IQbuds BOOST Selected by UK’s NHS Through Tender Process - A Big Win for Nuheara Limited

  • Nov 28, 2018 AEDT
  • Team Kalkine
IQbuds BOOST Selected by UK’s NHS Through Tender Process - A Big Win for Nuheara Limited

On November 28, 2018, Nuheara Limited (ASX: NUH) came out with the press release which reflected information about IQbuds BOOST. The company has made an announcement National Health Service of the United Kingdom has selected the company’s IQbuds BOOST which focuses on helping the children as well as adults in their mild to moderate problems which are related to hearing. The contract would start from April 2019, and it would be for the time frame of two years, but there would be a provision which would be allowing the contract to extend for two more years. As per the press release which has been released, anticipated value with respect to the purchases done by the National Health Service is approximately £34.5 million in the initial time frame of twelve months, but if it is extended for the full-time frame, i.e. of 48 months, the value is £138 million.

The top management of Nuheara gave positive thoughts in regard to the above matters. According to the management, the contract as well as tender via National Health Service, which happens to be on the list of leading providers of the government healthcare, is favorable for the IQbuds BOOST. National Health Service (NHS) is on the track which focuses on recognizing the importance as well as need in regard to the smart solutions for the hearing as well as which aims to advance affordable as well as the accessible hearing device. The submission of tender application was done with the company’s (Nuheara) hearing healthcare distributor which is based in the United Kingdom named Puretone Limited. This company would be engaged in supporting as well as supplying IQbuds BOOST to the National Health Service. Puretone Limited has a strong background as they are having an experience of over 50 years and they are also carrying out the operations in 48 countries.

The press release which was issued also highlighted the efforts made by Nuheara as well as Puretone. As per the release, Puretone, as well as the European team of Nuheara, have been working very hard with National Health Service from the past twelve months and they have been advancing education, samples as well as demonstrations.

Nuheara had earlier provided an update for the September 30, 2018 quarter and stated that the net cash which has been used in regard to the operating activities amounted to $2.3 million in the quarter. However, the net cash which has been used in the investing activities amounted to $0.97 million which was primarily because of the payments which have been made to acquire intellectual property.

The stock price of Nuheara Limited has been witnessing a strong trend. At the time of writing on November 28, 2018, the stock price is trading at A$0.092 per share which implies the rise of A$0.013 per share or 16.456%. The company has a market capitalization amounting to circa $70.43 million. Over the past three months, the stock has delivered the return of -4.82% while in the previous one month, it has managed to deliver the positive return of 6.76%.


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