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WS Audiology

WS Audiology A/S is a privately held headquartered in Lynge, , and , specializing in the design, manufacture, and distribution of hearing aids and related audiology solutions to address worldwide. Formed on March 1, 2019, through the merger of Singapore-based Sivantos Group—previously spun off from AG—and Denmark-based A/S, the company combines over 140 years of combined expertise in hearing technology innovation. The merger created a global leader generating initial combined revenues of approximately €1.6 billion, with a focus on advancing hearing healthcare through . WS Audiology is owned 51% by CN8 A/S, a joint investment entity of the Tøpholm and Westermann families alongside the Foundation, and 49% by EQT funds and ATHOS KG (as of April 2025). Employing approximately 12,500 people across more than 45 offices in 125 countries (as of 2024), it maintains four R&D hubs in , , , and , and operates production facilities including an energy-neutral headquarters since 2010. The company markets its products under several prominent brands, including Signia for innovative hearing solutions, Widex for advanced natural sound technology, Rexton for reliable and stylish devices, Audio Service for customized audiology products, and Vibe for specialized hearing aids. Its portfolio encompasses hearing aids for mild to profound and over-the-counter options, serving millions annually—equipping 4.1 million people in fiscal year 2023/24 alone—while committing to goals like 100% renewable by 2025.

Company Overview

Profile and Mission

WS Audiology was founded in through the merger of Sivantos Group and , two established players in the industry, creating a unified entity focused on advancing hearing healthcare solutions. The company designs, manufactures, and sells along with related healthcare products, operating in over 130 markets worldwide to address varying degrees of through professional fittings and over-the-counter options. Its portfolio includes prominent brands such as Signia and , which emphasize cutting-edge technology for improved sound quality and user experience. Headquartered globally in Lynge, , where it employs over 1,000 people in roles spanning research, development, production, and distribution, WS Audiology maintains a significant hub in . The company employs approximately 12,600 people across 45 offices globally, fostering a diverse of engineers, audiologists, and specialists committed to expanding access to hearing care. At its core, WS Audiology's mission is "Wonderful Sound for All," which underscores its dedication to unlocking human potential by innovating hearing aids that enhance quality of life for individuals with hearing loss. This purpose drives efforts to increase awareness of hearing health, improve affordability and accessibility of solutions, and promote inclusivity in workplaces and communities worldwide.

Financial Performance

WS Audiology reported annual revenue of €2.637 billion for the fiscal year 2023/24, marking a 10% organic growth from the previous year. This performance was supported by broad-based expansion across all regions, including key markets in the Americas, Europe, and emerging economies. The company's revenue is primarily derived from hearing aid product sales, with additional contributions from service brands, global distribution channels such as wholesale, retail, online platforms, managed care, and diagnostics. In the first nine months of 2025, WS Audiology achieved of €1.958 billion, reflecting a 1% year-on-year decline amid macroeconomic challenges and market softness in key regions like the . Despite this, the continued to account for approximately 50% of total sales, underscoring the U.S. as a primary driver. Growth initiatives, including investments in product innovation such as the launches of Allure in March 2025 and expansions of the Signia IX platform, have helped maintain steady market share in the global hearing healthcare sector. As a privately held entity, WS Audiology's fiscal structure emphasizes operational efficiency, with annual reports highlighting (R&D) spending at around 6.5% of sales as a core expense supporting long-term innovation. This allocation has contributed to improved EBITDA margins, reaching 20.6% in 2023/24, despite one-time adjustments related to amortization.

