Eargo and hearX said they have completed their merger, resulting in the creation of a combined company called LXE Hearing. Backed by an additional $100 million investment from Patient Square Capital, the deal creates a new hearing health company and one of the first combinations for the over-the-counter (OTC) hearing aid market since the FDA established the regulatory category in 2022.
LXE Hearing will operate as one company with its two established consumer hearing aid brands, Eargo and Lexie Hearing. LXE Hearing will also be combining product technology platforms and customer relationship management systems to create a more streamlined experience for all their business partners.
hearX CEO and co-founder Nic Klopper will serve as CEO for LXE Hearing, with Eargo's COO and interim CEO Bill Brownie assuming the role of COO.
"The merger between Lexie and Eargo is founded on our shared mission to create hearing health solutions for everyone, everywhere," said Klopper. "Eargo's cutting-edge design, emphasis on clinical quality and customer-first approach to service perfectly complement hearX's suite of Bose-powered products and its award-winning mobile app. Together, we are going to revolutionize hearing aids and hearing health."
