Envoy Medical (COCH) Q2 2025 earnings summary

Executive summary

• Achieved successful activation of all 10 participants in the pivotal clinical trial for the fully implanted Acclaim cochlear implant, with no serious adverse events reported and one-month follow-ups completed as expected.

• Five new Category III CPT codes for fully implantable hearing devices became effective July 1, 2025, improving reimbursement prospects for the Esteem device.

• Issued two new US patents and three new Australian patents, strengthening the intellectual property portfolio.

Financial highlights

• Net revenues increased by $10,000 for Q2 2025 compared to Q2 2024.

• R&D expenses decreased by $0.1 million to $2.485 million year-over-year, with product costs down $0.5 million as the company shifted from development to clinical trials.

• General and administrative expenses rose by $0.5 million, mainly due to a $0.3 million severance accrual.

• Net loss attributable to common stockholders was $6.94 million for Q2 2025, compared to $5.31 million in Q2 2024.

• Cash balance as of June 30, 2025, was approximately $5.3 million.

Outlook and guidance

• Anticipates completion of three-month follow-up visits for all clinical trial participants in the coming weeks.

• Expects substantial patient interest and market disruption upon approval of the Acclaim cochlear implant.

• Sees renewed opportunity for the Esteem device with recent CPT code changes and potential reimbursement improvements.