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‘Hearables’ play Nuheara wins government subsidy; shares rocket
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“Hearables” device maker Nuheara has been added to a list of government-approved devices eligible for subsidies for the hard-of-hearing.
Nuheara makes high-tech wireless earbuds that allow users to alter noise levels and amplify conversations while reducing background sounds. They are designed for general listening and can assist people with mild to moderate hearing loss.
Nuheara announced today it had won approval as a supplier to the federal government’s Hearing Services Program (HSP) — a $539 million health care program that provides free and subsidised hearing devices.
About 3 million Australias have some form of hearing loss. Of those, 70 per cent fit into the mild-to-moderate category that Nuheara targets with its IQBuds products.
Investors loved the announcement, pushing the stock to a 52-week high of 13.7c on Friday.
The shares closed the day at 13.5c — up 36 per cent.
“This secures Nuheara’s mainstream position in the rapidly changing global hearing health care market,” said Justin Miller, CEO of Nuheara.
“We are ready to fill a massive market gap by providing a solution that is much more affordable and one which is more visually appealing and functional: an intelligent wireless earbud that also allows you to listen to music and take phone calls.”
The win follows a demonstration of the company’s tech to Prime Minister Malcolm Turnbull at the National Governors Association Conference in Washington last month.
Additional smart hearing products were only launched in January, and were followed by clinical validation of the company’s assessment procedure Ear ID.
Nuheara lost $4.3 million in the December half on revenue of $2 million.
