Business
InnerScope Hearing Technologies (OTCQB: INND) Posts 318% Year Over Year Revenue Growth
InnerScope Hearing Technologies (OTCQB: INND) Posts 318% Year Over Year Revenue Growth.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n  31% Revenue Growth for Q4 2019 over Q4 2018 45% Reduction in Operational Cost ROSEVILLE, Calif., Jan. 21, 2020 (GLOBE NEWSWIRE) -- via NetworkWire - InnerScope Hearing Technologies Inc. (OTCQB: INND) (\"InnerScope\") a manufacturer and Direct-to-Consumer (\"DTC\") distributor/retailer of FDA-Registered Hearing Aids, Personal Sound Amplifiers Products (\"Hearing Products\"), Hearing Related Treatment Therapies, Doctor-Formulated Dietary Hearing Supplements and proprietary CBD Oil (\"Hearing Health Products\") (collectively \"Hearing Product Portfolio), today announced its unaudited annual revenue results ended December 31, 2019 of $1,034,791 (includes Customer Orders not yet delivered), a year over year Revenue Growth of 318% over the annual revenue booked ended December 31, 2018. Additionally, its unaudited fourth quarter revenue results ended December 31, 2019 (Q4 2019) increased 31% over the fourth quarter ended December 31, 2018 (Q4 2018). InnerScope is expecting revenues to grow each quarter as it continues to fulfill current distribution agreements as well as new upcoming distribution agreements for its deployment of Point of Sale Hearing Screening Retail Kiosks(\"Hearing Kiosk\") and Hearing Product Portfolio in hundreds of independents pharmacies and retail health centers in the U.S. and Canada.   Beginning in Q4 2019, InnerScope has strategically reconfigured and realigned its operations to support its planned growth for the year 2020 and beyond.  The reconfigured strategy has resulted in an overall reduction of operational costs by 45% (annual cost-saving of approximately $1.2 million) and in lowering its current breakeven point by more than 50%. The reconfigured strategy will enable InnerScope to deliver on its promise to improve shareholder value by executing a quicker path for achieving positive cash flow and profitability while expanding its efforts into activities that generate greater revenues with less operational costs.  More importantly, the reconfigure strategy will carry InnerScope into the future and prepare the company for the next phase of expanding operations and partnerships. InnerScope made significant strides laying the foundation in the 2019 calendar year for a successful 2020 and well into the future. In 2019, InnerScope put a significant emphasis on d...