InnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results
InnerScope Hearing Technologies (OTC: INND) reported a profitable year-end 2022, highlighting consolidated net revenues of $15,284,327, gross profit of $9,079,335, and a net profit of $5,575,892. The company's EBITA stood at 36%, demonstrating strong operational efficiency. Driven by wholesale distribution agreements from its acquisitions of HearingAssist and iHEAR, InnerScope expanded its market presence significantly. In line with the FDA ruling enabling OTC hearing aids' sale without a prescription, InnerScope pivoted to a B2B model, enhancing its retail partnerships. The annual financial report is available on OTC Markets.
- Consolidated Net Revenues of $15,284,327 for 2022.
- Net Profit of $5,575,892 primarily from gain on debt extinguishment.
- Positive EBITA of 36%.
- Increased sales due to strategic acquisitions (HearingAssist and iHEAR).
- Expansion into major retail partnerships such as Walmart, CVS, and Target.
- None.
Full-Year 2022 Financial Highlights:
- Consolidated Net Revenues:
$15,284,327 - Gross Profit:
$9,079,335 - Net Profit:
$5,575,892 - Net Profit from Operations:
$909,135 - Positive EBITA of
36%
InnerScope's annual financial report has been filed with the OTC Markets and is available to view at:
https://www.otcmarkets.com/otcapi/company/financial-report/363918/content
Full-Year 2022 Financial Result Highlights
- Consolidated Net Revenues of
were largely driven by wholesale distribution agreements from InnerScope's acquisitions of$15,284,327 Hearing Assist II Inc. ("HearingAssist") and iHearMedical Inc. ("iHEAR") in late 2021. HearingAssist was Walmart's largest supplier of hearing aids online and in selected stores, and iHEAR has a team of electrical and biomedical engineers, hearing aid-related patents, and wholesale partners. - Gross Profit of
is from an increase in gross margin with suppliers from a substantially increased number of hearing aids sold, which resulted in providing better technology at a lower price.$9,079,335 - Profit from Operations of
is from a substantial increase in the number of hearing aids sold.$909,135 - Net Profit of
is primarily from the gain on debt extinguishment and derivative liability.$5,575,892 - Positive EBITA of
36%
"This profitable year-end 2022 shows we are on the right path continuing to scale and support our growth, especially now with our success with numerous major retailers requesting to sell our products," said
2022 Business Highlights
- Developed and launched four new models of OTC Rechargeable Hearing Aids for both the HearingAssist and iHEAR brands.
- Expanded Wholesale Distribution of HearingAssist Brand of OTC Hearing Aids to:
- 1500+ Walmart Vision Centers, CVS.com, BestBuy.com, RiteAid.com - Expanded Wholesale Distribution of iHEAR Brand of OTC Hearing Aids to:
- CVS.com, AmerisourceBergen, Cardinal Health, Cardinal Health atHome, Topco & Associates , Carewell.com, Hy-Vee,Hartig Drug ,Wakefern Food Corp , Spartan Nash - Created and deployed Free-Standing and Counter-Top Product Displays within 1500+ Walmart Vision Centers.
- Deployed 118 more InnerScope's first-generation automated point-of-sale self-administered Hearing Screening Kiosks in pharmacies nationwide. The Hearing Screening Kiosks provide customers to take a free 3 to 5-minute hearing screening test and receive instant results on screen or can be emailed plus information on iHEAR or HearingAssist OTC Hearing Aid products available to purchase at the store and/or through the retailer's online sales portal.
- Created and launched an Online Hearing Screening Test version for the retailers' websites, the same Hearing Screening Test as in the automated point-of-sale self-administered Hearing Screening Kiosks.
- Created an Internal Hearing Care Professional Customer Service Call Center staffed with Doctors of Audiology and Licensed Hearing Aid Dispensers to provide enhanced customer service.
- Deployed 500 Pharmacy Counter Placards and Product Brochures to AmerisourceBergen
Strategic Growth Update: Continue Progress in Growing
Wholesale Distribution
2022 was the year of the long-awaited historic FDA ruling enacted on
In the first quarter of 2023, InnerScope continues its B2B growth trajectory by adding another major retailer with the announcement of its HearingAssist Brand on Target.com. InnerScope has also delivered 2000+ Pharmacy Counter Placards with Product Brochures to Cardinal Health to be distributed to its pharmacy network. Additionally, InnerScope has deployed 17 of its newly designed second-generation automated point-of-sale self-administrated Hearing Screening Kiosks to pharmacies, and 98 more are scheduled to be delivered in the next two weeks.
Currently, InnerScope is shipping products and free-standing product displays to 1700+ locations for one of its major retailers.
SEC Audit Update
InnerScope, as previously announced, retained the audit services of CPA firm
As a result of the 2021 annual financial audit, adjustments to the revenue recognition, derivative income, and derivative liability were made, which resulted in a change in net income for 2021 from a Net Loss of
About
In
InnerScope's full line of its HearingAssist and iHEAR branded Hearing Products is currently available through these multiple retail/wholesale distribution channels: Walmart Vision Centers,
Coming Soon: More major retailers and pharmacy chains for in-store and online HearingAssist and iHEAR branded Hearing Products.
For information related to
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
HearingAssist -
HearingAssist – Target.com
HearingAssist - CVS.com
HearingAssist - RiteAid.com
HearingAssist - BestBuy.com
iHEAR
iHEAR - CVS.com
AmerisourceBergen, Cardinal Health, Cardinal Health™ at-Home, Carewell.com FSAStore.com, HSAStore.com, WellDeservedHealth.com, Fingerhut.com, Giant Eagle / Hy-Vee /
Acquisition of iHear
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
Contact:
Investor Relations
ir@innd.com
833-788-0506
www.innd.com
Investor Relations Agency Contact:
Office: (646) 893-5835
Email: lisa@skylineccg.com
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