InnerScope Hearing Technologies (OTCQB:
INND) Posts 318% Year Over Year Revenue
Growth
31% Revenue
Growth for Q4 2019 over Q4
2018
45% Reduction in Operational Cost
ROSEVILLE, CA --
January 21, 2020 -- InvestorsHub NewsWire -- InnerScope Hearing Technologies
Inc. (OTCQB:
INND) ("InnerScope") a manufacturer and Direct-to-Consumer
("DTC") distributor/retailer of FDA-Registered Hearing Aids,
Personal Sound Amplifiers Products ("Hearing
Products"), Hearing Related
Treatment Therapies, Doctor-Formulated
Dietary Hearing Supplements and proprietary CBD Oil ("Hearing
Health Products") (collectively "Hearing Product
Portfolio), today
announced its
unaudited annual
revenue
results ended
December
31,
2019 of $1,034,791 (includes
Customer Orders not yet delivered), a
year
over year Revenue Growth of 318%
over
the annual
revenue booked ended
December
31,
2018.
Additionally, its unaudited
fourth
quarter revenue results ended
December 31, 2019 (Q4 2019) increased
31% over
the fourth quarter ended December 31, 2018 (Q4 2018).
InnerScope is
expecting revenues to grow each
quarter
as
it
continues
to
fulfill
current distribution agreements as
well as new upcoming distribution agreements for
its
deployment
of
Point of Sale Hearing
Screening Retail Kiosks ("Hearing
Kiosk") and
Hearing Product Portfolio in hundreds of independents pharmacies
and retail health centers in the U.S. and
Canada.
Beginning
in Q4 2019, InnerScope has
strategically
reconfigured and realigned its operations to
support its planned growth for the year 2020 and
beyond. The
reconfigured
strategy has
resulted in an
overall reduction of operational costs by
45% (annual
cost-saving of approximately $1.2 million) and in
lowering
its
current breakeven point by more
than 50%.
The
reconfigured strategy will
enable
InnerScope to
deliver on its promise to improve shareholder value by
executing a
quicker
path
for
achieving positive
cash
flow and profitability
while expanding
its efforts into activities that generate greater revenues
with
less operational costs.
More
importantly,
the reconfigure strategy will carry
InnerScope into
the future and prepare the company for the next phase of expanding
operations and partnerships.
InnerScope made
significant strides laying the foundation in
the 2019
calendar year for a successful 2020 and
well into the future. In
2019, InnerScope put
a significant
emphasis on developing and
expanding on its
extensive
Hearing Product Portfolio which
included bringing
to market one of
the world's first Self-Fitting Hearing Aids (the
"NEXUS").
InnerScope also
developed
and
introduced the
first
Hearing
Kiosk and
has
been
successful in
bringing awareness to the
"Big Box" and pharmacy retail chains in North America
for
the public to have FREE access to regularly self-check their
hearing while
offering easy
access to Hearing Products stocked on their
shelves and/or
be referred to an InnerScope approved local hearing healthcare
professional.
InnerScope believes
the
NEXUS and the Hearing Kiosk are not only industry
leading breakthroughs,
but
are also industry "Game Changers", whereby the public can obtain
convenient access to check their hearing and purchase Hearing
Products off-the-shelf
without the need or the added
cost
of
seeking
help
from an hearing healthcare professional. However, if the
consumer is looking for an additional in-person consultation or has
a severe to profound hearing loss, they will be referred to
a InnerScope Approved Local Hearing Healthcare Professional
directly from the Hearing Kiosk.
"With the foundation having
been laid for 2020's success, InnerScope is now positioned to begin
putting all the pieces together so the company can not only
grow, but succeed in a way that delivers on
its promise to shareholders,"
said Matthew Moore, CEO of InnerScope Hearing Technologies
Inc.
"With Over
the Counter ("OTC") Hearing Aid Act (the
"OTC Hearing Aid
Act")
that was
signed into law and
expected
to take effect sometime this
year,
we
are excited about being a major
disruptive player in
this
new
emerging hearing
aid
industry
market
of
nearly
50 million
Americans that have been
reported to have hearing issues (the "Underserved
Market").
