Eargo, Inc. Prices IPO at $14.00-$16.00 Per Share (EAR)

Eargo, Inc. (EAR) plans to raise $100 million in an IPO on Friday, October 16th, IPO Scoop reports. The company plans to issue 6,700,000 shares at $14.00-$16.00 per share.

In the last 12 months, Eargo, Inc. generated $46.9 million in revenue and had a net loss of $43.9 million. The company has a market cap of $526.5 million.

J.P.Morgan and BofA Securities served as the underwriters for the IPO and Wells Fargo Securities and William Blair were co-managers.

Eargo, Inc. provided the following description of their company for its IPO: “We are a medical device company dedicated to improving the quality of life of people with hearing loss. We developed the Eargo solution to create a hearing aid that consumers actually want to use. Our innovative product and go-to-market approach address the major challenges of traditional hearing aid adoption, including social stigma, accessibility and cost. We believe our Eargo hearing aids are the first and only virtually invisible, rechargeable, completely-in-canal, FDA regulated, exempt Class I device for the treatment of hearing loss. Our rapid pace of innovation is enabled by our deep industry and technical expertise across mechanical engineering, product design, audio processing, clinical and hearing science, consumer electronics and embedded software design, and is supported by our strategic intellectual property portfolio. Our differentiated, consumer-first approach empowers consumers to take control of their hearing by improving accessibility, with personalized, high-quality hearing support from licensed hearing professionals. We believe that our differentiated hearing aids, consumer-oriented approach and strong brand have fueled the rapid adoption of our products and high customer satisfaction, as evidenced by over 42,000 Eargo hearing aid systems sold, net of returns, as of June 30, 2020. We believe this represents the beginning of our penetration into a large, growing and underserved market of people with hearing loss, which we estimate included approximately 43 million adults in the United States and more than 465 million adults globally in 2019. “.

Eargo, Inc. was founded in 2010 and has 184 employees. The company is located at 1600 Technology Drive, 6th Floor San Jose, California 95110 and can be reached via phone at (650) 351-7700 or on the web at http://www.eargo.com.

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