Sales and distribution is in focus for personal hearing device developer Nuheara (ASX: NUH), as the company reports further additions to its list of retail and distribution partners.
In term of distribution, Nuheara is currently partnered with Puretone, a hearing aid and accessories distributor that operates in 48 countries supporting 11,000 independent hearing clinics, with 90 clinics already stocking IQbuds, the latest product range to be marketed by Nuheara in both Australia and overseas.
Nuheara also has deals in place with Intracon UK, a distributor serving more than 3,000 British suppliers and Oaktree Products, a leading US-based provider of clinical supplies.
In Australia, Nuheara’s retail expansion recruitment drive includes the likes of Bloom Hearing Clinics who are currently trialling Nuheara’s IQbuds with a view of becoming the leading Australian supplier having established a significant UK presence in recent years.
Bloom is also considering expansion into Hong Kong, Singapore and New Zealand which by extension could further expand Nuheara’s addressable audience around the world.
Strong sales momentum adds weight to expansion plans
Earlier this month, Nuheara reported strong sales figures of 17,000 units sold in 2017 and generating a sales revenue total of $4.5 million.
In a market update earlier today, Nuheara CEO and managing director Mr Justin Miller said that the company’s initiatives are all about “providing accessibility and affordability in a rapidly changing hearing market landscape.”
To stake its claim in the rapidly-evolving medical devices market, Nuheara has launched two proprietary products aimed at improving hearing and simultaneous device inter-connectivity for the benefit of the user.
Nuheara has developed proprietary and multi-functional intelligent hearing technology that augments a person’s hearing and facilitates cable-free connection to smart devices such as phones and tablets.
With IQbuds Boost now set for global release within the next 12 weeks, Nuheara is well prepared to support an ever-strengthening hearing healthcare sales channel that will now carry two of Nuheara’s products – IQbuds and IQbuds Boost,” said Mr Miller.
“These products will support consumers with varying hearing needs and more importantly, provide choice with distinct product feature sets and price points,” he added.
With the development of IQbuds and IQbuds Boost, Nuheara now finds itself with multiple commercial avenues through which to grow its sales revenues and develop a global presence in both consumer electronics and hearing health market niches.