The only U.S.-based publicly traded hearing aid company leverages patented sound technology to become one of the largest hearing device manufacturers worldwide in just 10 years.
Salt Lake City-Sonic Innovations, Inc. (NASDAQ: SNCI), the only U.S.-based publicly traded manufacturer of digital hearing aids, is celebrating 10 years of success with consistent revenue growth. Over those 10 years, the company has experienced a 50 percent compound annual revenue growth rate and in 2007, the company reported a revenue increase of 16 percent, to $122.5 million.
Sonic Innovations' patented technology was among the first of its kind clinically proven to increase speech understanding in noise. This technology has also made the company one of the largest hearing aid providers in the world with nearly 700 employees worldwide and offices around the globe.
"Sonic Innovations is a true pioneer in the industry and a digital technology leader in hearing aid manufacturing. Our company was built around digital sound processing;we were never an analog hearing aid manufacturer as the rest of the industry began," states Sonic Innovations CEO Sam Westover. "Our patented algorithms use a processing of sound called Sonic Sound which is the core reason Sonic Innovations hearing aids provide the most natural sound to each individual. Sonic hearing aids are clinically proven to help people hear better in noisy environments and improve the hearing experience."
According to the Better Hearing Institute, it is estimated that 31.5 million people, or approximately 10 percent of the U.S. population, report a hearing difficulty, and one in six baby boomers (ages 41 to 59), or 14.6 percent, has a hearing problem. The National Institute on Deafness reports that as baby boomers age, the number of people suffering some degree of hearing loss may be as many as 78 million by 2030.
"This is a critical time in the hearing aid industry as the number of persons suffering hearing loss and poor quality of life is on the rise," notes Westover. "At Sonic Innovations the focus is on helping people hear better. The company is scheduled to launch more product lines this year that will address growing consumer needs and help people hear better and more naturally than any other hearing aid in the industry."
Sonic Innovations began operations in 1998 and is headquartered in Salt Lake City, Utah. The company is listed on the NASDAQ Global Market System and can be found online at www.sonici.com or Sonic Innovations Web Channel at Audiology Online.
Taken from www.sonici.com/corporate/News/default.aspx.
