Audientes A/S publishes sales update for Q3 2022 – guidance for 2022 maintained.
Company announcement no. 22-2022
October 5, 2022
Audientes today announces that its revenue for Q3 2022 has surpassed DKK 2 million, corresponding to a total revenue of more than DKK 3 million YTD. The number of commercial partners who can now market and sell Ven™ by Audientes has also increased to over 80, with a combined network of points of sale totaling above 500, further supporting the future sales growth potential. Based on its current momentum in India, coupled with the impending product launch in new markets of the new advanced hearable product, Companion by Audientes, the company hereby maintains its sales revenue expectations for 2022 of DKK 9-12 million.
Steen Thygesen, CEO of Audientes comments:
“In the just-completed third quarter, Audientes built further on the momentum gained in the second quarter this year, which was our first full quarter of sales. We have developed a good flow in our Indian business across hearing health retail channels in the major urban areas of cities such as Delhi, Mumbai, Bangalore, Hyderabad, and many more, and have also expanded our presence to major cities in India such as Pune, Coimbatore, Kolkata, Chennai, among others.
Since we began selling our self-fitting hearing aid, Ven, at the end of March, we have surpassed DKK 3 million in invoiced revenue in India and are continuing to build traction. We have inventory to meet the expected sales in the latter half of this year and into 2023.”
Highlights from Audientes Q3 2022 sales and market development
- Audientes reached more than DKK 2 million in sales revenue in Q3 2022, and over DKK 3 million YTD, having earlier this year reported satisfying revenue for its first quarter of sales, surpassing DKK 1 million in Q2 2022.
- Overall operations are progressing according to the plans for the year, with a solid platform in place for Q4 2022, the final major sales quarter of the year.
- Audientes continued expanding its network of collaboration partners and exceeded 80 different partners of varying size and reach in the hearing clinics channel. The distribution network has overall thus been further strengthened and amounts to over 500 accessible points of sale (up from 350 at the end of Q2 2022), which, over time, will be fully activated.
- Focus in Q3 2022 was on activating existing sales partners and their respective points-of-sale in India, of which over 250 had been trained and actively started to sell the Ven product at the end of the quarter.
- In September, Audientes expanded its India distribution network into the pharmacy channel through a collaboration agreement with pharmacy chain, Thulasi, which has over 100 stores across Southern India.
- The company is continuing the work with online retailers and has introduced Ven on Amazon in an approved brand store, as well as on FlipKart, in India.
- Audientes further developed in-store presence and its online-offline synergies through its “Buy from your local clinic” initiative on its Indian commercial website (audientes.in).
Accelerated sales and new product introduction in Q4 2022
- Audientes is continuing to prioritize B2B channels, which have proven to convert well, and to increase the collaboration with its retail partners’ over 500+ points-of-sale, training and supporting them as well as defining concrete co-marketing initiatives in their respective areas.
- Companion by Audientes will be launched in new markets in Europe and USA among others, thus broadening the company’s market access. Companion is built on the existing software and hardware utilized in its current hearing aid, Ven, and falls into the advanced hearables category.
- The company maintains its sales revenue expectations in 2022 of DKK 9-12 million.
On November 17, 2022 Audientes will be releasing the full Q3 report 2022 and will be hosting a presentation including a Q&A session.
For further information, please contact:
Steen Thygesen, CEO, Audientes A/S
Phone: +45 53 17 26 10
Email: st@audientes.com
About Audientes A/S
Audientes A/S is a Danish technology company specializing in smart, self-fitting and affordable hearing aids. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian market, online and in retail, and will be introduced to the US over-the-counter market and other markets in the coming years. Companion by Audientes is an advanced hearable consumer electronic product that will be launched in Europe and USA in Q4 2022.
Audientes’ mission is to help the approximately 500 million people globally suffering from disabling hearing loss who either cannot afford to buy one of the very expensive hearing aids on the market, or who do not currently have access to a solution to their hearing loss.
Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India.
For additional information please refer to the company’s website, https://audientes.com.