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Within a month of further US expansion through a deal with Oaktree Products, Brisbane-based hearing technology company Audeara (ASX: AUA) has today announced a new partnership to continue sales momentum for its headphones here in Australia.
The company has reached an agreement with Sonova subsidiaries Connect Hearing and Blamey Saunders hears (BSh) to stock its products in their network of more than 100 hearing health centres nationwide, taking the group's number of stockists above 800.
The news follows a strong performance in the September quarter when sales rose 49 per cent year-on-year, underpinned by Audeara's strengthened commercial relationship with Amplifon Australia which has expanded its footprint through the $550 million purchase of Bay Audio.
Audeara, whose co-founder James Fielding was a finalist in the recent Brisbane Young Entrepreneur Awards 2021, has also been aided by changes to the national Hearing Services Program (HSP) since July that have led to a greater focus on assisted listening devices (ALDs) at hearing health clinics, including more funding for devices like Audeara's.
The company is forecasting positive financial impacts from the new partnership in early 2022, with regular ordering expected to grow over the coming months as onboarding commences immediately for Connect Hearing’s clinics and teleaudiology team.
"Connect Hearing’s strategy of providing its customers with ‘best-in-class service and the most technologically advanced solutions’ makes Audeara a natural fit for its Connect Hearing network here in Australia and we look forward to a fruitful partnership with them," says Audeara's co-founder and CEO James Fielding.
"Audeara has great momentum in the Australian hearing health market with the pace of growth in our clinic relationships since our IPO, exceeding even our own expectations."
Connect Hearing and BSh managing director Michelle Lawson says her companies' goal is to empower clients to take control of their hearing as crucial to their future health.
"It’s not about hearing aids, it’s about hearing tech," Lawson says.
"Audeara’s personalised headphones are a natural fit into our ‘enhance’ portfolio, which helps clients take early action, at the first signs of hearing loss to keep them living their best lives.
"The premium quality and innovation matches our focus on customised care, technical superiority, service excellence and trust."
Despite the positive announcement, AUA shares are down 4 per cent this morning at $0.12 each, and have fallen 40 per cent since the group's May initial public offering (IPO) at 20 cents per share.
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