Nuheara wins NHS tender

28/11/2018 - 13:37

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Local tech company Nuheara has won a two-year contract to provide the UK’s National Health Service with its IQbuds Boost hearing bud for adults and children with mild to moderate hearing loss.

Nuheara CEO Justin Miller testing the IQbuds Boost hearing device.

Local tech company Nuheara has won a two-year contract to provide the UK’s National Health Service with its IQbuds Boost hearing bud for adults and children with mild to moderate hearing loss.

The NHS supplies 75 per cent of all the UK’s hearing aids, and the IQbuds Boost is set to be prescribed alongside traditional hearing aids.

The contract will commence in April 2019, with provision for a further two-year extension.

Nuheara will be eligible to receive a portion of NHS expenditure on hearing devices for adults and children in the mild to moderate hearing loss category during this period.

In a statement to the ASX, Nuhera said it expected £34.5 million ($61 million) worth of purchases by the NHS in this hearing loss category within the first 12 months of the contract and approximately £138 million ($242 million) over the full four-year term.

The news comes after the company signed a deal last week to introduce its IQbuds Boost to 61 Irish clinics by December 1 this year.

Nuheara, the overall Business News Rising Stars 2017 winner, tapped investors for $6 million in June this year to fund an increase in inventory levels of the IQbuds Boost.

“This tender and contract through one of the world’s leading government health care providers is a defining moment for IQBuds Boost,” Nuheara chief executive Justin Miller said.

“In a world first for any government body, IQbuds Boost can be prescribed to sufferers of mild to moderate hearing loss.”

“We applaud NHS for foresight and innovation in moving prescriptions beyond traditional hearing aid companies and selecting a product that is fit for purpose, accessible and affordable.”

Shares in Nuheara were up 11.4 per cent to trade at 8.8 cents each at the close of trade.

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