Deep Value: cash covers more than 100% of the stock price

This company holds roughly $20M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Envoy Medical

COCH

Medical - Devices · Healthcare

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Envoy Medical is a medical device company that makes hearing implants. Its main product is the Acclaim Cochlear Implant, a fully implanted device designed to help people with severe hearing loss. Unlike traditional hearing aids or cochlear implants that have external parts, the Acclaim is placed entirely inside the body, which sets it apart in the hearing health market.

The company sells its devices to patients through hearing specialists and surgeons, primarily in the United States. Envoy Medical is very small, with a market cap near zero, and its financials show it is spending far more than it earns — the deeply negative margins reflect a company still in early commercial stages. The key growth driver is gaining broader insurance coverage and clinical adoption for the Acclaim, but the main risk is that the company may struggle to fund operations long enough to reach profitability given its current cash burn rate.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-34.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+78.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

47.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~11 months

$20M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Envoy Medical has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-445.1%

Thin — -445.1% gross margin

Profit after running costs

Operating Margin

-10919.6%

Losing money on operations — -10919.6%

Return on the money invested

ROCE

-715.1%

Weak — -715.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-6.8%

Shrinking sales (-6.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-10488.4%

Burning cash (-10488.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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