PERTH, AUSTRALIA — Nuheara Limited (ASX:NUH) has announced that the company has secured a three year Global Supply Agreement with Phonak parent company, Sonova AG. Under the agreement, the company will supply Nuheara-manufactured and branded products to Sonova and its affiliates worldwide.
Headquartered in Stäfa Switzerland, Sonova is a leading global supplier of innovative hearing care solutions. The group operates through its core hearing aid brands and its Audiological Care business brands – AudioNova, Geers, Boots Hearing Care, Lapperre, World of Hearing, and Connect Hearing. Sonova reaches its customers through multiple channels, including online and via 3,200 hearing clinics / Points of Sales (POS) in over 100 countries globally, including approximately 140 POS in Australia operating under the Connect Hearing brand.
Under the Agreement, Nuheara will initially supply its products to Sonova entities in the USA and Australia. Other global regions will follow, with Europe, UK and Canada the priorities, as Nuheara establishes trading entities in those regions/countries.
“We are delighted that Nuheara’s range of hearing products will now be available for purchase through Sonova’s Audiological Care businesses globally. Sonova is the largest manufacturer of hearing aids in the world, and the second largest globally in audiological care with more than 3,200 Points of Sale. They are the global leader in hearing health care, and we couldn’t ask for a more qualified global sales channel partner as we continue to rollout Nuheara’s omni-channel sales strategy. The Agreement reflects our many years of hard work developing innovative hearing products as well as Nuheara’s reputation for quality in the global market. Our initial deployment will see Nuheara products available at Sonova’s Audiological Care businesses in the USA, Australia and online, while we work through establishing trading entities in other regions and countries to extend the deployment globally.”
–Nuheara Co-founder & CEO, Justin Miller
Key terms of the Agreement
Key terms of the Agreement entered into by Nuheara and Sonova include:
- Nuheara to supply its manufactured and branded products to Sonova and its Audiological Care business brands via their online stores and 3,200 clinics / Points of Sale
- Mutually non-exclusive
- Initial term of three years
- The Parties may mutually agree, in writing, to extend the Agreement beyond its initial term
- No volume commitments – there is no minimum or maximum contract value
- Either Party may only cancel the Agreement via breach of performance or change of control
Other terms and conditions usual for an arrangement of this type are included in the Agreement.
Nuheara is a global leader in smart hearing technology which change people’s lives by enhancing the power to hear. As a global pioneer in Hearable products, Nuheara developed proprietary, multi-functional, personalised intelligent hearing devices that augments a person’s hearing. Nuheara is headquartered in Perth, Australia and was the first consumer wearables technology company to be listed on the Australian Stock Exchange (ASX).
In 2016, the Company released its revolutionary wireless earbuds, IQbuds, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. In 2020 Nuheara released its third-generation hearable the IQbuds² MAX. In 2021, Nuheara transformed its operations to include medical device manufacturing for its hearing aid products to meet global demand for mild to moderate hearing loss. Nuheara products are now sold Direct to Consumer (DTC) and in major consumer electronics retailers, professional hearing clinics, pharmacies and speciality retailers around the world.
The Company’s mission is to transform the way people hear by creating smart hearing solutions that are both accessible and affordable. For further information, please visit https://www.nuheara.com/.
ABOUT SONOVA AG
Sonova, headquartered in Stäfa, Switzerland, is a leading provider of innovative hearing care solutions. The group operates through its core business brands Phonak, Unitron, Hansaton, Advanced Bionics and the brands of the Audiological Care business, including AudioNova, Geers, Boots Hearing Care, Connect Hearing, Lapperre and World of Hearing; reaching consumers through multiple channels manufactures and supplies hearing aids, cochlear implants, wireless communication products, digital solutions, and professional audiological care.
Founded in 1947, the group is currently present in over 100 countries across the globe, has a workforce of over 14,000 dedicated employees and generated sales of CHF 2.6 billion in the financial year 2020/21 as well as a net profit of CHF 585 million. Across all businesses Sonova pursues its vision of a world where everyone enjoys the delight of hearing and therefore lives a life without limitations.