Envoy Medical Stock Price, News & Analysis

Envoy Medical announced the appointment of Michael Crowe to its Board of Directors, effective June 7, 2024. Crowe brings decades of experience in scaling operations in the medical device industry, having previously worked at General Electric, Johnson & Johnson, Covidien Surgical Devices, and Abbott Vascular. He is currently the Senior VP of Operations at Bioventus. Envoy Medical is sponsoring an Early Feasibility Study at Mayo Clinic for its Acclaim Cochlear Implant, with plans for a pivotal clinical study later in 2024. Crowe will serve on the Compensation Committee, replacing Dr. Whitney Haring-Smith. The company aims to leverage Crowe's expertise for its growth and market disruption plans.

Envoy Medical has announced the inclusion of its shares in the MSCI USA Micro Cap Index, effective from the close of market on May 31, 2024. This inclusion signifies the company's entry into a prestigious index that tracks the performance of the U.S. micro-cap segment, comprising over 1,100 constituents with an average market cap of $122 million as of April 30, 2024.

The MSCI USA Micro Cap Index is a key benchmark for microcap ETFs, and its changes could influence the reweighting of these ETFs' holdings in the coming weeks. Envoy Medical, traded under the ticker COCH on Nasdaq, focuses on fully implanted hearing systems, positioning itself as a revolutionary player in the hearing health industry.

Envoy Medical (Nasdaq: COCH) has highlighted a peer-reviewed article in Current Otorhinolaryngology Reports discussing advancements in fully implanted cochlear implants (FICI). The article, authored by Mayo Clinic doctors, reviews the current state of FICI, including challenges and breakthroughs. It emphasizes the influence of middle ear implants (MEIs) on FICI development, particularly microphone technologies that bypass external microphones. Envoy Medical’s Esteem® device is currently the only commercially available fully implanted active middle ear implant. CEO Brent T. Lucas underscores the benefits of leveraging outer and middle ear anatomy for better integration with accessories like headphones. The article also highlights the importance of a well-designed implantable power supply, noting Envoy Medical’s choice of a larger rechargeable battery in the pectoral region for its investigational Acclaim® cochlear implant.

Envoy Medical (Nasdaq: COCH) reported its Q1 2024 results, highlighting progress in its fully implanted cochlear implant development. All three participants in the Early Feasibility Study (EFS) at Mayo Clinic completed their 12-month follow-ups and continue using their devices daily. The company plans to file an Investigational Device Exemption (IDE) application for a pivotal clinical trial later in 2024 but has converted the current IDE application to a pre-submission for additional data collection and discussions with the FDA.

Financially, Envoy Medical reported revenue of $59K, down from $78K in Q1 2023. R&D expenses increased by $0.4M due to higher personnel costs. Sales and marketing expenses decreased by $46K, while general and administrative expenses rose by $0.7M. The company secured a $10M lending facility from investor Glen Taylor, with $5M drawn initially. Cash and cash equivalents stood at $4.9M as of March 31, 2024.