Nuheara signs new trademark licence agreement with HP

ASX-listed Perth-based medical device and consumer electronics manufacturer, Nuheara, has announced it has strengthened its partnership with global hardware company HP by entering into a new worldwide trademark license agreement.

This will allow for the use of certain HP trademarks on their hearing aids and personal sound amplification devices and accessories.

Nuheara is aiming to take advantage of the United States Food and Drug Administration (FDA)’s enactment of the Over-The-Counter Hearing Aid rule whereby such devices can be sold to consumers without a professional in retail and online settings.

Although more than 1.5 billion people globally suffer from some form of hearing loss according to the World Health Organisation (WHO), there are only 15 million hearing aids sold annually.

Nuheara will have this licensing agreement up until 31 December 2027 and can be used on a global basis, subject to regulations. Along with manufacturing the products, Nuheara can develop and market such products, and in return will pay a market competitive royalty fee to HP where applicable.

Previously, the two companies signed a similar manufacturing agreement for HP’s Elite Buds.

The announcement comes as Nuheara took out the Wildcard Award at the inaugural InnovationAus Awards for Excellence late last year as it emerges as a world-leader in hearing aid technology.

In 2020, they also won a Time Top 100 Inventions of the Year, and were acclaimed as WA Tech Company of the Year.

Nuheara’s CEO Justin Miller said the agreement marks a significant achievement for the growth as a medical device company.

“Leveraging the global brand of HP as a leading technology company to sell our regulated hearing device is a significant step in both Nuheara’s future and the de-stigmatisation of hearing aids,” said Mr Miller.

Nuheara’s Chief Revenue Officer and President Americas, John R. Luna, added the agreement allows their company to instill consumer confidence and brand recognition through the legacy of the HP brand with Nuheara’s “proven safe and effective hearing technology.”