Audientes Half-year Report: Ven™ available for pre-ordering
Today, Audientes A/S’ financial results for the period April 1 – June 30, 2021 were approved by the Board of Directors, and the company has now published its interim report for Q2 and H1 2021.
Company announcement no. 8-2021
August 19, 2021
During Q2 2021, Audientes accelerated its market development and announced its initial commercial partners, while continuing the completion of its product in the lead-up to the product launch and sales in H2 2021.
Steen Thygesen, CEO Audientes A/S, comments:
“We are very satisfied with the results in H1 2021 and have high expectations for H2 2021. Now it’s happening – we are entering a new phase of being a commercial company. In Q2 2021, we had a goal of starting to secure important commercial partnerships, which we were able to achieve in June and August with Hearing Wellness Clinic and Omni Hearing, respectively. With these initial retail and distribution partners together with prepared online initiatives, we are ready to accept pre-orders for our self-fitting hearing aid, Ven™, in Q3 2021 with commercial availability in Q4 2021.”
Performance highlights for Q2 and H1 2021
| TDKK | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | 2020 |
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA | -3,042 | -204 | -5,652 | -248 | -5,548 |
| Net profit/loss for the period | -2,756 | -197 | -5,508 | -250 | -5,138 |
| Cash and cash equivalents | 24,040 | 60 | 24,040 | 60 | 30,364 |
| Equity | 32,864 | 3,682 | 32,864 | 3,682 | 38,372 |
| Equity ratio (%) | 85.8% | 47.9% | 85.8% | 47.9% | 90.9% |
| Earnings per share (DKK) | -0.29 | -0.05 | -0.59 | -0.07 | -0.79 |
| No. of shares beginning of the period | 9,349,010 | 3,687,300 | 9,349,010 | 3,687,300 | 3,687,300 |
| No. of shares end of the period | 9,349,010 | 3,687,300 | 9,349,010 | 3,687,300 | 9,349,010 |
Highlights Q2 2021
- Investments and expenditures below expectations due to less travel activity than planned, coupled with some tooling and consultancy costs moving to Q3. Accordingly, Audientes had a robust financial position at the end of Q2 2021 with cash holdings of TDKK 24,040.
- Initial retail partner, Hearing Wellness Clinic, announced in June. We increased our efforts in Q2 to further solidify the dialog and collaboration with B2B and B2C sales partners in various markets and with whom we plan to launch our product later this year.
- Indian subsidiary established with both office facilities and a customer experience center in the southern Indian city of Hyderabad, coupled with the hiring of additional local key personnel.
- Implementation of the multichannel sales platform continued, paving the way for the marketing and sales of our products and accessories worldwide through numerous ecommerce channels. B2B partner portal development was kicked off to streamline collaboration with distributors and retail partners on marketing and commercial matters.
Events after the reporting period
- New partnership agreement with Omni Hearing announced in early August.
- Ven™ by Audientes – the product name for our first hearing aid, reflecting our Nordic roots, was announced in early August on web and social media with encouraging feedback.
- Continued focus on gaining FDA clearance for our hearing aid, as the Biden administration puts the implementation of the pending new OTC legislation back on track
2021 outlook maintained
- Market launch in September 2021 with pre-ordering of Ven™ in B2C and B2B channels.
- Mass production and commercial availability slated for Q4 2021, with initial sales in India and other select markets through B2B and several leading B2C channels.
- Outlook maintained – in 2021, Audientes expects revenue in the range of DKK 3.5 to
5.0 million and operating profit (EBITDA) in the range of DKK -12 to -14 million. The operating losses for 2021 should be viewed in the light of the ongoing development activities and intensified marketing focus for H2 2021.
Financial calendar
| Date | Event |
| November 18, 2021 | Q3 2021 reporting |
| March 24, 2022 | Annual Report 2021 |
| April 21, 2022 | Annual General Meeting 2022 |
Half-year report 2021 (in English):
https://www.audientes.com/investor-relations/
Investor presentation: 19 August 2021 at 3:00 pm (CET)
On Thursday, 19 August 2021 at 3:00 pm (CET), Audientes CEO Steen Thygesen presents the half-year 2021 financial results and latest news, followed by a Q&A session.
https://event.webinarjam.com/register/127/pgkg5t5q
For further information, please contact:
CEO Steen Thygesen
Phone: +45 53 17 26 10
Email: st@audientes.com
Certified advisor
Kapital Partner A/S
Phone: +45 89 88 78 46
Email: info@kapitalpartner.dk
About Audientes A/S
Audientes A/S is a technology company specializing in smart, self-fitting and affordable hearing aids. Audientes’ unique hearing aid solution, Ven™, is in the process of being rolled out in the Indian market, before being introduced to the US OTC marked and other markets thereafter. Audientes mission is to help the 400 million people globally suffering from disabling hearing loss who cannot afford to buy one of the very expensive conventional hearing aids on the market. Audientes is headquartered in Copenhagen and has a subsidiary in Hyderabad, India. In 2020 the company was listed on Nasdaq First North Growth Market Denmark (Ticker: AUDNTS).
For additional information please refer to the company’s website (www.audientes.com)
The half-year report and this accompanying company announcement are published in Danish and English. In case of any discrepancy between the English version and the Danish translation, the English version prevails.