ASX MARKET RELEASENuheara achieves record sales and sales growthHIGHLIGHTS
$4.5 Million in invoiced orders of IQbudsTM (net of product returns) in the calendar year 2017
16,652 units invoiced and shipped (net of product returns) in calendar 2017
54% overall sales second half sales growth over first half calendar 2017 across online and brickand mortar sales (net of crowdfunding sales)
Record October-December quarter with 4,592 units shipped (net of returns) underpinned by94% growth (over previous quarter) in Amazon sales and 38% growth in direct sales and 31%growth in brick and mortar sales
Consistent growth across all sales channels and the addition of two new products LiveIQ andIQbuds Boost, places the company in strong position to continue growth in 20181 February 2018 – Perth, AustraliaNuheara Limited (ASX: NUH) ("Company" or "Nuheara") a global leader in Intelligent Hearing: smart personal hearing devices that enhance and amplify human experiences, is pleased to announce the results of the Company’s foundation 12 months of sales with approximately $4.5 Million in invoiced and shipped orders (sales net of product returns) for the 2017 calendar year.“2017 has been a year of firsts for our young company, which has now been capped off with a great sales result. Since we shipped our first product in January of 2017 we then went on to ship nearly 17,000 globally. Since placing IQbudsTM in to our first retail store in March, we have progressed to hundreds of stores across the Americas, Europe and the Middle East. We are certainly gathering sales momentum which we believe will be further fueled with addition of the two new products that we recently announced for release in 2018,” said Justin Miller, co-founder and CEO of Nuheara.The Company has developed an array of sales channels and revenue streams across multiple platforms including brick and mortar stores such as Best Buy, Brookstone, Selfridges, Saco, Capi, and Bloom Hearing Clinics, online sales including Amazon and also Nuheara direct sales from global sites trading in seven currencies.Accordingly, the continued expansion of the Company’s available sales outlets has seen Nuheara generate 54% overall sales growth in July-December 2017 sales from the preceding half year (excluding crowdfunded sales), which was underpinned by 55% growth in online sales and 52% growth brick and mortar sales. More critically, the Company has a record October-December Quarter with 4,592 units shipped (net of returns) underpinned by 94% growth (over previous quarter) in Amazon sales and 38% growth in direct sales and 31% growth in brick and mortar sales.
“The swift expansion into retail, especially before Christmas ensured strong first year sales. In fact, our first-year results rank with some of the best first-year sales for new smart devices and wearables companies and this includes Fitbit and GoPro. A solid global sales foundation has now been set and we expect to leverage this into continued growth through 2018, especially with the expansion of our suite of products and the impending OTC Hearing Aid Act legislation changes in the US that provide further support to our hearing health initiatives with IQbuds Boost.” said Mr Miller.
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NUH Price at posting:
6.2¢ Sentiment: Buy Disclosure: Held
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