- Smart hearing company Nuheara (NUH) has temporarily stood down staff, while senior executives have accepted a 50 per cent pay cut in the wake of COVID-19 cutbacks
- As the coronavirus infects the world, Nuheara is doing what it can to strengthen itself financially
- Manufacturing of the company’s hearing devices in Malaysia has been interrupted due to a lockdown across the country
- The company said pre-orders for their flagship IQbuds² have remained strong and since their launch in January
- Nuheara is down 7.69 per cent on the market this morning, selling shares for 1.2¢ apiece
Smart hearing company Nuheara (NUH) has temporarily stood down staff, while senior executives have accepted a 50 per cent pay cut in the wake of COVID-19 cutbacks.
As the coronavirus infects the world and governments impose greater manufacturing restrictions, Nuheara is doing what it can to strengthen itself financially.
The company is a global leader in smart personal hearing devices, which enhances a person’s ability to hear.
In 2016, the company released its wireless earbuds, IQbuds, which allow consumers to enhance their hearing according to their personal preferences. Users can also connect hands-free with their voice-enabled smart devices.
While Nuheara has secured a supply chain to create the first 6,000 products in its IQbuds² line in Malaysia, the country has gone into lockdown and shuttered factories everywhere.
To cushion the blow, Nuheara will temporarily stand down employees in non-essential functions. Senior executives, including the CEO, will undergo paycheck cuts to save on costs.
“We have developed a product that can change people’s lives for the better and have customers that have continued to trust us with new orders – even in very difficult times,” CEO Justin Miller said.
“Our global DTC model is proving itself as a viable hearing alternative as we see traditional hearing clinics shutter around the world,” he added.
Pre-orders for IQbuds² have remained strong since their launch in January. Nuheara said daily sales are continuing.
As all these sales come from Nuheara’s direct-to-consumer (DTC) online platform, COVID-19 related restrictions are not expected to infect product delivery timetables.
Justin says businesses have responded swiftly to COVID-19 in Australia and around the globe.
“We have built a dedicated and skilled team over many years that have helped make this company what it is today,” he told the market.
“I can assure our customers and our employees that the measures we are taking are designed to preserve these strengths and ensure we are best placed to resume normal operations quickly when this crisis is over,” he added.
Nuheara is down 7.69 per cent on the market this morning, selling shares for 1.2¢ apiece at 10:48 am AEDT.