History

Origins of Predecessor Companies

The origins of Sivantos trace back to the innovations of , who in 1878 co-invented the , laying foundational for later hearing devices. , the predecessor company, entered the hearing aid market in 1913 with the launch of the Esha-Phonophor, recognized as one of the first electrically powered s, which utilized and receiver components derived from . Throughout the 20th century, Siemens expanded its hearing division, developing behind-the-ear (BTE) and in-the-ear (ITE) models that incorporated transistor technology in the and advanced amplification systems, establishing it as a leader in the analog era amid competition from emerging global players. Widex was founded in 1956 in Denmark by electronics engineer Christian Tøpholm and businessman Erik Westermann, who established the company in a modest basement workshop with a focus on high-quality analog hearing solutions. The company's inaugural product, the Widex 561, a pocket-model body-worn hearing aid, was released later that year, emphasizing precise engineering and user comfort in a market still dominated by larger industrial firms. Widex advanced toward digital technology in 1988 with the introduction of the first digitally programmable equipped with capabilities, enabling customized adjustments for individual hearing profiles. In 1995, launched the Senso, the world's first fully digital in-the-ear , which employed to enhance speech clarity and reduce noise, marking a pivotal shift in the industry toward programmable, adaptive devices. Both companies navigated a highly competitive landscape pre-merger, where established conglomerates like initially overshadowed smaller innovators, prompting strategic focuses on technological differentiation until key spin-offs in the mid-2010s.

Formation and Expansion

In 2015, Sivantos was spun off from and acquired by EQT and Santo Holding for approximately €2 billion, allowing the company to focus exclusively on hearing aids and audiology solutions. The formation of WS Audiology occurred in 2019 through an $8 billion merger between Sivantos and , creating a global leader with combined revenues of €1.6 billion, over 10,000 employees, and a top-three market position. The merger, completed on March 1, 2019, aimed to leverage synergies in innovation, accelerate R&D investments in areas like and sensors, and expand . Following the merger, WS Audiology prioritized operational integration across its and headquarters, unifying R&D efforts to drive product innovation. The company also began exploring channels, including over-the-counter options, to broaden access beyond traditional professional fittings. A major milestone came in 2021 with the launch of the Signia AX platform, WS Audiology's first augmented hearing technology, which enhanced speech clarity through intelligent sound processing and offered up to 36 hours of battery life per charge. In , the company opened its 95,000-square-foot and Distribution Center in , , boosting production capacity and supply chain efficiency for the region with 600 workers. In July 2024, WS Audiology identified a attack that involved unauthorized access to IT systems, compromising customer data in regions including , , and ; the company contained the incident and notified affected individuals. In 2024, WS Audiology underwent a CEO transition, with Jan Makela succeeding Eric Bernard on July 15 to lead ongoing global expansion. By 2025, regional leadership evolved to support growth in key markets: James Benston was appointed President of the region effective October 1, succeeding Olivier Chupin, while Americas President Carsten Buhl departed on August 31 to pursue new opportunities. These changes positioned the company for accelerated development in high-growth areas like and the .

Ownership and Governance

Shareholders

WS Audiology is privately held, with its ownership structure comprising major stakeholders that have supported its growth since the company's formation. The primary owners include EQT Group, a , and T&W Medical Investments, which is affiliated with the Tøpholm and Westermann families and the Lundbeck Foundation; these entities have served as majority stakeholders since the 2015-2019 period encompassing the merger of predecessor companies Sivantos and . EQT's acquisition of Sivantos from in 2015 provided the foundational investment that facilitated the subsequent merger and establishment of WS Audiology in 2019. The company has maintained a private ownership model since its inception, with no public stock listing, which enables a strategic emphasis on long-term investments in hearing health without the pressures of quarterly reporting. This structure, dominated by CN8 A/S, the joint investment entity of the Tøpholm and Westermann families and the Foundation, holding 51%, and EQT with ATHOS KG holding 49%, fosters sustained commitment to and expansion in the hearing care sector. In April 2025, ATHOS KG, a healthcare investment firm, joined as a new minority , injecting approximately €590 million in fresh to bolster development and global expansion initiatives. This addition reinforces the ownership's alignment with WS Audiology's R&D-intensive approach, allowing the company to prioritize sustainable growth and advancements in hearing care technologies over short-term profit demands.

