Third Quarter 2022 Financial Highlights:
- $6,564,682 Consolidated turnover
- $3,664,342 Net profit for the three months ended September 30, 2022
- Positive EBITA of 55.8%
- $4,262,355 Gain on extinguishment of debt
- Zero convertible debt with third-party lenders
ROSEVILLE, Calif., Nov. 16, 2022 (GLOBE NEWSWIRE) — InnerScope Hearing Technologies Inc. (OTC: INND) (“InnerScope”), an emerging and disruptive leader in over-the-counter (OTC) hearing aids, today announced financial results (unaudited) for the 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 (Earnings Before Taxes) of 55.8% for Q3 2022 against a net profit of $3,881,620, and a positive EBITA of 56% for the second quarter ended June 30, 2022. Total consolidated net revenue was $13,879,744 for nine months ended September 30, 2022 (“Q2 2022”).
InnerScope also recorded a gain on the extinguishment of the debt of $4,262,355 for the third quarter of 2022 and has no convertible debt with third party lenders.
“Recording two consecutive profitable quarters in the second quarter of 2022 and the third quarter of 2022 prior to the enactment of the Direct Hearings Act on October 17, 2022 shows that 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, health service companies and drugstore chains (“Distribution Network”) for our affordable hearing aids for years before the FDA Finalizes Landmark Rule Allowing 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 seen by a hearing care professional. Our current growing distribution network with thousands of outlets 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 over-the-counter hearing aids, hearing aid accessories and hearing health related products (“Hearing Products”) dedicated to meeting the global demand for affordable hearing solutions. InnerScope’s hearing products and its B2C and B2B business model break down persistent barriers that prevent access to effective and affordable hearing solutions.
The recent from InnerScope acquisition of iHear Medical Inc., a Direct-to-Consumer (“DTC”) cloud-based hearing solutions provider, gives the Company access to over 40 patents and an R&D facility. Additionally, InnerScope has acquired HearingAssist, an established leader in the DTC hearing aid market since 2008, 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 further position InnerScope in the OTC hearing aid market by selling advanced hearing products through Walmart and many other major retailers and drugstore chains.
InnerScope’s full line of hearing products are currently available through these multiple retail/wholesale distribution channels: Walmart Vision Centers, walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.co.uk, Fingerhut.com, giant eagle, Hy Vee, Hartig drug, Gastronomic city, Cardinal Health™ at home, and Topco associates representing thousands of stores. Other in-store and online hearing products will soon be launched at major retailers and drugstore chains.
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hearing aid – Walmart.com
Acquisition of iHear Medical Inc.
Acquisition of HearingAssist
This press 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 these sections. All statements that are not historical facts contained in this press release are also “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). Such statements can be identified by words such as “expects”, “plans”, “projects”, “will”, “may”, “anticipates”, “believes”, “should”, “has intention of”, “esteem” and other words of the same meaning. These forward-looking statements are based on current expectations, involve known and unknown risks, reliance on third parties for information, transactions or orders that may be undone, and other factors that may affect our results, actual performance or achievements, or developments in our industry, differ materially from any 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 relating to fluctuating global economic conditions, the performance of management and our employees, our ability to obtain financing or to maintain contractual relationships with suppliers and customers, competition, economic conditions and other factors which 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, the Securities Act and the Securities Exchange Act.
InnerScope Hearing Technologies, Inc.
Contact Investor Relations Agency:
Skyline Business Communications Group, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835