InnerScope Hearing Technologies (OTCQB: INND) Reports Second Quarter 2019 Financial Results & Update on Key Revenue Growth
August 30 2019 - 5:30PM
InvestorsHub NewsWire
InnerScope Hearing Technologies
(OTCQB: INND) Reports Second Quarter 2019 Financial Results
& Update on Key Revenue Growth Initiatives
ROSEVILLE, CA
-- August
30,
2019 -- 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 second quarter ended June 30, 2019 ("Q2
2019")
and an update on key revenue
growth
initiatives.
Second Quarter
2019 Financial Results
- Achieved revenue
of $219,673
with
$120,210
of
gross profit and an additional
$71,409
in
Customer Orders not
delivered as of
June
30th,
which will be recognized in the third quarter
ending September 30, 2019 ("Q3 2019")
- Achieved
an
incremental
increase in
Net
Revenue of 18% over first quarter ended March 31,
2019
("Q1
2019") and 439%
increase
versus
the
same quarter
in
2018.
- Q2 2019
showed
a Net Loss
of
$1,505,411 equal to
$0.01 basic
and diluted loss per share, which was mainly
due to
interest expenses
of $728,456,
and Non-Cash Stock based
Compensation of
$233,793. Other contributing factors were
the
One-Time Costs
associated
with opening
4
additional
Audiological
Hearing Aid Retail
Clinics in Q2
2019. The
Q2 2019
Net
Loss was also a 25% decrease compared to Q1 2019 and a 19%
decrease versus
the
same quarter
in
2018.
Second Quarter
2019 Business Highlights
-
InnerScope
Successfully Opened 4 Brick and
Mortar Audiological Hearing Aid Retail Clinics.
- InnerScope
Launched its own Proprietary CBD Oil Product,
primarily
marketed
to the
50 million people in the U.S. who suffer from Tinnitus
symptoms.
- After
9-Months
of Research and Development with its Technology Partners,
InnerScope
Launched
the
NEXUS, (the
"NEXUS") one of the world's
first receiver-in-ear ("RIC") DTC Self-fitting Hearing
Aids
- InnerScope
developed
its
own Proprietary Dietary Hearing & Tinnitus
Supplements which
has
been
approved to be sold on Walmart.com, Kmart.com, &
Sears.com. Additionally,
InnerScope has
been
working
with other
numerous
"Big
Box" retailers including
national and
local vitamin
shops and pharmacy
chains to
carrying
its
complete line of Hearing Health Products.
- InnerScope signed
an Agreement with Sears and Launched its
Hearing Products on Sears.com,
one of
the Largest Online Marketplaces in the United
States.
- InnerScope
signed an Agreement
with Kmart and Launched
its Hearing
Products on
Kmart.com.
- InnerScope
finalized the
Free
Hearing Screening Kiosk Program and the
development of the Kiosks to present to
National & Local Retailers, including pharmacies, and other
Healthcare Professionals and Service Providers.
- InnerScope
expanded its Partnership Agreement with Advantego Corporation to
Develop Hearing Enhancement Software for TV Sound Bars and
Headphones for
the
Hearing-Impaired Community. InnerScope
plans,
as
part of its Hearing
Product Portfolio, to sell and
distribute the hearing
enhanced TV Sound Bars and
Headphones to all of
its wholesale/retail
distribution
channels.
- Signed an
Agreement with
AsSeenOnTV.pro to produce Direct Response TV and Brand Response TV
commercials featuring Kevin Harrington, who is the pioneer of the
As Seen On TV empire and an original "Shark" from the Emmy award
winning TV reality show, Shark Tank. These commercials will
promote
the
NEXUS,
its
Self-Fitting Hearing Aids,
Dietary Hearing
Supplements as
"Nutrition for the
Ears" and the
CBD
Oil Product.
InnerScope's Key
Revenue Growth Initiatives
- InnerScope
is
rapidly expanding its "Sales
Revenue Pipeline"
by
continuing
its
efforts to work with
National
"Big
Box"
Retailers and
National Pharmacy Chains and expects
to
sign many more distribution agreements for its Hearing
Products Portfolio by the end of
the 2019.
- InnerScope is
currently in the process of ramping-up
the deployment of its
network of
interactive fully automated (unattended) Point of Sale Hearing
Screening Retail Kiosks and Untreated
Hearing Loss Information Center
("Hearing Kiosks") to be located inside large major
other
public locations, grocery stores,
hospitals, sporting venues andretailers, local
retailers, pharmacy chains. Hearing Kiosks
provides InnerScope a very efficient and
cost effective method of
generating immediate revenue at each retailer's location. In
addition, the Hearing
Kiosks also
provides
continuous
DTC
Online
Sales
Revenue regardless of its location.
- InnerScope
will
be deploying
its
Hearing Kiosks within a 10
Mile Radius around InnerScope's Audiological
Hearing Aid Retail Clinics locations ("Retail
Clinic"). These
strategically placed Hearing Kiosks will not only drive
qualified customers to each Retail Clinic
location,
but
also it's
a
"Highly Effective
Referrals/Leads Program" that will
significantly increase
each
Retail
Clinic's
Sales
Revenue
while decreasing each Retail
Clinic's marketing
cost,
which
in-turn
will
have a
significant positive effect on the cash flow
and the
bottom
line.
