IntriCon to Become Supplier of Hearing Aids to hi HealthInnovationsTM, A UnitedHealth Group Business
October 03 2011 - 8:00AM
Business Wire
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today announced it has entered
into a manufacturing agreement to become hi HealthInnovations’
supplier of hearing aids.
hi HealthInnovations, a UnitedHealth Group [NYSE: UNH] business,
today launched a suite of high-tech, lower-cost hearing devices for
the 36 million Americans with hearing loss. An estimated 75 percent
of people who can benefit from hearing devices do not use them,
largely due to the high cost.
hi HealthInnovations will offer consumers technically advanced
hearing aids, including those based on IntriCon’s new APT™ Open
in-the-canal (ITC) hearing aid platform.
“We’re thrilled to be chosen to work with hi HealthInnovations
to deliver high-quality hearing aids at affordable prices to an
expanded population,” said Mark S. Gorder, president and chief
executive officer of IntriCon. “Research has shown that there are
considerable negative social, psychological, cognitive and health
effects associated with untreated hearing loss. What’s troubling is
that many people are reluctant to seek help due to the considerable
costs of hearing aids.
“IntriCon has a proven track record of cost-effectively
developing hearing aids that bring proprietary enhancements to the
marketplace. We’re excited to join forces with hi HealthInnovations
and help this underserved segment of the population.”
Said Lisa Tseng, MD, CEO of hi HealthInnovations, “We evaluated
several potential partners and selected IntriCon because of the
innovations they’ve brought to hearing aids over the years, their
history of success as an OEM partner with other large companies and
their ability to scale manufacturing effectively.”
Gorder indicated that the company has devoted considerable time
and resources over the last two quarters securing the agreement and
preparing for the program’s launch. This has had an adverse impact
on financial performance in 2011. IntriCon expects to realize
meaningful revenue from this program beginning in the 2012 first
quarter.
“hi HealthInnovations’s confidence in our capabilities and
technology validate the strategic decisions we’ve made over the
past five years,” said Gorder. “We knew that a new distribution
model in hearing health was needed and that it would require an OEM
partner with the ability to cost-effectively manufacture
high-quality, technically advanced products. hi HealthInnovations
had the foresight and vision to make this happen, and we’re excited
to be supporting them.”
About IntriCon Corporation
Headquartered in Arden Hills, Minn., IntriCon Corporation
designs, develops, manufactures and distributes miniature and
micro-miniature body-worn devices. The company is focused on three
key markets: medical, hearing health, and professional audio
communications. IntriCon has facilities in the United States, Asia
and Europe. The company’s common stock trades under the symbol
“IIN” on the NASDAQ Global Market. For more information about
IntriCon, visit www.intricon.com.
Forward-Looking Statements
Statements made in this release and in IntriCon’s other public
filings and releases that are not historical facts or that include
forward-looking terminology are “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended.
These forward-looking statements may be affected by known and
unknown risks, uncertainties and other factors that are beyond
IntriCon’s control, and may cause IntriCon’s actual results,
performance or achievements to differ materially from the results,
performance and achievements expressed or implied in the
forward-looking statements. These risks, uncertainties and are
detailed from time to time in the company’s filings with the
Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended December 31, 2010. The company
disclaims any intent or obligation to publicly update or revise any
forward-looking statements, regardless of whether new information
becomes available, future developments occur or otherwise.
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