Hearing health medtech Audeara reports strong growth to close out the financial year 

Audeara Limited (ASX:AUA) has plenty to smile about this reporting period, with quarterly sales totalling $909,000 – an impressive 175% increase on the same quarter in FY 2021.

It’s the best performing quarter in the Brisbane-based company’s seven-year history, blowing its previous highest quarter out of the water by around $320,000, or around 54%, more revenue.

It’s also been a strong quarter of growth in clinic partnerships, with the number of audiology clinics in Australia increasing to 1,370 as at June 30, compared to 1,013 at the end of December.

That said, growth in revenue through Audiology clinics is outpacing clinic number growth, with revenue up 183% year on year. A sign of robust sales growth within the existing clinic footprint.

Strong quarterly results cap off a strong year with full financial year sales almost double that of the previous year; Full FY22 revenue totalled $2.211m, up from $1.115m in FY21.

Sales momentum is likely to continue for Audeara given the company is yet to yield results from a recently announced global partnership deal that came after July 1.

“We’re really proud of this level of growth, which has come against all odds,” Audeara CEO Dr James Fielding said.

“In a financial year when most of Australia spent months in lockdown due to the pandemic, as well as a number of clinics closing due to floods on the east coast, businesses would be forgiven if progress had stalled – so we’re really happy with this result.”

This most recent impressive quarter comes shortly after Senior Analyst for Morgans Financial, Scott Power, tipped Audeara as his stock of the week, citing strong partnership growth, locally and globally, deserving of investor attention.

It seems the market agrees, with Audeara’s share price up around 20% more than a month ago.

Audeara makes the world’s only full-fidelity headphones with an app-based hearing health check, that can personalise sound to an individual’s unique hearing profile.

This article was developed in collaboration with Audeara, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.