RCA Accessories To Expand its Presence in the Multi-Billion-Dollar Over-the-Counter Hearing Aid Market with the Launch of Three New Premium RCA Models
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Insights
The introduction of three new upgraded premium hearing aids by RCA Accessories can be seen as a strategic move to capture more market share in the hearing aid industry. This is particularly significant given the industry's competitive landscape and the aging global population, which is driving demand for hearing aids. The company's emphasis on advanced functionality and longer battery life responds to key consumer demands for convenience and reliability.
Furthermore, the introduction of a best-in-class protection plan indicates a focus on customer service and could enhance brand loyalty. Competitive pricing is a crucial factor that can disrupt market dynamics, especially if the products maintain quality comparable to higher-priced alternatives. This pricing strategy may pressure competitors to reevaluate their pricing structures, potentially leading to a price war or forcing them to innovate further.
RCA Accessories' announcement could have a positive impact on VOXX Accessories Corporation's financial performance. The launch of competitively priced premium products could increase revenue streams and improve profit margins if the cost of goods sold is managed effectively. The stock market often reacts favorably to such strategic expansions, especially in high-growth markets.
Investors will be interested in the projected sales figures for these new products and the expected contribution to the company's overall financial health. Additionally, the protection plan could result in recurring revenue, improving the company's financial stability. However, investors should also be aware of the risks associated with new product launches, such as potential manufacturing and supply chain challenges, or the possibility of not meeting sales targets due to unforeseen market shifts.
The development of upgraded hearing aids with advanced features suggests that RCA Accessories is investing heavily in research and development (R&D) to stay ahead of the curve. The focus on battery lifetime and volume controls is indicative of a user-centered design philosophy, which is critical in medical device markets. The ability to cater to specific user needs can differentiate RCA's products in a crowded market and potentially lead to higher customer satisfaction.
However, the success of these new products will depend on their technical reliability, user experience and how well they are received by audiologists, who play a significant role in recommending hearing aids to patients. It is also essential that the company ensures compliance with regulatory standards for medical devices, as this can affect market access and consumer trust.
Ian Geise, President of VOXX Accessories Corporation stated, "We have made significant enhancements to our product offering and are very excited about the upcoming RCA hearing aid and protection plan launches. This has been one of our most explosive growth categories since we entered the market last year and the new products we'll be bringing to market should help drive further adoption. Our products have been carefully designed to address all types of consumers suffering from hearing loss and our new models are technologically superior, comfortable, easy to use and competitively priced. We will continue to drive innovation for our customers and in turn, the millions of Americans suffering from hearing loss without the financial burdens they've been accustomed to."
RCA Accessories entered the Over-the-Counter ("OTC") hearing aid market with an assortment of products in May 2023, following a late 2022 ruling by the
RCA OTC Rechargeable Digital Behind-the-Ear Hearing Aid with Bluetooth Streaming and Calls
Model RSH082
Believed to be the world's first OTC hearing aid with a wireless remote to control volume, this consumer friendly hearing aid is comfortable and easy to use and IP22 water resistant. The RCA RSH082 comes equipped with Bluetooth streaming for audio, music podcasts and phone calls (iOS and Android), along with advanced dual microphones for blocking out surrounding noise and frequency controls for volume settings for both indoors and outdoors. High-capacity battery life provides 20 hours of use on a single charge, and an on-the-go super extended charging case provides three (3) full charges of your hearing aid while away from home. The "keychain FOB" style remote makes it the easiest hearing aid to control volume in both ears as well as change to any one of the environmental settings already pre-programmed. No need to use a phone or adjust with small controls in or near the ear. A tremendous feature for both users and caregivers. The RCA RSH082 will launch In April 2024 at an MSRP of
RCA OTC Behind-the-Ear Hearing Aid
Model RSH072
The RCA RSH072 is a new premium model for the consumer who wants the best performance with an invisible BTE size and extended charging capabilities. This model comes with advanced dual microphones, frequency controls for indoor and outdoor settings, 4-channel digital signal processing with noise reduction, four (4) pre-programmed environment settings and 11 volume levels. It is IP22 water resistant, its high-capacity battery lifetime provides 20 hours of use on a single charge, and the on-the-go charging gives provides five (5) full charges. The RCA RSH072 will be launching in May 2024 at an MRSRP of
RCA OTC Rechargeable Hearing Aid
Model RSH053
Developed for the consumer who wants small-sized hearing aids with large and easy-to-use controls, the RCA RSH053 delivers superior, reliable performance at an affordable price. Ergonomically designed to fit behind the ears, this model comes with an adjustable volume control joystick, three (3) different listening programs, and 11 volume levels. The RCA RSH053 has an IP22 water-resistant design and comes with a 16-hour battery life and a USB C recharging cradle with fast, two (2) hour charging. It's four 4-channel digital signal processing with noise reduction amplifies the volume of sound both indoors and outdoors. It will launch in January 2024 at an MSRP of
RCA Hear for You Protection Plan
RCA also will be launching a new Hear for You Protection plan for consumers to ensure that their hearing aid purchase is protected from any accidental damage in addition to extending warranty coverage for up to two (2) years. These new service plans will be offered for
All RCA OTC hearing aids meet all FDA requirements and are FDA compliant. For more information on RCA Hearing Aids, please visit us at: www.rcahearingaids.com.
About RCA
The RCA brand is one of the most recognized and established brands in the consumer electronics industry. Marketed by VOXX Accessories Corporation, a wholly owned subsidiary of VOXX International Corporation (NASDAQ: VOXX), the RCA brand continues its tradition of innovation and market leadership, as the #1 brand in the US for universal remote controls and TV reception products.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a leader in Automotive Electronics and Consumer Electronics, with emerging Biometrics technology to capitalize on the increased need for advanced security. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the risk factors described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2023, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company's business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the War in the Ukraine and any worsening of the global business and economic environment as a result.
VOXX International Investor and Media Relations Contact:
Glenn Wiener
GW Communications
Email: gwiener@gwcco.com
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SOURCE VOXX International Corporation
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