InnerScope Hearing Technologies, Inc. (OTCQB: INND) is engaged in the manufacturing and marketing of hearing aids. Shares soared 153.01% on Tuesday, February 12, 2019. Over the past month, InnerScope has seen an average daily volume of 901,456 shares. However, on Tuesday, 12,086,336 shares traded hands, equating to $507,600 in dollar volume.
Shares soared on Tuesday after InnerScope announced record sales growth for Q4 2018 with a 281% increase in sales over the previous quarter. This boost in revenue is largely due to InnerScope’s vendor partnership with Walmart.com and “the development of multiple Direct-to-Consumer hearing aid sales channels.” Matthew Moore, CEO of InnerScope, commented, “Given the scalable DTC infrastructure we put into place in 2018, InnerScope is setup to continue to innovate and deploy more Hearing Products through multiple DTC channels, including major Big Box Retailers to disrupt the current reported $9 billion-dollar hearing aid industry.” Here is the full press release detailing InnerScope’s record sales in Q4 2018:
InnerScope Hearing Technologies, Inc. Press Release:
ROSEVILLE, Calif., Feb. 12, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — InnerScope Hearing Technologies Inc. (OTCQB: INND) a manufacturer and Direct-to-Consumer (“DTC”) distributor/retailer of FDA-Registered Hearing Aids, (“Hearing Products”) announced today that its Quarterly Sales Rose 281% in the quarter ending December 31, 2018 (“Q4”). This increase reflects the revenue booked in Q4 compared to the quarter ending September 30, 2018 (“Q3”).
“Today’s announcement of our record-setting sales growth is in part from InnerScope’s vendor relationship with Walmart.com and the development of multiple Direct-to-Consumer hearing aid sales channels, including the launching several eCommerce DTC websites, as well as opening several corporate owned audiological hearing aid retail clinics,” said Matthew Moore, CEO InnerScope Hearing Technologies. “Our national footprint has grown in the last quarter, in part by securing our manufacturing agreement with Zounds Hearing Inc. which played a major role for our record-setting sales by offering high quality patented hearing aids at 50% to 70% less than any of our competitors,” continued Mr. Moore.
“Looking ahead to 2019, InnerScope plans on reporting record sales numbers throughout the year, beginning with first quarter of 2019. Given the scalable DTC infrastructure we put into place in 2018, InnerScope is setup to continue to innovate and deploy more Hearing Products through multiple DTC channels, including major Big Box Retailers to disrupt the current reported $9 billion-dollar hearing aid industry,” 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 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 48+ Million in the United States and 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