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Highlights
- Audeara has entered its second-largest audiology network relationship.
- The reseller agreement with Specsavers will make Audeara’s products available at 238 current locations offering audiology services.
- Australian audiology clinics stocking Audeara’s products will increase by over 20%.
Shares of Audeara Limited (ASX:AUA) rallied by 9.6% in the early hours of 3 June 2022 after the company announced a new reseller agreement. The hearing health technology company has signed a reseller agreement with Australia’s fastest-growing audiology network, Specsavers Pty Ltd. The agreement represents the company’s second-largest audiology network relationship.
Audeara offers high-quality personalised audio to listeners through Bluetooth headphones. The company’s unique technology, categorised as an assistive listening device (ALD), focuses on better sound but not loud. This provides a safer, high-quality listening experience to listeners, protecting their hearing.
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What does this agreement bring to the table?
Audeara to gain exposure to a new customer group
Specsavers anticipates continued rollout of audiology services to its optometry stores that will further enhance growth in clinics stocking Audeara’s products over time.
Additionally, Specsavers clinics will provide exposure to a new customer group as it also attracts optometry customers.
Commenting on the agreement, Audeara’s Founder and CEO, Dr James Fielding, said:
“Audeara is particularly pleased to be working with Specsavers to provide our world-leading solutions to a company with shared values, to help people regain the joy of better hearing, and helping make early intervention more accessible to Australians with hearing loss. In addition to the expansion in clinics stocking our products, Specsavers provides exposure to an even wider customer base, expanding our reach beyond traditional audiology clinic customers”.
Audeara’s performance in March quarter
The company saw clinic growth during the reported period, backed by onboarding of independent clinics as well as negotiations with large clinic groups and other non-clinical sales channels.
For the period ended 31 March 2022, the company posted
- 28% year-on-year growth in revenue
- 30% year-on-year growth in audiology clinic revenue
- Number of audiology clinics increased to 1041
Stock information: Audeara has a market capitalisation of AU$8.71 million. At the time of writing this article, shares of the company were trading at AU$0.091.