- InnerScope is
continuing its Expansion "Rollout
Plan"
of
opening new Retail Clinics.
Business
Operations for Long-Term Shareholder
Value
- InnerScope is
successfully
implementing
and
executing
appropriate
measures to improve on-time financial
reporting practices as well as increasing its communication with
its shareholders/stakeholders to ensure more timely information is
provided to the investment community.
- InnerScope is
continuing
to
explore strategic
options for
non-dilutive funding.
- InnerScope
with
key stakeholders in the investment
community, are engaged in
a robust effort to
raise awareness of InnerScope and
its mission to disrupted the current $10
billion dollar
global hearing aid industry by changing the way hearing
healthcare
and
hearing health products
are
delivered.
- As
Revenues
and
InnerScope's Company Awareness continues
to
increase, InnerScope plans to up-list
to a Senior
Exchange.
"I am very pleased to announce
that after nearly 3 years since InnerScope became
effective as a Public Company, we
believe, given its current rapidly expanding
Sales Revenue Pipeline, plus its ever-growing multiple revenue
streams, InnerScope is now at a pivotal
point, ready for
"Substantial" incremental
Top-Line Revenue Growth,"
said Matthew Moore, CEO of InnerScope
Hearing Technologies.
"The recent announcement of
InnerScope's development of its
Hearing Kiosks has given
InnerScope National and even International attention
from many different business
sectors and healthcare providers. This
attention has put InnerScope on a strong revenue path
to rapidly build significant
momentum to continue to grow
exponentially for years to
come."
"There
are nearly 50
million
people
in the United States that have reported to have
some form of hearing
loss. However,
currently only
about 7 to 8 million of those people are currently using hearing
aids and/or any hearing assistive products.
This
is mainly due to
high
cost
of
hearing aids ($5,000
average
cost per
pair,
of which 90% of
health insurance plans don't cover) and lack of
accessibility for the general
public to have
a
convenient
way
to
regularly
self-check and
monitor their hearing,
as
well as
to
the
ability
to
decide to easily purchase
hearing aids and/or hearing related products if their
having any
hearing
issues,"
continued Mr.
Moore.
"InnerScope
has
developed Award Winning
Direct-to-Consumer
Hearing Products that
offers
the same type of high quality technology and features
which
delivers the same
quality hearing experience for the
consumer at an average of
75% less cost than the traditional
hearing
aids
offered by
the
Multi-Billion Dollar Multi-National Hearing Aid
Manufactures. We pride ourselves
that the consumer can be
ensured that InnerScope's
Hearing Products offers a
huge
saving without sacrificing hearing quality. We
have
no doubt that InnerScope's
Hearing Product
Portfolio and its multiple DTC distribution retail channels is
leading the way to
disrupt the
current $5 Billion Dollar Hearing Industry in the U.S.
by
giving easy and convenient
access to
maintain hearing
health for the
virtually untapped
market (currently worth
tens of billions of
dollars) of the 42 million
people that are
currently
living
with
untreated hearing loss in
America," continued Mr.
Moore.
"Furthermore,
InnerScope's
unique
and one of a kind Hearing Kiosk,
once
deployed, has now
given the opportunity
for the general public to have easy access
at
very
convenient public
locations to regularly check
their hearing while
also
providing
easy
accessibility
to
purchase InnerScope's
Hearing Products and its
Hearing Health
Products by
either
directly at
the Hearing
Kiosk retail locations
or by
ordering
online
directly from the Hearing Kiosk itself
to
have
the products shipped
directly to their
home. There are a few
hearing-screening kiosks out in the market place,
but to
our knowledge,
there
is nothing like InnerScope's Point of Sale
Retail Hearing Kiosks
anywhere. That is why, National Retailers to Local Retailers and
even multiple sectors in the Healthcare industry are excited to
connect with InnerScope for
launching our
Hearing Kiosks within their locations. We remain steadfast in our
belief
that
our path to profitability has been clearly defined
and we
our very confident in with our outlook for the rest of 2019 and
continuing into 2020 and beyond," 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 clinicsaid
audiological and
retail hearing .
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
presentation contains forward-looking statements, which relate to
future events or InnerScope Hearing Technologies future performance
or financial condition. Any statements that are not statements of
historical fact (including statements containing the words
"believes," "should," "plans," "anticipates," "expects,"
"estimates" and similar expressions) should also be considered to
be forward-looking statements. These forward-looking statements are
not guarantees of future performance, condition or results and
involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as
result of a number of factors, including those described from time
to time in InnerScope Hearing Technologies filings with the
Securities and Exchange Commission. InnerScope Hearing Technologies
undertakes no duty to update any forward-looking statements made
herein.
Contact
InnerScope Hearing
Technologies,
Inc.
Investor
Relations
Info@innd.com
916-218-4100
www.innd.com
Walmart.com
Sears.com
Kmart.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
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