Sonova Unveils AI Hearing Aid with High Processing Power
Switzerland based global hearing solutions provider, Sonova has launched a real time AI hearing aid. Yahoo Finance reported that the new solution uses real-time AI to enhance speech clarity from background noise.
Unveiling of Two Products
The Sonova AI hearing aid is the first of its kind in the world. The launch of the new product, which is marketed as Sphere Infinio, increased Sonova’s share prices by 5%. Besides the hearing aid product, Sonova also launched a new Infinio platform.
“The launch of both the new platform and product should be a surprise to the market, because nobody knew this technology and this benefit (real-time AI), which is quite significant, will be available for anyone already this year,” CEO Arnd Kaldowski said.
Research Partners AG analyst, Urs Kunz said the launch was a big step for Sonova.
High Processing Power
Sonova’s real time AI hearing aid is powered by DEEPSONIC chip technology. This new technology’s processing power is 53 times more than what is used in the hearing aid industry currently.
The company sees its Sonova hearing aid and its Lumity platform as important growth drivers of its hearing products business. This business contributes about 50% of its total sales.
Annual Profit Targets
Sonova has managed to stick to its full year profit targets as rivals such as Amplifon of Italy, GN Store Nord, and Demant of Denmark released profit warnings this summer.
“Our first impression is that Sonova has launched an interesting product platform, which is likely to accelerate growth in H2 2024/25,” Niels Granholm-Leth, a Carnegie Analyst said.
European and American markets are showing signs of soft dynamics for the hearing aid industry. But market analysts have highlighted tough competition as the market evolves.
“We will need to see how the market evolves and the customer reaction to the products. But we are good with our full year guidance even with the currently somewhat slower market,” Kaldowski said.
Earlier this year, Sonova said that it expected the launch of its hearing aid with real time AI product to boost sales revenue and grow its profits in the second half of the year.
