interim CFO | 552,500 | $0.40 | $221K | $85K |
| 2026-02-12 | BUY | TAYLOR GLEN A | 10 percent owner | 48,750,000 | $0.40 | $19.50M | $8.68M |
| 2025-06-11 | BUY | Patel Mona Chetan | director | 2,500 | $1.47 | $4K | $29K |
| 2025-06-06 | BUY | Patel Mona Chetan | director | 10,000 | $1.46 | $15K | $26K |
| 2025-05-27 | BUY | BRYNELSEN CHARLES | director | 35,000 | $1.65 | $58K | $82K |
| 2025-05-23 | BUY | BRYNELSEN CHARLES | director | 13,000 | $1.64 | $21K | $25K |
Order Flow (FINRA, ~3w lag)
57.6%retail+8.1pp
7.2%dark-2.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
ENVOY MEDICAL (COCH): A Toxic Warrant-Mill Relying on Related-Party Life Support
Overall Risk
9/10
Fraud
4/10
Dilution
10/10
Insolvency
9/10
Earnings Overstated
3/10
Hidden Liabilities
6/10
Legal
7/10
Audit Warnings
9/10
Hidden Upside
2/10
Contextually Acceptable
3/10