Eargo, which manufactures differentiated hearing aid systems, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Eargo believes its 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. The company has sold over 42,000 hearing aid systems, net of returns, as of June 30, 2020.
The San Jose, CA-based company was founded in 2010 and booked $47 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol EAR. Eargo filed confidentially on November 8, 2019. J.P. Morgan, BofA Securities, Wells Fargo Securities and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
