Sivantos reported their 2015 financial numbers for fiscal year (FY) 2015 earlier this week and the report highlights 10% organic growth for FY 2015 that ended September 30th. According to a recent European analysist report for the hearing aid industry Sivantos and ReSound have been the fastest growing manufacturers in the hearing aid industry for the past year.
This is certainly positive news for Sivantos, formerly known as Siemens, which lost substantial market share to its competitors between 2005-2011. The newly formed company’s uptick in business is attributed to growth across all regions and all channels, including a strong Binax product launch in October,2014, and broad-based growth coming from all global sales regions and business channels.
New Wireless, New Distributions on the Horizon?
In a conference call with the investment community, the company would not confirm any plans to launch a 2.4 GHz product, but they did mention that within the next year they do not expect their product portfolio to lag behind their competitors. This could be a signal that Sivantos does plan to launch a 2.4GHz platform by the end of 2016.
As reported earlier this fall by HHTM, Sivantos recently launched a partnership with CVS Pharmacy in the U.S. to pilot hearing aid centers within their existing stores. Analysts speculate that this could continue to drive change in the retail landscape that will further damage independents who represent the majority of sales for other Big 6 hearing aid manufacturers, Sivantos’ main competitors.
In their call with investors, CEO Roger Radke indicated that the transition from the Siemens brand to Sivantos has gone more smoothly than they anticipated, with no notable loss of traction in any markets to date. Furthermore, Radke said the transition was somewhere between 30% and 70% completed.
feature image courtesy of internet retailer