- 37.5 million Americans report some degree of hearing impairment each year, many of which can’t afford the high out-of-pocket costs of prescription hearing aids
- InnerScope offers a comprehensive portfolio of affordable products that do not require a doctor’s prescription
- In recent months, InnerScope has made accretive acquisitions and more than tripled its staff, further cementing its position in the market as Walmart’s biggest provider of hearing aids
There is a case to be made that direct-to-consumer (“DTC”) is the future of hearing aids. Unfortunately, prescription hearing aids are rarely covered by insurance and can cost thousands of dollars. Akin to “cheaters” as a less expensive alternative to prescription reading glasses, personal sound amplification products (“PSAPs”) are available over the counter, but they aren’t as high quality or customizable as prescription hearing aids. Thanks to advancements in technology, companies like InnerScope Hearing Technologies (OTC: INND) are spearheading next-generation products that make hearing aids affordably available without a person having to set foot into a professional’s office.
In 2018, the U.S. Food and Drug Administration changed the game with its approval of the Bose Hearing Aid for use in adults 18 years and up with perceived mild to moderate hearing loss. The green light was the first of its type, allowing users to fit, program and control a hearing aid free of assistance from a health care provider.
This was music to the ears of some 37.5 million American adults that report hearing issues annually, many of which can’t afford the exorbitant costs of prescription hearing aids.
InnerScope offers a full-service platform through its e-commerce site (www.iHearDirect.com) and runs highly targeting marketing of its hearing aids on partners www.FSAstore.com, www.HSAstore.com and www.WellDeservedHealth.com online platforms that cater to consumers enrolled in flexible spending accounts, health saving accounts and employers’ health incentive programs.
In recent months, InnerScope has been highly active in the industry, making acquisitions, adding staff, launching new services, and growing revenue as it executes on a scalable and sustainable business model. For example, on the final day of the third quarter, InnerScope completed the acquisition of iHear Medical, a pioneer in DTC hearing solutions with a manufacturing and R&D facility in San Leandro, California, and the owner and developer of the only FDA-cleared in-home hearing test called the iHEARtest, which is sold in CVS pharmacy stores and various online retailers.
That was followed less than two months later by the buyout of Virginia Beach, Virginia-headquartered HearingAssist, Walmart’s largest direct-ship and wholesale hearing aid supplier with top-line revenue of more than $72 million since 2018.
The impact of these acquisitions will be felt in the upcoming reporting of quarterly performance. The effect could be quite pronounced considering InnerScope this month announced preliminary unaudited revenue results of $633,894 for the quarter ended Dec. 31, 2021. Additionally, early in December, HearingAssist received purchase orders from Walmart for over $277,000 for EZ-Hear Neckband Bluetooth Hearing Amplifiers for an in-store display going into 757 Walmart locations across five U.S. states.
Winning consumer loyalty with in-store marketing and services is integral to InnerScope’s growth strategy. In recent months, 14 hearing screening kiosks have been installed at popular retailers such as Hy-Vee, Giant Eagle, Food City, and Hartig Drug stores, with at least 65 more of the 100 under production right now expected to be delivered to retailers by the end of the month.
As the company continued to expand, InnerScope recruited and landed Adnan Shennib as CTO and president of International Operations. Shennib brings over 30 years of experience in hearing innovations, having held leading roles with major hearing aid manufacturers, to the company. The addition was part of a surge in job creation that increased the InnerScope team from nine to 30 people.
Looking at future product development, InnerScope has filed two new provisional patents and partnered with Atlazo Inc., a leader in intelligent semiconductor solutions for wearable health devices. The partnership will add cutting-edge features to the InnerScope ecosystem, such as voice commands, continuous health monitoring, and seamless connectivity with other smart devices.
Feeling the momentum building, Matthew Moore, president and CEO of InnerScope commented, “We have built a team of well-experienced industry leaders in R&D, marketing and distribution, allowing InnerScope to create a proprietary patentable product portfolio and to continue to focus on our execution strategy building a wholesale distribution network of major retailers and pharmacy chains.”
For more information on InnerScope Hearing Technologies Inc., visit www.INND.com.
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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