(Seeking Alpha) – Eargo (EAR) has filed a preliminary prospectus for a $100M IPO.
The San Jose, CA-based medical device company has developed a lineup of rechargeable in-the-canal (ITC) hearing aids that, it says, are actually suspended in the canal, offering a more comfortable “open fit” versus traditional ITC hearing aids that block the canal.
It employs a direct-to-consumer business model, engaging prospective clients via digital and traditional marketing. Once someone has expressed an interest in their solution, the lead is transferred to a sales consultant who works with the person via chat or phone.
After a purchase has been made, a licensed hearing professional provides complimentary support via phone, chat or email. No clinic visits are required.
2020 Financials (6 mo.): Revenue: $28.6M (+99%); Operating Expenses: $36.0M (+38%); Net Loss: ($18.3M) (+4%); Cash Flow Ops: ($16.0M) (+17%).