Business
InnerScope Hearing Technologies Inc. Opens New Corporate Owned Audiological Clinic & Announces its Audiological Clinic Expansion Plan & Business Update
InnerScope Hearing Technologies Inc. Opens New Corporate Owned Audiological Clinic & Announces its Audiological Clinic Expansion Plan & Business Update.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\nInnerScope's \"Grand Opening\" of its Roseville, California audiological hearing aid retail clinic is the first of 22 new audiological hearing aid retail clinics planned within Northern California in the next 6 to 12 months as part of InnerScope's aggressive new retail location expansion plan.\n ROSEVILLE, Calif., Nov. 14, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- InnerScope Hearing Technologies Inc. (OTCQB:INND) announced the successful \"Grand Opening\" of its new audiological hearing aid retail clinic (\"Retail Clinic\") located in Roseville, California. The opening of the brand-new retail clinic is part of InnerScope's overall aggressive expansion rollout plan of opening 22 new retail clinics within Northern California over the next 6 to 12 months (\"Rollout Plan\"). The Rollout Plan consists of finding the right location and staffing with experienced and licensed Hearing Healthcare Professionals (\"HCPs\") to operate each of the 22 retail clinic locations. InnerScope's Rollout Plan takes advantage of its founders' extensive thirty plus years of in-depth knowledge and experience in the Northern California hearing aid market. The founders of InnerScope generated over $16 million in annual hearing aid sales from the 20 retail clinics they opened and sold in 2016. Additionally, InnerScope has plans to quickly staff retail clinics by tapping into the pool of experienced HCPs looking for a reputable hearing aid company with vast industry experience. Based on the founders' previous owned retail clinics in the Northern California market, each new retail clinic is expected to generate an average of $500,000 to $1 million in its first year annual hearing aid sales revenue in with a growth factor of at least 5% every year after. However, some retail clinics are expected to generate $1.5 to $2 million in annual hearing aid sales revenue in its first year based on its location, senior demographics and the reported number of hearing aid sales currently generated from the competition in the market area. InnerScope's cost for opening a single retail clinic is a total of $75,000 all in, including all hard and soft costs. InnerScope believes it can cash flow each location within six weeks and they can recoup the $75,000 opening investment within 6 months from the \"Grand Opening\" date. The Rollout Plan is based on opening two or more ne...