Envoy Medical, Inc. (COCH) vs Sanuwave Health Inc. (SNWV)

Envoy Medical, Inc. and Sanuwave Health Inc. are both Medical Devices companies. Envoy Medical, Inc. is the larger, with a market value of $49.9M against $44.5M — 1.1× the size. Envoy Medical, Inc. has negative trailing earnings, so its P/E is not meaningful; Sanuwave Health Inc. trades at 3.0×. Sanuwave Health Inc. grew revenue faster over the last twelve months: 12.7% against −6.76%. Sanuwave Health Inc. has the higher net margin (34.7% vs −13,747.3%) and the higher return on invested capital (7.46% vs 0.00%). Across the 17 metrics below, Sanuwave Health Inc. leads on 13 and Envoy Medical, Inc. on 4.

Valuation

Metric COCH SNWV Medical Devices median
P/E n/m 2.99 23.22
P/S 336.74 0.97 2.34
P/B 21.10 15.31 2.33
Price to free cash flow n/m 4.55 23.72
EV/EBITDA n/m 15.50 11.54
EV/Sales 389.61 1.19 2.24
Earnings yield (113.43%) 33.47% (10.09%)
Free cash flow yield (31.15%) 21.97% (8.47%)

Profitability

Metric COCH SNWV Medical Devices median
Gross margin (385.51%) 76.33% 56.01%
Operating margin (11,411.11%) 3.41% (15.03%)
Net margin (13,747.34%) 34.66% (20.40%)
Free cash flow margin (10,488.89%) 21.29% (7.24%)
Return on equity 214.32% (254.57%) (15.32%)
Return on assets (168.14%) 43.82% (19.72%)
Return on invested capital 0.00% 7.46% (10.33%)

Growth

Metric COCH SNWV Medical Devices median
Revenue growth (TTM) (6.76%) 12.67% 8.80%
EPS growth (last fiscal year) 17.45% 118.50% 29.03%
Revenue growth, 5-year CAGR — 61.12% 15.47%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric COCH SNWV Medical Devices median
Debt to equity 0.00 6.88 0.07
Current ratio 1.73 1.28 2.50
Net debt to EBITDA 0.18 1.30 0.49

Dividend

Metric COCH SNWV Medical Devices median
Dividend yield — — 1.16%
Payout ratio — — 0.36

Size

Metric COCH SNWV Medical Devices median
Market cap 49.89m 44.48m 167.06m

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