One of Australia’s fastest growing audio device companies Nuheara (ASX: NUH), has reported sales figures of 17,000 units sold and a revenue figure of $4.5 million in 2017.
After shipping its first set of orders in early 2017, Nuheara has reported $4.5 million in invoiced/shipped orders in 2017 and has further product launches for 2018.
“Since placing IQbuds in to our first retail store in March, we have progressed to hundreds of stores across the Americas, Europe and the Middle East. We are certainly gathering sales momentum which we believe will be further fuelled with addition of the two new products that we recently announced for release in 2018,” said Justin Miller, Co-founder and CEO of Nuheara.
Last year, Nuheara established a wide range of sales channels and revenue streams across multiple platforms including brick and mortar stores such as Best Buy, Brookstone, Selfridges, Saco, Capi and Bloom Hearing Clinics. Nuheara is also distributing its products via online channels including Amazon and says it is taking orders in seven different currencies.
Since listing on the ASX In 2016, Nuheara released its revolutionary wireless earbuds IQbuds and deployed its commercial strategy for IQbuds which are now being sold in major consumer electronics retailers and professional hearing clinics around the world.
Nuheara has generated a 54% rate of overall sales growth between July-December 2017 and recorded a record October-December quarter with 4,592 units shipped underpinned by a 94% growth rate in the previous quarter.
“The swift expansion into retail, especially before Christmas ensured strong first year sales. In fact, our first-year results rank with some of the best first-year sales for new smart devices and wearables companies and this includes Fitbit and GoPro,” said Justin Miller.
Nuheara’s strong start is expected to continue throughout 2018 as it rolls out its expanded suite of IQbuds Boost products and initiatives, including LiveIQ.
Specifically in the United States, Nuheara is keenly awaiting imminent legislative changes regarding the OTC Hearing Aid Act, which could provide further industry-wide commercial benefits for Nuheara.