NEWARK, Calif., Jan. 6 InSound Medical, which created and markets Lyric, the world's first "100% invisible, extended wear" hearing aid, announced today it has been acquired by Sonova Holding AG, of Switzerland, the world's leading provider of hearing systems. Lyric is a revolutionary, non-surgical hearing device placed deep in the ear canal and is designed to provide outstanding and continuous hearing for months at a time.
Lyric was developed over a ten year period and is engineered to comfortably handle challenging listening environments while providing natural sound quality. It is placed completely in the ear canal, very close to the ear drum, by a Lyric trained hearing professional. This deep canal placement greatly reduces background noise and feedback while it helps localize sound. Lyric is completely invisible, is water resistant, and functions in the ear canal 24 hours a day for up to four months at a time. Because Lyric is both invisible and free of daily hassles, many users forget they're wearing a hearing aid.
InSound Medical will be an independent business unit of Sonova with access to Sonova's resources and extensive hearing industry expertise. The acquisition will allow Sonova to penetrate the mild-to-moderate hearing loss population with an extended wear, 100% invisible device. InSound Medical's future product innovations will be enhanced by Sonova's proven capabilities in signal processing technologies and micro hearing devices. The acquisition will also assist InSound as it expands manufacturing and distribution to better serve the growing demand for Lyric. The result will benefit customers through improved product innovations and expanded product availability and distribution.
"InSound is excited to be joining the Sonova family," said InSound Medical CEO David Thrower. "As the world leader in cutting-edge hearing healthcare solutions, the company is focused on innovations that improve people's lives. Those same values drove the creation of Lyric and its ongoing improvements. The acquisition comes at an important time for InSound, as Lyric is experiencing strong sales growth and is becoming available through more of the leading hearing healthcare practices across the United States. By becoming part of Sonova, we will reach more customers, both in the United States and in international markets, and continue to develop innovative technologies to help people with hearing loss."
Together, Sonova and InSound Medical will provide the hearing healthcare industry's most comprehensive product line for people with mild-to-profound hearing loss.
About InSound Medical
InSound Medical, Inc., a medical device company based in Newark, California, develops and manufactures next-generation hearing solutions.
The company's introductory product, Lyric, is the first and only 100% invisible extended wear hearing solution that is placed deep in the ear canal to provide outstanding and continuous hearing for months at a time. Lyric became available through select US audiologists in 2008.
For more information please visit www.insoundmedical.com and www.lyrichearing.com.
Sonova is the leading provider of innovative hearing healthcare solutions. The globally active group is the world's top manufacturer of hearing systems, the market leader in wireless communication systems for audiology applications and a provider of professional solutions for hearing protection. Sonova is pursuing a clear growth strategy and is intent on building its market share. To this end it is constantly expanding its existing business segments and branching out into other areas of the hearing healthcare industry.
Present in over 90 countries, and with a workforce of over 5,600 employees, Sonova generated sales of CHF 1.249 billion in the financial year 2008/09 and a net profit of CHF 284 million. This financially strong group of companies bases its success on innovation, customer focus and proactive cost management.
The company has been successfully promoting understanding and communication for over 60 years, and is ideally positioned to benefit from the trends in this growth industry.
For more information please visit www.sonova.com.
Sonova shares (ticker symbol: SOON) have been listed on the SIX Swiss Exchange since 1994.
Lyric is not appropriate for all patients. See your Lyric hearing professional to determine if Lyric is right for you.
SOURCE InSound Medical, Inc.