Leading developer of smart personal hearing devices, Nuheara Limited (ASX: NUH) has launched its premium hearing product IQbuds MAX™ today (7 January 2018), following which the share price of the company uplifted by 7.143 percent.
This product contains all the features which are currently available with IQbuds BOOST™. IQbuds MAX™ is having triple the hearing capability, five times the processing power and world first Hybrid Active Noise Cancelation system.
All these features will help the company to deliver the most personalized, natural and enhanced sound ever. As per the announcement, this product of Nuheara will become a flagship product of the innovative IQbuds™ range as it is the most technologically advanced and powerful hearing product that the company has ever created.
It is expected that this product will be available in the second half of 2019. As per Nuheara’s CEO Mr. Justin Miller, this product is the most technologically advanced assistive hearing product to ever enter into the market.
In 2018, UK’s National Health Service (NHS) selected Nuheara’s premium product IQbuds BOOST™ as a smart hearing bud (Hearable) to be the prescribed with traditional hearing aids and NHS also awarded Nuheara a contract to provide hearing solutions to adults and children which are suffering from mild to moderate hearing loss. The contract with the National Health Service will start soon in April 2019 and as per the contract, the total value of devices to support all forms of hearing loss is around £270 million.
Recently, Nuheara launched an innovative adapter for TV watching called IQstream™ TV which delivers crystal-clear sound to IQbuds BOOST™ and IQbuds MAX™ hearing buds. In December 2018, the company announced a retail partnership with leading global optical and hearing retailer, Specsavers Optical Group Ltd for the distribution of the company’s flagship products - IQBuds™ and IQBuds BOOST™. This retail expansion will help the company to witness continuous growth in the number of optical chains presenting Nuheara products globally.
On 4 December 2018, the company successfully completed a $5 million capital raising to institutional and sophisticated investors which will assist the company to achieve its planned objectives for the first 6 months of 2019. This fund will help in the manufacturing and development of the company’s new products and it will also help to increase the sales and marketing activities of IQbuds BOOST™. Further, this fund will also help the company to increase the inventory levels of IQbuds BOOST™ to support new contracts.
As at 30 September 2018, the company had a net cash balance of $4.99 million and subsequent to the end of the quarter, Nuheara received a cash payment (tax rebate) of $1,902k for Research and Development related activities. In the September quarter, the company was having the Receipts from customers of $661k which was less than June quarter of $1,333k.
In the last six months, the share price of Nuheara Ltd. decreased by 30.0 percent as on 4 January 2019. NUH’s shares traded at $0.075 with a market capitalization of circa $67.25 million as on 7 January 2019 (AEST 1:10 PM).