Envoy Medical initiated with an Outperform at Northland

Northland analyst Gus Richard initiated coverage of Envoy Medical with an Outperform rating and $25 price target. Envoy Medical has had a “transformative” CY23, with the company pivoting to asset-light manufacturing in Asia away from manufacturing in the U.S. in its own facilities, the analyst tells investors in a research note. The firm expects $102M in revenue, EBITDA of ($88.5M), and cash burn of $200M for CY25.