- Hearing device maker Nuheara (NUH) has seen a 543 per cent growth in invoiced quarterly revenue for Q1 FY21
- The company delivered record sales in the quarter which it contributes to ongoing IQbuds² MAX pre-orders, receiving quality certification and partnering with HP
- Total invoiced sales exceeded $3.5 million, which is more than the entirety of FY20's $1.7 million
- Further, Nuheara burnt just under $1.9 million with the majority going towards product manufacturing and operating costs
- The company has a cash balance of $1.54 million, representing less than one quarter of available funding
- Throughout the quarter, Nuheara received 2111 units of IQbuds² MAX orders with international orders now accounting for more than 85 per cent of all orders received
- Finally, Nuheara will be receiving up to $3.7 million from its partnership with HP in the next quarter
- Nuheara has ended the day two per cent in the green with shares trading for 5.1 cents each
Hearing device maker Nuheara (NUH) has seen a 543 per cent growth in invoiced quarterly revenue for Q1 FY21.
The company also delivered record sales in the quarter which it contributes to ongoing IQbuds² MAX pre-orders, receiving ISO 9001:2015 quality certification, and partnering with HP.
"Nuheara has made a solid start to the new financial year with a great recovery from COVID-19 manufacturing delays that impacted the business in the previous financial year," CEO and Managing Director Justin Miller said.
"We had a record quarter of product shipments with revenue that then exceeded our total invoiced product revenue for the entirety of FY20," he added.
Sales and revenue
Total invoiced sales exceed $3.5 million, which is more than the entirety of FY20's $1.7 million.
Of this, $1.83 million came from products and $1.7 million came from services which have reflected greater diversity in sales.
Throughout the quarter Nuheara burnt just under $1.9 million with the majority going towards product manufacturing and operating costs, and administration and corporate costs.
The company has a cash balance of $1.54 million, representing less than one quarter of available funding.
Despite this, Nuheara is anticipating a $1 million Research and Development Tax Incentive cash rebate from the Australian Tax Office.
The company is also continuing to review funding opportunities that are in the best interest of shareholders.
IQbuds² MAX sales
During what is believed to be the smallest retail sales quarter of the financial year, Nuheara received 2111 units of IQbuds² MAX orders.
International sales now account for more than 85 per cent of all orders received with 50 per cent from the United States, 17 per cent from Australia and New Zealand, and Asia, and 7 per cent from the United Kingdom.
IQbuds² MAX gives the wearer complete control over sounds by offering active noise cancellation and sonic accuracy.
The average sales price also increased to $417.
National Health Services update
In a separate announcement, Nuheara has revealed that a new framework created by the National Health Service (NHS) in the United Kingdom will include the company's IQbuds BOOST.
The new framework is called Audiological Equipment, Services and Related Consumables and includes audiological devices, assistive listening devices, and hearables.
IQbuds BOOST is an advanced hearing device which boasts the likes of noise cancellation and advanced hearing capabilities.
ISO quality certification
In mid-August, Nuheara announced it had received ISO 9001:2015 quality certification.
This certification covers Nuheara's quality management system for the research and development, product design, sales and marketing, and engineering of its devices.
ISO 9001 is classified as the international standard that outlines the requirements for a quality management system.
Some requirements include a strong customer focus, continual improvements, and evidence-based decision making.
This ensures customers receive high-quality products and services.
In late August, Nuheara announced it partnered with HP to co-develop a new audio experience for HP customers.
The first stage of the deal is a service-based scope of work valued at US$1.2 million (around A$1.7 million).
Nuheara then announced it was awarded phase two works on October 12.
Phase two, which is valued at US$1.48 million (A$2 million), includes a purchase order for works associated with the development and engineering of the buds.
The company is expected to receive payment for both phases in the next quarter.
Nuheara has ended the day two per cent in the green with shares trading for 5.1 cents each in a $69.60 million market cap.