InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the over-the-counter (“OTC”) hearing aid space, today announced its financial results (unaudited) for the third quarter ended Sept. 30, 2022, (“Q3 2022”). Among the highlights, InnerScope reported its consecutive profitable quarter with consolidated net revenues of $6,564,682, a net profit of $3,664,342, and a positive EBITA (before taxes) of 55.8% for Q3 2022 compared to a net profit of $3,881,620 and a positive EBITA of 56% for the second quarter ended June 30, 2022. “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 InnerScope CEO Matthew Moore. “Our business plan from the beginning was to build a wholesale/retail distribution network of major retailers, health care 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.”
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About InnerScope Hearing Technologies Inc.
InnerScope is a manufacturer and distributor of OTC hearing aids, hearing aid accessories and 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(TM) at-Home, and Topco Associates, representing 1000s of stores. More in-store and online hearing products will soon launch with other major retailers and pharmacy chains. For the most up-to-date information about InnerScope, please visit and follow its official Twitter account @inndstock page: https://twitter.com/inndstock.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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