Q3 2022 Financial Highlights:
- $6,564,682 Consolidated Revenues
- $3,664,342 Net Profit for Three Months Ended September 30, 2022
- Positive EBITA of 55.8%
- $4,262,355 Gain on Debt Extinguishment
- Zero Convertible Debts with Third-party Lenders
ROSEVILLE, Calif., November 16, 2022 — InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope”), an emerging and disruptive leader in the Over-the-Counter (OTC) hearing aid space announced today its financial results (unaudited) for third-quarter ended September 30, 2022, (“Q3 2022”). InnerScope recorded its consecutive profitable quarter with consolidated net revenues of $6,564,682, a net profit of $3,664,342, and a positive EBITA (Earning Before Taxes) of 55.8% for Q3 2022 compared to a net profit of $3,881,620, and a positive EBITA of 56% for second-quarter ended June 30, 2022. Total consolidated net revenues were $13,879,744 for nine months ended September 30, 2022 (“Q2 2022”).
InnerScope also recorded a gain on debt extinguishment of $4,262,355 for Q3 2022 and has zero convertible debts with third-party lenders.
“Recording two consecutive profitable quarters in Q2 2022 and Q3 2022 before the Over-the-Counter Hearing Law was enacted on October 17, 2022, shows we are building a scalable and profitable business,” said Matthew Moore, CEO of InnerScope Hearing Technologies. “Our business plan from the beginning was to build a wholesale/retail distribution network of major retailers, healthcare service companies, and pharmacy chains (“Distribution Network”) for our affordable hearing aids years before the FDA Finalizes Historic Rule Enabling Access to Over-the-Counter (“OTC”) Hearing Aids for Millions of Americans allowing hearing aids to be sold in retail stores and pharmacies without a prescription or be seen by a hearing professional. Our current ever-growing Distribution Network with thousands of retail locations gives us a distinct competitive advantage in this new emerging market.”
About InnerScope Hearing Technologies, Inc. (OTC PINK: INND):
InnerScope Hearing Technologies Inc. is a manufacturer and distributor of OTC Hearing Aids, Hearing Aid Accessories & Hearing Health-Related Products (“Hearing Products”) dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s Hearing Products and its B2C and B2B business model break through the persistent barriers that prevent access to effective and affordable hearing solutions.
InnerScope’s recent acquisition of iHear Medical Inc., a Direct-to-Consumer (“DTC”) cloud-based hearing solution provider, gives the Company access to over 40 patents and an R&D facility. In addition, InnerScope has acquired HearingAssist, an established leader since 2008 in the DTC 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 OTC hearing aid market by selling advanced Hearing Products through Walmart and many other major retailers and pharmacy chains.
InnerScope’s full line of Hearing Products is currently available through these multiple retail/wholesale distribution channels: Walmart Vision Centers, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Fingerhut.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, Cardinal Health™ at-Home, and Topco Associates representing 1000’s of stores. More in-store and online Hearing Products will soon launch with major retailers and pharmacy chains.
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Acquisition of iHear Medical Inc.
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.
InnerScope Hearing Technologies, Inc.
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