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IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today announced it has entered into a manufacturing agreement to become hi HealthInnovations’ supplier of hearing aids.
hi HealthInnovations, a UnitedHealth Group [NYSE: UNH] business, today launched a suite of high-tech, lower-cost hearing devices for the 36 million Americans with hearing loss. An estimated 75 percent of people who can benefit from hearing devices do not use them, largely due to the high cost.
hi HealthInnovations will offer consumers technically advanced hearing aids, including those based on IntriCon’s new APT™ Open in-the-canal (ITC) hearing aid platform.
“We’re thrilled to be chosen to work with hi HealthInnovations to deliver high-quality hearing aids at affordable prices to an expanded population,” said Mark S. Gorder, president and chief executive officer of IntriCon. “Research has shown that there are considerable negative social, psychological, cognitive and health effects associated with untreated hearing loss. What’s troubling is that many people are reluctant to seek help due to the considerable costs of hearing aids.
“IntriCon has a proven track record of cost-effectively developing hearing aids that bring proprietary enhancements to the marketplace. We’re excited to join forces with hi HealthInnovations and help this underserved segment of the population.”
Said Lisa Tseng, MD, CEO of hi HealthInnovations, “We evaluated several potential partners and selected IntriCon because of the innovations they’ve brought to hearing aids over the years, their history of success as an OEM partner with other large companies and their ability to scale manufacturing effectively.”
Gorder indicated that the company has devoted considerable time and resources over the last two quarters securing the agreement and preparing for the program’s launch. This has had an adverse impact on financial performance in 2011. IntriCon expects to realize meaningful revenue from this program beginning in the 2012 first quarter.