Nuheara Limited (ASX: NUH) takes a step further in the United States as the company adds ADCO Medical suppliers as the latest distributor for selling its IQbuds medical devices. Nuheara and ADCO would work together to enhance the supply of hearing devices in the United States. Nuheara would primarily be focused on promoting its advanced BOOST earbud product for the patients who suffer from mild to medium hearing loss.
ADCO holds strategic importance for Nuheara as former is an authorized General Service Administration contract holder concerned with supplying the audiological solutions to the United States Government. The United States Department of Veterans Affairs supplies close to 25% of all hearing devices in the country and employs maximum audiologists to provide services across 400 sites. Nuheara would benefit because ADCO is a certified hearing assistance device supplier to the VA department. In the context of the recent development, Justin Miller, CEO of Nuheara stated that the company is determined to renovate the way people know hearing solutions. He added that Nuheara is committed to offering an affordable solution to those in need. He further added that the United States has demonstrated the strong commitment to improving the accessibility and affordability in the hearing solution industry. It was in the same breath that the government passed Over-The-Counter legislation in 2017. The current environment is conducive for the company as it stands to benefit from the association with quality partners such as ADCO.
In another development, Nuheara also received an Export Market Development grant worth $146K. The company announced that its products are now eligible for Export Marketing Development Grants support from January 2016.
Nuheara Limited was trading at $0.089, down 6.316% (AEST: 04:00 p.m.) in today’s session and has the market capitalization of circa $84.69 Mn as on 06 September 2018.
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