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Nuheara Limited (ASX:NUH) is an innovative audio wearables company which is based in Perth, Australia. Recently, the company announced its interim financial results for the half-year ended December 31, 2018 wherein it reported total revenue of $1.42 Mn. Further, the companyâs newly launched IQbuds BOOST⢠achieved 73% of all unit sales in the half-year period with an Average Selling Price (ASP) of more than $400 per unit. Currently, IQbuds BOOST⢠has only been made available to sales retailers that can provide a consultative value add sales process at the point of sale. In the last one year, the company has experienced a significant gain in the overall Average Sales Price (ASP) per unit of its all products, arising from $181 in H1 FY18 to $337 in H1 FY19, signifying decent growth of 86.2% on PCP basis.
However, the Company incurred a net loss after tax of $4.01 million in 1H FY19 as compared to the net loss after tax of $4.269 million in 1H F18, representing a decline of 6 percent.
For the half-year period, the company reported net cash used in operating activities of $3.006 million, net cash used in investing activities of $2.02 million and net cash flow from financing activities of $4.765 million. As of 31 December 2018, the company had cash and cash equivalent of $8.080 million.
In December 2018, the company raised $5 million by successfully completing an oversubscribed capital raising program. The raised fund will be used to increase sales and marketing activities of IQbuds BOOST⢠and increase inventory levels of IQbuds BOOST⢠to support new contracts. This fund will also be used in the manufacturing and development of new products.
On 25 February 2019, the company posted a New issue announcement with regards to the application for quotation of additional securities and agreement. As per the announcement, the company has issued new shares of about 20 Mn relating to options at an exercise price of 3 cents per option.
Recently, the company announced the internal appointment of Ms. Michelle Hallé for the role of Chief Operations Officer. The company also appointed Ms. Anna Thomas and Mr. Russell Rogers to key sales roles in the UK/Europe and North America respectively. It is expected that these key appointments will continue to drive Nuheara's expansion into the optical and hearing related channels.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.071 with a market capitalization of ~$69.17 Mn as on 26 February 2019 (AEST 4:00 PM). The counter opened the day at $0.072, reached the dayâs high of $0.073 and touched the dayâs low of $0.070 with a daily volume of ~ 731,951. The stock has provided a Year Till Date return of 1.41% & also posted returns of -13.25%, -10% & -7.69% over the past six months, three & one-months period respectively. It had a 52-week high price of $0.137 and touched 52 weeks low of $0.055, with an average volume of ~3,264,075.
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