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Thursday, June 1, 2023

Why InnerScope Hearing Technologies (OTC: INND) Is in Play (Uplist to OTCQB, Record Revenues & OTC Hearing Aids in Big Box Retailers)

InnerScope Hearing Technologies (OTC: INND) – Investors in bulletin board listed INND are looking for a major reversal northbound here as the stock sits just over 52-week lows of $0.002. INND is notable for several reasons, one of which is because the stock was one of the biggest runners of 2021 skyrocketing from triple zeroes to just under $0.10 per share in a colossal move that made penny stock speculators rich overnight. Now back in the double zeros INND is once again under accumulation by a core group of investors looking for another rise northbound.  

Following the FDA OTC ruling which allows 30 million Hearing Impaired Americans to buy Hearing Aids Without a Prescription (over the counter) – InnerScope, whose hearing aids are already featured in thousands of locations national wide including Walmart, Vision Centers, Walmart.com, Walmart Canada, CVS.com, RiteAid.com, Bestbuy.com, Amazon.com, to name a few launched several new lines of over-the-counter (OTC) rechargeable hearing aids now also at CVS. InnerScope’s hearing aid models feature a range of cutting-edge features like Bluetooth capabilities, noise reduction, and directional microphone technology – all selling at a fraction of the price of traditional prescription models.  We will be updating on INND when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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It may be difficult for some to understand just how important this FDA OTC ruling is for Innerscope. Traditionally over 80% of the hearing aid market was controlled by 4 Companies, and getting hearing aids required a medical exam, prescription, and fitting done by an audiologist and cost from $4,000 to $6,000 on average. Now that hearing aids can be sold over the counter, INND sales are growing exponentially as the Company can sells their hearing aids over-the-counter hearing aids starting at $499 or as little as $49 per month. A massive cost reduction. This has resulted in rapid, exponential growth for Innerscope which recently reported $6,564,682 in revenues for the 3 months ended September 30, 2022.  

Now pulling in well over $2 million per month, Innerscope is among the higher revenue earners on the bulletin boards. Innerscope management is also working hard behind the scenes recently reporting its Accounting Firm, & Auditors are working to provide ‘21 & ‘22 Audited Financials ETA of 8 weeks. Once completed, INND will file Form 10 or S-1 to become SEC Reporting and OTCQB. InnerScope has also been building a valuable intellectual property portfolio; with the asset purchase of iHear Medical Inc. we acquired access rights and license to over 40 U.S. patents for hearing aid technology. This includes 100% ownership to the only FDA-Cleared in-home hearing test, called the iHearTest.  

Innerscope recently launched a print ad campaign “Hearing Made Easy” featured in the Official Super Bowl LVII (57) Game Program with a circulation of nearly 1,000,000 hard copies. The Company was also recently featured in an article in the Atlanta Wire. 

InnerScope Hearing Technologies is a manufacturer and a distributor/retailer of Direct-to-Consumer FDA registered hearing aids. InnerScope’s mission is to improve the quality of life of the 70 million people in North America and the 1.5 billion people worldwide who suffer from hearing impairment. InnerScope’s online stores, iHEARdirect.com and HearingAssist.com, and multiple wholesale and retail partnerships offer Over-the-Counter affordable, FDA-Registered, Bluetooth app-controlled, medical-grade hearing aids that deliver the same or a better level of hearing technology at a fraction of the cost of traditional channels. InnerScope’s product line includes Rechargeable Full-Streaming, Bluetooth app-controlled hearing aid devices, cleaning supplies, ear care products, and batteries. All hearing aids are FDA-Registered, medical-grade devices and include professional remote programming and support services with one of InnerScope’s Doctor’s of Audiology and licensed hearing professionals 

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InnerScope has grown via the acquisitions of iHear Medical Inc and HearingAssist with a customer base of over 400,000 as well as an FDA-registered manufacturing facility and combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation AI smart devices, allows InnerScope to take the lead position in the direct-to-consumer hearing solutions market by selling innovated proprietary advanced hearing products through Walmart and other major Big Box retailers.  InnerScope’s full line of FDA-Registered Hearing Aids, PSAPs and Hearing Health products are currently available through multiple retail/wholesale channels: Walgreens, CVS, Walmart, Walmart.com, Walmart Canada, RiteAid.com, BestBuy.com, Amazon.com, Giant Eagle, Hy-Vee, Hartig Drug, Food City, and Cardinal Health dba RGH Enterprises Inc., which provides the Company’s products to FSAStore.com, HSAStore.com, and WellDeservedHealth.com. 

On April 3 INND announced record 2022 revenues of $15,284,327, with a net profit of $5,575,892 and a positive EBITA of 36% for the 2022 Full-Year. Record revenues were driven by wholesale distribution agreements from InnerScope’s acquisitions of Hearing Assist II Inc. and iHear Medical. 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. Net Profit of $5,575,892 is primarily from the gain on debt extinguishment and derivative liability. 

INND CEO Matthew Moore stated: “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. Our B2B strategy and the retailer relationships we built over the last year created strong momentum that will continue through 2023 and beyond.  With only a hand full of competitors in this new emerging OTC hearing aid market, we are confident that we can continue to deliver our high-quality affordable OTC hearing aids to the ever-growing demand from all the retailers.” 

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So why is INND still in play? stocks with a history of legendary runs like INND which ran from triple zeroes to near $0.10 per share in 2021 often run again in the future. INND is sitting right over 52-week lows, is fully reporting SEC filer that recently reported $15,284,327 in 2022 revenues, and a net profit of $5,575,892. INND also has an enormous investor base who will be buyers on any breakout northbound.  We will be updating on INND when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in INND either long or short and we have not been compensated for this article.

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