Envoy Medical reports third quarter 2024 financial results, including FDA approval and patent developments.
From GlobeNewswire: 2024-11-14 08:38:00
Envoy Medical, Inc. announced its third-quarter financial results for 2024. Key highlights include FDA approval for a pivotal trial of the Acclaim fully implanted cochlear implant and progress towards reimbursement for the Esteem fully implanted hearing device. The company also received patents and was included in the Russell Microcap Index.
Financially, net revenues decreased to $56 thousand for the quarter and $183 thousand for the nine months ended September 30, 2024. R&D expenses increased due to preparation for the Acclaim CI trial. Sales and marketing expenses fluctuated, while general and administrative expenses rose due to legal and professional fees.
The Acclaim Cochlear Implant, designed for severe to profound sensorineural hearing loss, received FDA Breakthrough Device Designation in 2019. The Esteem Fully Implanted Active Middle Ear Implant is the only FDA-approved hearing device for moderate to severe hearing loss. The Acclaim CI is investigational and the Esteem FI-AMEI offers 24/7 hearing without external components.
As of September 30, 2024, Envoy Medical had approximately $4.4 million in cash and cash equivalents. The company’s financial statements show an increase in liabilities and stockholders’ deficit compared to the previous year. The unaudited condensed consolidated financial statements provide detailed information on assets, liabilities, and operating activities.
Envoy Medical’s forward-looking statements highlight expectations for its business outlook and product success. The company acknowledges risks and uncertainties in the medical device industry, regulatory processes, and market competition. Investors can access SEC filings for more information on Envoy Medical’s financial performance and future projections. Contact information for investor relations is provided for further inquiries.
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