Welcome to our dedicated page for Eargo news (Ticker: EAR), a resource for investors and traders seeking the latest updates and insights on Eargo stock.
Eargo, Inc. (Nasdaq: EAR) delivers innovative hearing solutions through discreet, FDA-regulated devices designed for modern lifestyles. This page aggregates official announcements and market-moving developments for investors tracking this medical technology pioneer.
Access real-time updates on Eargo's retail expansions, insurance partnerships, and product innovations like the self-fitting Eargo 7. Monitor financial performance updates and leadership changes affecting corporate strategy. Our curated news feed simplifies tracking key milestones in hearing aid accessibility and omni-channel growth.
Key coverage includes earnings reports, FDA clearances, retail availability expansions through partners like Best Buy, and insurance coverage progress. Bookmark this page for verified updates on Eargo's cost management initiatives and consumer-focused technological advancements in hearing health.
Eargo, Inc. (Nasdaq: EAR) announced a 1-for-20 reverse stock split approved by its Board of Directors, effective January 18, 2023. This action will convert every 20 existing shares into one share, with cash provided for any fractional shares. The reverse split is intended to increase the stock price and attract a broader range of investors. Eargo aims to improve hearing health with innovative, cost-effective hearing aids, significantly cheaper than traditional channels, while addressing stigma and accessibility issues.
Eargo launched its latest device, Eargo 7, at CES, positioning it as a top over-the-counter (OTC) self-fitting hearing aid. With features like Sound Adjust+ for better clarity in noisy environments and water resistance rated IPX7, Eargo 7 aims to enhance the user experience for individuals with mild to moderate hearing loss. Eargo also announced a partnership with Victra, expanding retail access, and recently achieved FDA 510(k) clearance for Eargo 5 and 6, marking significant milestones in its mission to improve hearing health for millions of Americans.
Eargo, Inc. (Nasdaq: EAR) has partnered with NationsBenefits to sell OTC hearing aids starting January 1, 2023. This collaboration allows NationsBenefits' health plan members to utilize their benefits for Eargo's innovative hearing aids, aiming to enhance access and affordability for individuals with hearing loss. Following new FDA regulations, Eargo's products promise advanced technology and tailored consumer support. Eargo's goal is to improve hearing health while reducing costs associated with untreated hearing loss, aligning with NationsBenefits' mission to enhance member experiences.
Eargo's OTC Hearing Aids Launch
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Eargo, Inc. (Nasdaq: EAR) has appointed new directors following its recent rights offering. Patient Square Capital has become the majority owner and nominated Karr Narula, Justin Sabet-Peyman, and Trit Garg, M.D., to the Board of Directors. The appointments, effective immediately, fill seats vacated by resigning directors and expand the board from six to seven members, with Donald Spence also appointed as Chair. The leadership changes aim to enhance the company's strategic growth in the healthcare sector, particularly in improving accessibility and reducing stigma around hearing aids.
Eargo, Inc. (Nasdaq: EAR) announced that Patient Square Capital has become the majority equity owner, holding approximately 76.3% of outstanding common stock following the conversion of secured convertible notes. Eargo’s recent rights offering raised about $32.3 million, providing a strengthened balance sheet with no outstanding debt. The investment supports Eargo's growth strategy, particularly with new FDA rules for OTC hearing aids enhancing patient access. Eargo aims to address the hearing loss market where nearly 45 million adults are affected but only 25% own hearing aids.
Eargo, Inc. (NASDAQ: EAR) has successfully closed its rights offering, which ended on November 17, 2022. A total of 57,745,050 shares were sold through basic subscription rights and an additional 828,970 shares through over-subscription privileges at $0.50 each, raising approximately $29.3 million. Furthermore, around $105.5 million of senior secured convertible notes were converted into 316,425,980 shares. Overall, Eargo issued 375,000,000 new shares, resulting in net proceeds of approximately $32.3 million, planned for general corporate purposes.
Eargo, Inc. (NASDAQ: EAR) has announced key deadlines for its rights offering, reminding stockholders to participate. The rights offering allows stockholders to buy up to 375 million shares at a subscription price of $0.50 per share. Important deadlines include 5:00 PM (U.S. registered holders) and 2:15 PM (U.S. beneficial holders) on November 17, 2022, and 11:00 AM on November 10, 2022 for non-U.S. holders. Stockholders are encouraged to contact their brokers for assistance and to review the offering's prospectus.
Eargo, a medical device company, filed its Quarterly Report on Form 10-Q for the period ended September 30, 2022. The company announced a rights offering of 375 million shares at $0.50 each, aiming to raise capital. Stockholders as of October 24, 2022, received subscription rights to purchase approximately 9.5151 shares per common share owned. The rights offering is accompanied by a Prospectus detailing investment considerations and risks. Eargo's mission focuses on enhancing hearing health with innovative, cost-effective solutions.
Eargo reported Q3 2022 net revenues of $7.9 million, a significant turnaround from a loss of $22.9 million in Q3 2021. The company shipped 5,156 systems, down from 13,117 a year prior, largely due to a halt in accepting insurance payments. Gross profit improved to $1.9 million, with a 24.0% gross margin. Operating expenses were $27.9 million, down from $48.6 million in 2021. The net loss attributable to common stockholders narrowed to ($50.6 million) or ($1.29) per share. As of September 30, 2022, cash and equivalents stood at $88.1 million.
