Hearing Aids: June VA data shows further gains for Demant‘s Oticon Zeal

研报英文原文证据摘录

Hearing Aids: June VA data shows further gains for Demant‘s Oticon Zeal

24 July 2026

European Consumer Medical Technologies

Hearing Aids: June VA data shows further gains for Demant's

Oticon Zeal

Yesterday evening, the U.S. Veterans Affairs ('VA') logistics center released its Susannah Ludwig

+41 582 723 127 monthly data on hearing aid units sold and market shares for June. Units sold in the

susannah.ludwig@bernsteinsg.com VA were up +4% YoY in June, after a decline of -9% in May (not accounting for differences

in trading days) (Exhibit 2). This type of volatility is not unusual in the VA channel. For those

Estelle Pang, CFA searching for the data, the page has recently moved to here.

+44 20 7676 7646

estelle.pang@bernsteinsg.com

Demant continued to gain share in June following its May Oticon Zeal launch with

Richard Hombach a +50bps MoM gain. GN also gained share, up +30bps MoM, while Starkey was flat and

+44 20 7762 1858 WSA was down -30bps MoM. Sonova’s share in the channel declined -50bps in June with

richard.hombach@bernsteinsg.com its share in the combined rechargeable and multi-processor ITE category (where Virto R

and Oticon Zeal are sold) dropping from 49% in May to 45% in June. Sonova still leads

Specialist Sales the category though with Starkey and Demant, second and third at a 26% and 22% share

Christian Moore respectively (Exhibit 8). Sonova saw its share of Sphere hearing aids tick up slightly again in

+1 917 344 8555 June to 54% vs. 53% in May following the entrance of the Ultra version in May (Exhibit 11 &

christian.moore@bernsteinsg.com

Exhibit 12). To the extent Sonova can increase the share of Sphere, there is an opportunity

for a further ASP tailwind given Sphere is priced c. +10% higher than the standard Infineo

in the VA channel.