InnerScope Hearing
Technologies
(OTC:
INND) Reports Record
Revenues for a Profitable Q2 2022
Financial
Highlights:
-
Second
Quarter 2022 Consolidated Net Revenues Rose to
$6,910,386 from
$404,676 Compared
to First Quarter 2022
-
Records
$3,881,620 Net
Profit for Three Months Ended June 30, 2022
-
$7,315,062 Year Over Year
Revenue Growth for Six Months Ended June 30, 2022, compared to
$47,392 for
Six Months Ended June 30, 2021
-
Second
Quarter Positive EBT of
56%
ROSEVILLE, CA -- August
12, 2022 -- InvestoresHub NewsWire -- InnerScope
Hearing Technologies Inc. (OTC:
$INND) ("InnerScope"), an emerging and disruptive leader in the
Direct-to-Consumer Hearing Technology space and will be in the
upcoming OTC Hearing Aid market, today reported record-setting
consolidated net revenues of
$6,910,386 for
second-quarter ended June 30, 2022, ("Q2 2022") compared to
$404,676 for
first-quarter ended March 31, 2022 ("Q1 2022"). As a result,
InnerScope recorded a
$3,881,620 net profit
for the three months ended June 30, 2022, and a
Positive
EBT of 56% (Earnings
Before
Taxes)
for Q2 2022. Total
consolidated net
revenues were
$7,315,062 for six
months ended June 30, 2022, compared to
$47,392 for six
months ended June 30, 2021.
The consolidated net
revenues (based on the GAAP revenue booked in Q2 2022) represent
approximately a
1,707% increase for
Q2 2022 versus Q1 2022 and a
15,435% increase
versus the same period ended June 30, 2021. This quarterly report
has been filed with the OTC Markets and is available to view
at:
https://www.otcmarkets.com/otcapi/company/financial-report/342247/content
In addition, based on
purchase orders over
$4,000,000 that
have already been filled and delivered, which will be recognized as
revenue for the third quarter of 2022, InnerScope projects
continued record-setting revenues for the remaining six months of
2022 and beyond from the anticipated monthly replenishment purchase
orders as well as new purchase orders from numerous
retailers.
"I am incredibly pleased
to report a record-setting revenue growth and profitable second
quarter of 2022," said Matthew Moore, CEO of InnerScope Hearing
Technologies. "Our record-setting revenues validate our business
plan and unique position as an emerging and profitable
direct-to-consumer hearing aid industry leader. In addition, we
plan to continue to grow our wholesale distribution network of
major retailers, healthcare service companies, and pharmacy chains
("Network of Wholesale Retailers") for in-store and online
purchases of InnerScope's HearingAssit and iHear branded affordable
direct-to-consumer hearing aids," ("InnerScope's Hearing Aid
Products") Moore continued.
"Moreover, we continue to
harness the tremendous momentum and opportunities generated by our
2021 strategic acquisitions of HearingAssist and iHear. As a
result, our historic second-quarter revenue performance and our
pace of execution have been accelerated, which is a testament to
our outstanding team of employees. We expect the record-setting
revenue to continue as we are well-prepared and positioned with our
current Distribution Wholesale Network for and upcoming
Over-the-Counter (OTC) Hearing Aid Act ("OTC Hearing Aid
Law") which allows
OTC hearing aids to be sold in retail stores and pharmacies without
medical exam or being fitted by a healthcare professional. The OTC
Hearing Aid Law is expected to be enacted in the next few weeks.
Once OTC Hearing Aid Law is enacted, we are prepared to register
InnerScope's Hearing Aid Products in compliance with the FDA OTC
hearing aid regulations, which in turn will be offered to our
current and future Network of Wholesale Retailers to be sold
in-store right off the shelf and online through each retailers'
website," concluded Moore.
About InnerScope Hearing Technologies, Inc.
(OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a leading Direct-to-Consumer (DTC)
manufacturer and distributor of FDA-registered hearing aids,
hearing assistive devices, hearing health-related products, and
Personal Sound Amplifier Products (PSAPs) ("Hearing Products")
dedicated to addressing the global demand for affordable hearing
solutions. InnerScope's Hearing Products and its business model
break through the persistent barriers that prevent access to
effective hearing solutions.
InnerScope's
recent
acquisition of iHear Medical Inc.,
a DTC cloud-based hearing
solution provider, gives the Company access to over 40 patents and
an FDA-registered manufacturing and R&D facility. In addition,
InnerScope has
acquired HearingAssist,
an established leader in
the direct-to-consumer hearing aid market with a customer base of
over 400,000. These acquisitions, combined with a partnership
with
Atlazo Inc.,
a semiconductor innovator
for next-generation AI smart devices, will allow InnerScope to
better position itself in the direct-to-consumer hearing solutions
market by selling advanced hearing products through Walmart and
other major retailers.
InnerScope's full line of
Hearing Products is currently available through these multiple
retail/wholesale channels:
Walmart Vision Centers,
Walmart.com,
Walmart Canada,
RiteAid.com,
BestBuy.com,
Amazon.com,
Fingerhut.com,
Giant Eagle,
Hy-Vee,
Hartig Drug,
Food City,
and Cardinal Health dba
RGH Enterprises Inc., which provides InnerScope products to
FSAStore.com,
HSAStore.com,
&
WellDeservedHealth.com.
In-store and online
Hearing Products are launching soon with more major retailers and
pharmacy chains.
For information related
to InnerScope Hearing Technologies' latest hearing aids and related
hearing products, please visit:
http://iheardirect.com
http://hearingassist.com
For the most up-to-date
information about InnerScope Hearing Technologies (OTC: INND),
please visit and follow our official Twitter account @inndstock
page:
https://twitter.com/inndstock
InnerScope
Hyperlinks:
HearingAssist
hearing assist - Walmart.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
Safe
Harbor
This news release
contains "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended intended to be
covered by the "safe harbor" created by those sections. Any
statements that are not historical facts contained in this press
release are also "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995
(PSLRA). Such statements may be identified by words such as
"expects," "plans," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Such forward-looking statements are based on
current expectations, involve known and unknown risks, a reliance
on third parties for information, transactions or orders that may
be cancelled, and other factors that may cause our actual results,
performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
related to the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing or maintain contractual relationships with vendors and
customers, competition, general economic conditions and other
factors that are detailed in our periodic reports filed with the
Securities and Exchange Commission ("SEC"). We intend that all
forward-looking statements be subject to the safe-harbor provisions
of the PSLRA, Securities Act and Securities Exchange
Act.
Contact:
InnerScope Hearing
Technologies, Inc.
Investor
Relations
ir@innd.com
833-788-0506
www.innd.com
Investor
Relations Agency Contact:
Skyline Corporate Communications
Group, LLC
Lisa Gray, Senior Account
Manager
One Rockefeller Plaza, 11th
Floor
New York, NY
10020
Office: (646)
893-5835
Email: lisa@skylineccg.com
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