Nuheara announced a series of structural changes designed to advance the Company’s unique and growing US-based hearing healthcare market opportunities: The appointment of John R. Luna as its US-based Chief Executive Officer; Co-founder and former CEO, Justin Miller, remaining as the Company’s Managing Director; Engagement of Roth Capital Partners LLC (“Roth”) as its Investment Banker to explore US listing alternatives.
Nuheara’s hearing device market presence in the US has been developing since the Company’s inception. In building brand awareness with Direct To Consumer (DTC) and traditional retail sales partners, the US currently holds the majority of Nuheara’s global sales and growth, according to the company. Representing a “once-in-a-generation opportunity,” this growing retail presence, award-winning hearing products, changing US FDA hearing healthcare regulations, supporting over-the-counter hearing aids, and the Company’s recent FDA 510(k) self-fit hearing aid submission, have all called for a greater Company presence in the US, Nuheara says.
The hearing healthcare platform built by Nuheara in the US, coupled with the new opportunities that are expected to be delivered because of the OTC rule changes, has resulted in ever growing US investment bank interest in the Company, Nuheara reports. Accordingly, the Company has now moved on this interest and engaged Roth Capital Partners to explore US listing alternatives that support dual listings in Australia and the United States of America.
Commenting on the US-based expansion, outgoing CEO and continuing Managing Director Miller said,” This is a very exciting and necessary step for the Company to solidify its presence in the US market. We have been pioneers in bringing accessibility and affordability into the hearing market globally, with no greater success being achieved for us than in the US. Accordingly, over the past seven years, our smart self-fit hearing devices have been successfully developed and deployed alongside new and unexplored retail channels in the US. Now backed by the changing OTC hearing aid rules, expected to allow US OTC sales to commence by mid-September this year, we find ourselves in the right place at the right time. I am so pleased that this has been recognized by US investment bank Roth and will be backed on the ground in the US by hearing healthcare industry stalwart, John Luna, as our new US-based CEO.”
Luna joined Nuheara in May 2021 and previously served as the Chief Revenue Officer and President, Americas.Luna has a proven track record of successfully leading companies and commercializing medical devices over a 30-year career. In the medical device and hearing aid industry, John served previously as CEO and COO of iHear Medical, Inc, Chief Business Development Officer of Eargo, and President and COO of Bernafon (Demant). Luna’s leadership roles with established and emerging growth companies successfully disrupted business standard models, including his role at InSound Medical launching the first 24/7 worn, subscription-based Lyric hearing device prior to its acquisition by Sonova.
As an experienced medical device executive, Luna will report directly to the Board of Directors and assume all operational control of the Company along with the management of the C-Suite Executives. With critical global sales and marketing functions already transitioned to the US, the product, technical, operations, and finance functions will remain in Perth and be managed remotely. As Managing Director, Miller will manage the Company’s ongoing corporate and regulatory commitments as well as strategic and OEM relationships; a role that is expected to transition to part-time before the end of the current financial year.
Commenting on his CEO appointment, Luna said, “I am honored and excited to capitalize on the momentum and opportunity we have in our business entering the US over-the-counter, regulated, hearing aid market while continuing to deliver on our omnichannel approach. We have been focused on enhancing our shareholder value and believe a listing on a major US exchange will help to broaden our investor shareholder base. I’ve worked previously with Roth and know that their experience in medical devices along with their deep relationships with institutional investors in the US and globally will enhance this opportunity to explore a US listing and help us to deliver OTC hearing aids in the US.”