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Nuheara Limited (ASX:NUH) came forward and made an announcement about its decision to enter into a partnership with Specsavers Optical Group Limited. This announcement has been made with the help of the press release. As per the press release, the joining of hands has been done for IQBuds as well as IQBuds BOOST. Let us understand a brief of Specsavers. The company happens to possess a strong position in the United Kingdom and has managed to garner the revenues of more than £2.6 billion. The press release issued also stated that Specsavers happens to have a customer count of over 36 million. The services related to audiology are presently functional in over 900 optical stores which also includes Australian region, and there has been selling of 337,770 hearing aids with respect to the previous financial year.
The hearing buds of Nuheara would be able to support the Specsavers stores to make a presence with regards to hearing healthcare market. The Specsavers stores which are in the business of extending audiological services would be eligible to sell the hearing devices of Nuheara to the customers who do not feel that they should be using the hearing aid, but they require help with respect to mild to moderate problems of the hearing. Let us have a look at the management views regarding the partnership.
The top management of Nuheara stated favourable views regarding the partnership with Specsavers. According to the management, the companies in the optical businesses are enhancing the affordability as well as accessibility with regards to the products of hearing. The management also added that these companies are presently in a robust position when it comes to supporting the hearing needs as well as eye-care needs of the customers.
Recently, Nuheara has made an announcement related to the oversubscribed equity raising amounting to $5 million. As per the press release issued, the company has managed to garner significant interests with regards to the new institutional as well as existing investors. The press release also contains information about the areas in which these funds would be utilized. The company would be deploying the funds towards the sales as well as marketing initiatives related to IQbuds BOOST as well as in the activities which would be focused towards fresh productsâ developing as well as manufacturing. However, the company would also be utilizing the funds towards the levels of inventory with regards to IQbuds BOOST so that fresh contracts can be supported.
Let us quickly understand how the stock has been performed today. On December 17, 2018, the stock price of Nuheara Limited has ended the session on the positive note, and the stock price settled at A$0.072 per share which implies the rise of A$0.003 per share or 4.348%. The market capitalization of Nuheara Limited stood at $66.29 million. In the previous one month, the stock has delivered the return of 15%. However, in the previous three months, the company has delivered the return of -16.87%.
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