Business
InnerScope Hearing Technologies (OTC: INND) Announces Consecutive Profitable Quarters with Q3 2022 Financial Results
InnerScope Hearing Technologies (OTC: INND) Announces Consecutive Profitable Quarters with Q3 2022 Financial Results.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n Q3 2022 Financial Highlights: $6,564,682 Consolidated Revenues$3,664,342 Net Profit for Three Months Ended September 30, 2022Positive EBITA of 55.8%$4,262,355 Gain on Debt ExtinguishmentZero Convertible Debts with Third-party Lenders ROSEVILLE, Calif., Nov. 16, 2022 (GLOBE NEWSWIRE) -- InnerScope Hearing Technologies Inc. (OTC: INND) (\"InnerScope\"), an emerging and disruptive leader in the Over-the-Counter (OTC) hearing aid space announced today its financial results (unaudited) for third-quarter ended September 30, 2022, (\"Q3 2022”). InnerScope recorded its consecutive profitable quarter with consolidated net revenues of $6,564,682, a net profit of $3,664,342, and a positive EBITA (Earning Before Taxes) of 55.8% for Q3 2022 compared to a net profit of $3,881,620, and a positive EBITA of  56%  for second-quarter ended June 30, 2022. Total consolidated net revenues were $13,879,744 for nine months ended September 30, 2022 (“Q2 2022”). InnerScope also recorded a gain on debt extinguishment of $4,262,355 for Q3 2022 and has zero convertible debts with third-party lenders. \"Recording two consecutive profitable quarters in Q2 2022 and Q3 2022 before the Over-the-Counter Hearing Law was enacted on October 17, 2022, shows we are building a scalable and profitable business,\" said Matthew Moore, CEO of InnerScope Hearing Technologies. \"Our business plan from the beginning was to build a wholesale/retail distribution network of major retailers, healthcare service companies, and pharmacy chains (\"Distribution Network\") for our affordable hearing aids years before the FDA Finalizes Historic Rule Enabling Access to Over-the-Counter (“OTC”) Hearing Aids for Millions of Americans allowing hearing aids to be sold in retail stores and pharmacies without a prescription or be seen by a hearing professional. Our current ever-growing Distribution Network with thousands of retail locations gives us a distinct competitive advantage in this new emerging market.” About InnerScope Hearing Technologies, Inc. (OTC PINK: INND): InnerScope Hearing Technologies Inc. is a manufacturer and distributor of OTC Hearing Aids, Hearing Aid Accessories & Hearing Health-Related Products (\"Hearing Products\") dedicated to addressing the global demand for affordable hearing solutions. InnerScope's Hearing Prod...