Shares of three large hearing aid companies—GN Store Nord A/S, William Demant Holding A/S, and Sonova Holding AG—dropped significantly on Monday, according to an article on Bloomberg. This drop was attributed to the FDA’s de nova premarket clearance of the Bose Hearing Aid, a self-fit device that will not require assistance from a hearing care provider.

GN Store’s and William Demant’s shares dropped by around 13%, and Sonova’s fell by as much as 10%, according to the Bloomberg report, underscoring investor’s concerns about the impact of over-the-counter (OTC) hearing devices on other hearing companies.

To read the story in its entirety on the Bloomberg website, please click here.

For an in-depth analysis of the potential impact of the FDA’s approval of the Bose Hearing Aid, click here to read the article on Hearing Review. 

Source: Bloomberg