Board of Directors

The of WS Audiology serves as the primary , responsible for appointing and overseeing the Executive Committee, ensuring the company's strategic direction aligns with its mission to advance hearing healthcare, and managing key risks in the sector. This oversight includes setting the overall vision and objectives while delegating day-to-day operations to the Executive Committee. The board comprises experienced professionals from finance, healthcare, and , including representatives from major shareholders such as EQT, notably Kristiaan Nieuwenburg, Partner at EQT Private Capital, and Anthony Santospirito, EQT Partner. As of November 2025, current members include Chair Lars , a former CEO of with extensive life sciences board experience; Vice Chair Adam Westermann, a co-owner and VP of Global Innovation R&D at WS Audiology; Arne Due-Hansen, Head of Strategic Ownerships at the Lundbeck Foundation; Jes Munk Hansen, CEO of ROCKWOOL Group; Karen Prange, a professional board member and senior advisor to EQT with prior CEO roles in healthcare; Kristiaan Nieuwenburg; Anthony Santospirito; and Dorothea Wenzel, an independent finance expert with prior audit leadership at and other global firms, who joined in June 2025 and was appointed Chair of the , replacing Julian Tøpholm. The board operates through specialized committees to fulfill its duties, including the , which oversees financial reporting, internal audits, and ; the Compensation Committee, which addresses executive remuneration; and the Nomination Committee, focused on and board composition. These structures support targeted functions without overlapping with executive operations. Governance at WS Audiology emphasizes ethical business practices, as outlined in its , alongside support for innovation in hearing solutions and adherence to regulations for devices. The board prioritizes integrity, compliance with international laws, and proactive risk mitigation to sustain long-term growth in the hearing healthcare industry. In 2025, the board underwent planned adjustments to enhance financial and operational expertise, exemplified by Wenzel's addition replacing Tøpholm, while maintaining the existing management structure. These changes reflect a commitment to bolstering oversight capabilities amid evolving market demands.

Leadership

Executive Committee

The Executive Committee of WS Audiology serves as the primary operational body, responsible for the day-to-day management of the company, strategic planning, and cross-functional coordination across hearing aid development, commercialization, and global sales efforts. Comprising key functional and regional heads based at the company's headquarters in Lynge, , the committee drives initiatives in innovation, market expansion, and operational efficiency to support WS Audiology's position as a leading hearing care provider. Jan Makela has been Group CEO since July 15, 2024, succeeding Eric Bernard, with a focus on accelerating global growth, enhancing innovation in hearing solutions, and strengthening partnerships in the medtech sector. Prior to joining WS Audiology, Makela served as President and CEO of Imaging at , where he led a division generating over $5 billion in annual revenue, and held various senior roles at since 2000, including in healthcare imaging and global operations. He holds an in engineering from Cambridge University and brings extensive experience in scaling technology-driven businesses. Marianne Wiinholt has served as Group since April 2022, overseeing financial strategy, budgeting, risk management, and investor relations to ensure sustainable growth and fiscal discipline. She previously held the CFO position at Ørsted from 2013, managing finances for the giant during its transition to green energy, and earlier roles at and in finance and auditing. Wiinholt also serves on the boards of and , providing governance expertise in medtech and industrial sectors. Maarten Barmentlo is (CMO) and President of Over-the-Counter (OTC) solutions, leading brand strategy, consumer , and the development of accessible hearing products to broaden market reach. With a in physics, Barmentlo has over 20 years in and consumer goods, including senior roles at Sivantos (now part of WS Audiology), Euro-Diesel, and , where he specialized in product launches and . The committee's composition remained stable as of October 2024, including the addition of key operational leaders to support , despite ongoing regional adjustments. In December 2024, Karl Braitberg, who had joined as in November 2023 to oversee product and operations with his 30+ years in global manufacturing from roles at CoreWeave and other firms, resigned to relocate to the ; he was succeeded by Marianne Vinding Ovesen as COO effective December 2, 2024. Vinding Ovesen, with prior COO experience at Diagnostics and operations leadership at and , now manages global operations, manufacturing, and integration for production. This transition maintained continuity in the committee's focus on strategic execution amid WS Audiology's expansion goals.

