InnerScope Hearing Technologies, Inc. (OTCQB: INND) is a manufacturer and distributor of hearing aids and related products. Shares jumped 13% through early trading on Monday, November 26, 2018. Over the past 30 days, InnerScope Hearing Technologies, Inc. has seen an average daily volume of 754,049 shares. However, through Monday morning, already 1.68 million shares have traded hands, equating to over $57,000 in dollar volume.
Shares surged Monday morning after InnerScope Hearing Technologies, Inc. announced a 175% increase in net income for the third quarter ending on September 30, 2018, compared to third quarter 2017. In addition, a 495% increase quarter-over-quarter in direct to consumer online sales was reported during Q3. As a Walmart.com hearing aid vendor, InnerScope Hearing Technologies, Inc. benefited from Walmart’s 43% increase in US eCommerce this quarter and are expected to keep pace with Walmart’s online sales growth going forward. As more seniors are looking to the Internet to fill their healthcare needs, they are finding that, “they can now buy high quality hearing aids from Walmart.com online and save thousands of dollars without the need, cost or hassle for them to see a hearing healthcare professional,” as CEO Matthew Moore explains.
InnerScope Hearing Technologies, Inc. Press Release:
ROSEVILLE, Calif., Nov. 26, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE — InnerScope Hearing Technologies Inc. (OTCQB:INND), a manufacturer and distributor of hearing aids and related hearing products, announced today a profitable quarter ended September 30, 2018 with a reported 175% increase of net income compared to third quarter 2017. (“Q3 2017”). Furthermore, its primary initiative of direct to consumer online sales showed a 495% increase, quarter-over-quarter for the quarter ended September 30, 2018 (“Q3 2018”).
Matthew Moore, CEO, commented, “Our tremendous growth this quarter is a function of our overall strategy of building and broadening our multiple hearing aid sales distribution platforms. InnerScope’s total hearing aid sales in all sales platforms, including all the hearing aids sold, but not delivered to the customer until after Q3 2018 ended, realized over a 1000% increase in growth for Q3 2018 quarter-over-quarter for the quarter ended September 30, 2018, continued Mr. Moore.
“We are very excited about what’s happening right now in the industry. We see a big shift starting to happen with the senior population going to the Internet to purchase hearing aids. Since InnerScope has teamed up with Walmart.com as a Walmart.com hearing aid vendor, seniors are more willing to purchase hearing aids online than ever before from a name like Walmart, a well-established and trusted name. Given the fact, that Walmart U.S. eCommerce sales grew 43% in Q3 2018, according to Walmart’s Q3 2018 report, we expecting our online hearing aid sales to continue to grow at the same pace of Walmart’s U.S. eCommerce sales. We are finding talking to seniors everyday, they are excited that they can now buy high quality hearing aids from Walmart.com online and save thousands of dollars without the need, cost or hassle for them to see a hearing healthcare professional,” Mr. Moore concluded.
About InnerScope Hearing Technologies (“INND”)
InnerScope Hearing Technologies (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 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 device clinics. InnerScope’s mission is to serve approximately 1.2 billion people around the globe that are suffering with 25 db 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
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.
Article By: Andrew Rego