Nuheara Shares Up 18% On NDIS Partnership
Perth based assistive listening company Nuheara has received approval to become a registered provider to the National Disability Insurance Scheme following preliminary study results showing its products could help Autistic children pay better attention and understand more at school.
The company’s shares have jumped 18 per cent to 38 cents this morning on the back of the announcement.
The approval means NDIS funding can be used to subsidise purchases of Nuheara devices, with the main focus being to assist people with Autism.
Nuheara’s products were previously available with government subsidies through the Hearing Services Program, which is set to be absorbed by the NDIS in the middle of next year.
This was on the basis that its audio boosting devices could be used to help people with hearing loss, but Nuheara CEO Justin Miller cited “anecdotal evidence” that suggested his company’s earbuds could help people who have difficulty with auditory processing that can make their brain unable to properly interpret sounds and speech, a common trait in people with Autism Spectrum Disorder.
In addition to the anecdotal evidence, Mr Miller also cited positive preliminary results from a study conducted with the University of Melbourne which reported a significant improvement in auditory attention in Autistic children using Nuheara’s IQBuds Boost ($649).
“Being listed on the NDIS places Nuheara at the centre of hearing health care beyond mild hearing loss.”
The new approval is effective immediately with subsidies available for children and adults who qualify for NDIS support.
The company started life as a mining and resources company called Wild Acre Metals, which listed on the ASX in 2010.
It re-branded to Nuheara in 2016 and has begun selling off its mining assets to focus on its new goal to “develop and market products that focus on disrupting the global hearing healthcare market”.
Nuheara was also the target of a secretive takeover by audio giant Harman earlier this year, but the company pulled out of the bid after learning its name would have to be publicly revealed.