- Nuheara has (NUH) tabled its latest quarterly report, revealing it hit a record $10.7 million in sales during the 2021 financial year
- The audio solutions company says it recorded a 517 per cent increase in sales year on year as well as $1.5 million in revenue during the June period
- This includes the sale of 15,117 IQbuds MAX units during FY21, with North American customers making up the bulk of NUH’s market share
- Nuheara ended FY21 with $7.28 million worth of cash in the bank, having spent $2.22 million on operating activities during Q4
- Company shares are down 4.76 per cent at 4 cents per share at 12:26 pm AEST
Nuheara (NUH) has tabled its latest quarterly report, revealing it hit a record $10.7 million in sales during the 2021 financial year.
Those sales figures represent a 517 per cent increase for the audio solutions business, which described FY21 as a “breakout financial year of growth”.
Commenting on the sales figures, NUH a Co-founder and CEO Justin Miller said he was very pleased with the company’s performance.
“Quarter 4 FY21 brought a strong conclusion to a record year that delivered 517 per cent growth for the business,” Mr Miller said.
“In incredibly difficult business conditions, the company has well and truly announced itself as a global player in the hearing device market.”
NUH’s revenue increased 309 per cent from Q3 to Q4, hitting $1.5 million at the end of June, amid $1.9 million in customer receipts.
A total of 15,117 IQbuds MAX units were sold throughout FY21, with North American customers making up the bulk of NUH’s market share.
US and Canadian customers accounted for 86 per cent of all sales and 73 per cent of NUH’s wider market share.
Nuheara ended FY21 with $7.28 million worth of cash in the bank, having spent $2.22 million on operating activities during Q4.
The bulk of those funds went toward advertising and marketing costs, but NUH said the 40 per cent increase in ad spending was due to a rise in direct to customer sales.
The company has 3.3 quarters of growth left on its current bank balance, after spending close to $845,000 on research and development in Q4 alone.
That’s a 1383 per cent increase on Q3, however the company said it believed new products would be key to its future growth.
“Our strong growth, new products and regulatory changes, presents an attractive platform to further disrupt the global hearing device market in FY22,” Mr Miller said.
Nuheara shares were trading down 4.76 per cent at 4 cents per share at 12:27 pm AEST.