InnerScope is on the
forefront leading the
way, bringing
first
to
market, FREE and
easy
access for the public
to
regularly self-check their hearing while having
convenient access to purchase
off-the-shelf
InnerScope's
Hearing
Product Portfolio,
or be referred to an InnerScope approved
local hearing healthcare
professional.
InnerScope expects
to continue
to execute on
more
Hearing Kiosk and Hearing Product distribution agreements
("Distribution
Agreements") with
North
America retailers
before
the
OTC
Hearing Aid Act takes
effect.
Which
we believe with
established
Distribution
Agreements already
in
place will
give InnerScope
a
distinct
advantage and a competitive
edge in the
market. After
the
OTC
Hearing Aid Act becomes effective,
it will
cause a major
disruptive
paradigm
shift with
the
current $5 billion dollar U.S. hearing aid industry by directly
impacting the hearing healthcare professional delivery
model,
(of
which, 95% of all hearing aids sold in the US are by
local
hearing
healthcare professionals) to
now
include
an OTC
delivery retail
model
for
any and all retailers to
be
able to sell FDA-Registered OTC hearing aids right
off-the-shelf.
Given
the
disruptive impact of this
imminent
paradigm shift,
InnerScope will
be in prime position to grab a
significant share
of
this new emerging Underserved
Market
(estimated to be in the tens of billions of
dollars).
This
has been the driving force that has kept, and continues to keep, us
pushing forward regardless of the challenges,"
continued
Mr. Moore.
"In
the coming weeks we expect
to be making
announcements in reference to new distribution
agreements with national/international retail
chains,
new capital
equity partners,
(for
capital needs
to
support immediate growth needs and to retire most, if not
all, variable
convertible
notes),
new
business
relationships, corporate strategy,
and
new product releases. These announcements will confirm and support
our commitment to the solvency and growth of InnerScope. We as
a company have always envisioned InnerScope at
near limitless capabilities and have always seen InnerScope bigger
and better than it was the day before. We have come farther than we
could have imagined within the time period and considering the
obstacles. Being
third generation in the hearing aid industry,
my family's
experience
and collective
efforts in
successfully
helping
tens of thousands of
hearing
impaired individuals over
many decades has
not
only had
an undeniable
impact
on how
far we have come, but
also has
created an unwavering
conviction
to provide
affordable hearing aids and
hearing healthcare to the
ever-growing Underserved Market,"
concluded
Mr. Moore.
About InnerScope Hearing Technologies (OTCQB:
INND)
InnerScope Hearing
Technologies (OTCQB:
INND) is a rapidly expanding consolidator of the hearing aid
industry. Management is applying decades of profitable industry
experience and technology to an antiquated and disjointed industry,
unlocking scale and efficiency, which will serve all of
InnerScope's
stakeholders. Its direct-to-consumer model is revolutionizing the
industry with its Walmart.com, Sears.com
and
Kmart.com
relationship
representing a paramount shift in the consumption of hearing aids
by the hearing impaired.
In
addition, InnerScope
plans to
continue to open, acquire, and operate a physical chain of
audiological and
retail hearing aid clinics. InnerScope's
mission
is to serve approximately 1.2 billion people around the globe that
are suffering with 25db or greater hearing loss across the entire
hearing impaired vertical from R&D and manufacturing through
direct consumer sales and services. For more information,
please visit: www.innd.com. For the Most
Up-to-Date information about InnerScope Hearing Technologies
(OTCQB:
INND), please visit and follow our Official Twitter account
@inndstock Page. https://twitter.com/inndstock
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, that are
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
Info@innd.com
916-218-4100
www.innd.com
For the
Most Up-to-Date information about InnerScope Hearing Technologies
(OTCQB:
INND), please visit and follow our Official Twitter account
@inndstock Page.
https://twitter.com/inndstock
Walmart.com
Sears.com
Kmart.com
Point of Sale Hearing
Screening Retail Kiosks
Over
the Counter ("OTC") Hearing Aid Act