Envoy Medical Q1 revenue $59K, down from $78K; draws $5M from $10M Glen Taylor loan

Envoy Medical, Inc.

2024-Q1 EPS reported -$0.32 revenue$59,000

Revenue $59K for Q1 2024 vs $78K in Q1 2023; decrease due to fewer battery replacement requests.
R&D expense increased $0.4M; G&A expense increased $0.7M; sales/marketing down $46K.
Cash and cash equivalents $4.9M as of March 31, 2024.
Entered $10M unsecured loan facility with Glen Taylor; initial draw $5M at 8% interest, five-year term.
All three EFS participants at Mayo completed 12-month follow-up; plan to file IDE for Acclaim CI pivotal trial later in 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Envoy Medical, Inc. reported first quarter ended March 31, 2024 results: revenue $59 thousand.

Period: first quarter ended March 31, 2024
Revenue: $59 thousand
Result: reported results

Exact text from the filing

forward to the prospect of disrupting the hearing industry with new competition and significant innovation.” Financial Results for the Quarter Ended March 31, 2024 Revenue was $59 thousand compared to $78 thousand for the same period in 2023, the decrease is primarily due to a decrease in the number of battery replacement requests received during the three months

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Envoy Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-043601

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