Regional Management

WS Audiology's regional management structure enables localized to address diverse dynamics, with and directors overseeing operations tailored to geographic needs while reporting to the global Executive Committee. This approach supports adaptation to varying consumer preferences, healthcare systems, and competitive landscapes across regions. In the , following the announcement of the amicable departure of Carsten Buhl as Regional in June 2025, effective August 31, 2025, has emphasized operational efficiencies and expansion to sustain the region's contribution of approximately 50% to global sales as of mid-2025. Key initiatives include leveraging the state-of-the-art Americas Manufacturing and Distribution Center in , , which opened in 2022 and assembles hearing aids for major brands like Signia, employing around 600 workers and optimizing supply chains for North American distribution. Recent efforts have focused on sales growth through unified commercial teams for and Signia brands, announced in October 2025, to streamline provider relationships and enhance patient care delivery in the U.S. . The Asia-Pacific region is led by President James Benston, who assumed the role effective October 1, 2025, succeeding Olivier Chupin, with a focus on the Singapore hub as a critical center for production, innovation, and regional entry. Singapore's facilities produce about one in seven hearing aids used worldwide, supporting high-volume manufacturing and distribution for the fast-growing APAC market. Complementing this, an audiological research laboratory announced in June 2024 is set to open by 2026, creating roles for scientists and engineers to advance hearing technologies tailored to Asian demographics, such as compact designs for humid climates. These efforts underscore strategies to amplify awareness and accessibility in diverse APAC countries through localized product adaptations. In and , new leadership appointments effective October 1, 2025, include Rebecca Gay as Managing Director and Grant Ewer as Commercial Director, both experienced audiologists aimed at driving regional growth. Gay's role centers on strategic expansion of the wholesale channel, while Ewer oversees commercial operations, with both prioritizing initiatives and strengthened partnerships to improve access and customer experiences in these mature yet evolving markets. These appointments build on prior regional promotions to foster innovation in service delivery, such as integrated tele-audiology solutions suited to remote areas. Europe's operations fall under the oversight of President Region EMEA Annemarie van Neck, based at the global headquarters in Lynge, , which serves as a primary R&D and production hub employing over 1,000 staff. Management here prioritizes research-driven advancements and stringent regulatory adherence, exemplified by WS Audiology's status as the first company to achieve full EU Medical Device Regulation (MDR) certification in , ensuring compliance across mature European markets with varying national healthcare policies. This regional structure facilitates rapid iteration on technologies like directional microphones while navigating post-Brexit and GDPR-related challenges. Across regions, WS Audiology's management roles emphasize tailored strategies that account for cultural nuances—such as stigma around in —and regulatory variances, like differing reimbursement models in versus self-pay systems in the , all while aligning with DEI initiatives to promote inclusive practices. Regional leaders report directly to the Executive Committee, enabling cohesive execution of the company's mission to deliver accessible hearing solutions worldwide.

