Nuheara approved for government program

Shares in local tech firm Nuheara soared today after the company announced it had become an approved supplier to the federal government’s hearing services program, which was allocated a $539 million budget this year.

Nuheara shares were up 28 per cent at 13 cents each at 230pm AEDT on the news.

The company, which won the 2017 Business News Rising Stars award, has developed a range of wireless noise-cancelling headphones that enable users to control certain sound levels in noisy environments.

The government program provides eligible Australians access to free and subsidised hearing devices and related services, which is used by about 70 per cent of those who need a hearing device in the country.

The company will place its IQBuds and IQBuds Boost products on the schedule as assisted listening devices (ALD).

Chief executive Justin Miller said the approval was a significant development for the company.

“This secures Nuheara’s mainstream position in the rapidly changing global hearing health care market,” he said

“We are ready to fill a massive market gap by providing an ALD solution that is much more affordable and one which is more visually appealing and functional: an intelligent wireless earbud that also allows you to listen to music and take phone calls.”

The company recently posted positive half-year results, which revealed significant growth in revenue and gross profit margin.