Business Update

Hearing-aid company stock plummets on change in German healthcare

Published in Health Business Week, July 9th, 2004

The stock of Sonic Innovations Inc. plunged June 15, 2004, after the maker of hearing aids slashed its second-quarter earnings forecast, citing cutbacks in health care benefits in Germany.

The shares traded midday June 15, 2004, at $5.80, down $3.37, or 37%, on the Nasdaq Stock Market.

The Salt Lake City-based company late June 14, 2004, said Germany cut reimbursements for hearing aids by about 8%, and a co-payment was instituted for specialist doctor visits, including visits to physicians who fit hearing aids.

The company said it is evaluating ways to respond to the change, but doesn't yet have an estimate on any long-term effect...

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Source: Health Business Week (2004-07-09)

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