Brands and Products

Hearing Aid Brands

WS Audiology's hearing aid portfolio includes several distinct brands, each targeting specific market segments while leveraging advanced technologies for improved user experience. Signia, derived from the Sivantos heritage, positions itself as a premium brand focused on innovative performance enhancement for users with varying degrees of hearing loss. Its Integrated Xperience (IX) platform, launched in 2024, incorporates AI-driven sound processing through the Signia Assistant, which analyzes user preferences in real-time to optimize speech clarity in noisy environments, alongside telecare features for remote adjustments by audiologists. This platform excels in complex auditory settings, delivering up to 3.2 dB higher signal-to-noise ratios compared to competitors in group conversations. Widex, originating from Denmark and known for prioritizing natural sound reproduction, serves the premium B2B2C market through partnerships with independent hearing care professionals. The brand's Allure platform, introduced in 2025, features Precision Hearing Technology powered by the W1 chip for faster processing and enhanced noise handling, including Speech Enhancer Pro for clear speech in noise and app-driven customization for personalized sound. It builds on earlier innovations like AI adaptation from the EVOKE platform (2018), allowing devices to learn from user interactions and environmental data to refine sound settings automatically over time. Widex employs a time-domain filter bank that emulates human ear processing for enhanced naturalness. Rexton targets value-oriented consumers seeking reliable, durable solutions suitable for everyday challenges, emphasizing affordability without compromising core functionality. Models like the Reach series offer rechargeable batteries with up to 36 hours of runtime including streaming, connectivity for direct audio from and devices, and robust, water-resistant designs tested for impact and environmental resilience. Priced accessibly—often around $1,499 per pair at retailers like —these aids incorporate Multi-Voice Focus technology for improved speech separation in crowds. Vibe is a specialized offering over-the-counter, self-fitting hearing aids for individuals with mild to moderate , emphasizing ease of use and without professional fitting. Key models include Air, which provides customizable sound profiles via an app, streaming, and up to 20 hours of battery life, targeting first-time users in select markets like and . , a established in , operates primarily in a B2B model, supplying customizable hearing solutions to audiologists and emphasizing strong professional partnerships for tailored fittings. It focuses on in-the-ear custom models such as , , , and , which integrate advanced tools for precise adaptations to individual ear anatomy and hearing profiles. This approach supports hearing care providers in delivering personalized care, with products designed for seamless integration into professional workflows. Across all brands, WS Audiology emphasizes shared technological advancements, including specialized chips for superior , wireless app connectivity for user control and remote support, and emerging health monitoring capabilities like activity tracking and fall detection in select premium models. These features enhance overall accessibility and integration with daily life, such as streaming for calls and media, while maintaining focus on core hearing restoration.

Service and Retail Brands

WS Audiology operates a portfolio of service and retail brands that deliver hearing care through platforms, clinic networks, solutions, and specialized distribution channels, emphasizing accessibility for consumers worldwide. These brands focus on reducing barriers to hearing health by combining online consultations, in-person services, and partnerships with insurers and healthcare providers. hear.com and audibene are platforms that provide online hearing assessments, personalized fittings, and subscription-based services. Founded in 2012 by Marco Vietor and Paul Crusius, these platforms target tech-savvy first-time users with a model that includes remote audiologist support and home delivery of devices. In the ended September 30, 2019, audibene generated €119.7 million in , reflecting strong growth in the online segment. HearUSA and the Lifestyle Hearing Network form WS Audiology's primary U.S.-based clinic networks, offering in-person services such as screenings, fittings, and device dispensing at hundreds of locations. HearUSA, as the largest retailer within the WS Audiology Group, emphasizes consumer-centric care with a unified brand vision to simplify access and support. The Lifestyle Hearing Network complements this by providing tailored retail services focused on and ongoing maintenance. TruHearing and Shoebox address benefit-focused needs through insurance partnerships and digital screening tools. TruHearing leads in managed care solutions, partnering with employers and health plans to deliver cost-effective hearing health programs, including teleaudiology options. Shoebox offers app-based hearing tests and diagnostic tools that enable remote screening, integrating with TruHearing to connect users to professional care and expand access in corporate and occupational health settings. Other brands like A&M, Bloom, and Coselgi support specialized and distribution, particularly in and . A&M provides affordable, reliable hearing solutions for emerging markets through a network of distributors emphasizing accessible technology. Bloom operates hearing specialist clinics in regions like and , offering assessments and custom fittings with a focus on customer comfort. Coselgi, founded in in , functions as a brand with products sold in over 30 countries, integrating advanced hearing aids via local partnerships following its merger with WS Audiology. This multi-channel ecosystem integrates , physical clinics, and strategic partnerships to streamline hearing care delivery, allowing consumers to choose online, in-store, or options while leveraging WS Audiology's global expertise.

