SALT LAKE CITY, June 16 Sonic Innovations, Inc.(Nasdaq: SNCI), the only U.S.-based publicly traded manufacturer of digitalhearing aids, is celebrating 10 years of success with consistent revenuegrowth. Over those 10 years, the company has experienced a 50 percent compoundannual revenue growth rate and in 2007, the company reported a revenueincrease of 16 percent, to $122.5 million.
Sonic Innovations' patented technology was among the first of its kindclinically proven to increase speech understanding in noise. This technologyhas also made the company one of the largest hearing aid providers in theworld with nearly 700 employees worldwide and offices around the globe.
"Sonic Innovations is a true pioneer in the industry and a digitaltechnology leader in hearing aid manufacturing. Our company was built arounddigital sound processing; we were never an analog hearing aid manufacturer asthe rest of the industry began," states Sonic Innovations CEO Sam Westover."Our patented algorithms use a processing of sound called Sonic Sound(TM)which is the core reason Sonic Innovations hearing aids provide the mostnatural sound to each individual. Sonic hearing aids are clinically proven tohelp people hear better in noisy environments and improve the hearingexperience."
According to the Better Hearing Institute, it is estimated that 31.5million people, or approximately 10 percent of the U.S. population, report ahearing difficulty, and one in six baby boomers (ages 41 to 59), or 14.6percent, has a hearing problem. The National Institute on Deafness reportsthat as baby boomers age, the number of people suffering some degree ofhearing loss may be as many as 78 million by 2030.
"This is a critical time in the hearing aid industry as the number ofpersons suffering hearing loss and poor quality of life is on the rise," notesWestover. "At Sonic Innovations the focus is on helping people hear better.The company is scheduled to launch more product lines this year that willaddress growing consumer needs and help people hear better and more naturallythan any other hearing aid in the industry."
Sonic Innovations began operations in 1998 and is headquartered in SaltLake City, Utah. The company is listed on the NASDAQ Global Market System andcan be found online at http://www.sonici.com.
This press release may contain "forward-looking statements" as definedunder securities laws. Actual results may differ materially and adversely fromthose described herein depending on a number of factors including, but notlimited to, the following risks: we face aggressive competition in ourbusiness; acquisitions could be difficult to integrate and disrupt our currentbusiness and therefore may harm our operating results; we may not launch moreproduct lines this year; our products may not help people hear better or morenaturally; we may poorly operate newly acquired businesses; we may lose alarge customer or suffer a reduction in orders from a large customer; we musthave innovative, technologically superior products to compete effectively; ourproducts, due to their complexity, may contain errors or defects that are onlydiscovered after sales by our customers, thus harming our reputation andbusiness; we may have issues with intellectual property; and we have importantinternational operations, which expose us to a variety of risks includinggovernment reimbursement, that could impact sales and operating results. Foradditional information regarding the risks inherent in our business, pleasesee "Factors That May Affect Future Performance" included in our Annual Reporton Form 10-K for the year ended December 31, 2007, as filed with theSecurities and Exchange Commission.
We undertake no obligation to revise our forward-looking statements toreflect events or circumstances after the date hereof as a result of newinformation, future events or otherwise.