A hearing aid that is practically invisible fits, snugly in the ear canal, and lasts 16-hours on a charge is an attractive option for those facing hearing loss. Couple that with an overall cost that is 50% less than traditional hearing aids and Eargo’s Neo HiFi solution could help the tens of millions of people address mild to severe high-frequency hearing loss.
Complementing the device and helping to drive down the total cost is that their solution is effectively a telehealth application. From the initial screening, which is done online, to the welcome call, Eargo uses the Internet to bring the audiologist to the patient.
The audiologist is able to remotely assess a patient’s hearing and make the adjustments necessary to optimize the device for a patient’s particular condition. The app allows the patient to further customize bass and treble settings and to optimize for various environments (e.g. meetings, TV, restaurants, crowd, theater, etc.).
Different modes may be selected by simply tapping on the outside of the ear; no fumbling and bumbling having to remove it to adjust a setting. But the most important feature might not have to do with technology, but just knowing that an audiologist is just a phone call or video chat away; no need to make an appointment or travel cross town to an office.
With a $70M run rate and 100% revenue growth, according to Barrons, Eargo went public on October 16th. Their CEO suggests the $141M provides the runway needed for profitably by 2023 or 2024. Judging by that success, it looks like this telehealth application will be around long after the shutdowns are over.