Operations and Innovation

Global Presence and Manufacturing

WS Audiology operates from 45 offices spanning more than 130 markets worldwide, enabling a robust global footprint in hearing healthcare. Key locations include its global headquarters in Lynge, , which serves as a central for operations and employs over 1,000 people; regional headquarters in and Iselin, (serving the New York area); and significant sites in , ; , ; Poznan, ; and , . In April 2025, the company opened a new commercial and production in , , to support growth in the region. The company's manufacturing network supports efficient production of hearing aids and related devices across multiple continents. functions as a primary hub, manufacturing one in seven hearing aids used globally and integrating advanced assembly processes. Additional facilities encompass the Americas Manufacturing and Distribution Center in , —a 95,000-square-foot site opened in 2023 to streamline regional output; production operations in Binan, ; a dedicated center in , , focused on the local market; and capabilities in , , leveraging historical expertise from its heritage. Distribution logistics are handled through an integrated network of centers in Lynge, ; ; , ; , ; and Poznan, , facilitating multi-channel supply chains that deliver products to audiologists, hearing clinics, retail partners, and online platforms with optimized global efficiency. WS Audiology demonstrates strong in and , where it holds significant share through established infrastructure, while expanding in via its base to address rising demand in emerging economies like and . Sustainability is embedded in manufacturing practices, with eco-friendly initiatives including energy-neutral operations at the Lynge headquarters—achieved since 2010 via geothermal heating, wind turbines, and a solar park ensuring 100% green electricity consumption—and broader efforts to adopt circular economy principles, such as increasing recycled content in device packaging and reducing emissions across assembly and logistics.

Research and Development

WS Audiology maintains a global network of research and development facilities dedicated to advancing hearing health technologies. The company operates four primary R&D hubs: in Lynge, Denmark, which serves as the global headquarters and a key innovation center employing over 1,000 people; Erlangen, Germany, home to more than 400 engineers specializing in technical expertise; Hyderabad, India, where a new R&D center of excellence was inaugurated in May 2024 to focus on emerging technologies; and Singapore, where an audiological research laboratory, known as ORCA Asia, was announced in June 2024 and is slated to open by 2026 to conduct clinical research tailored to Asian markets. The company's investment in R&D emphasizes the integration of (AI), connectivity, and biometric features to enhance performance and . These efforts support two core platforms—Signia and —that underpin all brand offerings, enabling distinct sound preferences and multi-brand strategies without compromising . Continuous R&D spending, representing approximately 6.5% of annual sales as of 2025, drives developments in contextual awareness through AI and seamless integration for real-time adjustments. Key initiatives include groundbreaking research in advanced sound processing, tele-audiology, and personalized fitting, spearheaded by the company's Office of Research in Clinical Amplification () Labs. ORCA Labs conducts applied studies on impacts, such as short processing delays in open-fit hearing aids to improve sound quality, and collaborates with institutions like the for industrial PhD projects. Partnerships with over 50 scientific organizations facilitate clinical trials and validation of new features, including tele-audiology tools for remote fitting and biometric sensors for health monitoring. WS Audiology's innovation pipeline prioritizes redefining hearing boundaries through annual product launches, such as advanced rechargeable batteries offering up to 72 hours of life in models like Rexton ReCharge and health-tracking integrations for fall detection and vital monitoring. These advancements, including the Allure platform with cloud-based fitting software and for multi-stream Bluetooth processing, stem from ongoing R&D to address diverse user needs. This R&D ecosystem drives in a competitive market, bolstered by WS Audiology's position as the top applicant in hearing assistive technology according to a 2021 WIPO report, with numerous filings in for enhanced speech understanding and .

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