InnerScope Hearing Technologies Inc (OTCQB:INND), a manufacturer and direct-to-consumer distributor of hearing aids and related hearing products, announced it has signed a lease for a new corporate-owned, hearing aid retail clinic located in Sacramento, Calif (the “Sac Clinic”). The opening of the Sac Clinic, dba Value Audiology & Hearing Aid Center, is part of InnerScope’s 6-12 month Northern California Audiological Clinic Expansion Plan, (the “Rollout Plan”) as previously announced. The Sac Clinic will give InnerScope a total of five corporate-owned audiological hearing aid retail clinics in Northern California (“Retail Clinics”) (includes Value Hearing Aid Center’s two location pending acquisition) out of the 22 Retail Clinics in the Rollout Plan with expected total gross revenue from the five locations in hearing aid sales to exceed $3.2 million in annual revenue with a 20% to 30% EBITA.
The company anticipates the Sac Clinic will be opened and fully operational by the end of December 2018 and expects the Sac Clinic to produce annual revenues exceeding $1.2m in gross sales, with approximately $200 to $300k in net profit. InnerScope has already trained and hired the experienced and licensed hearing healthcare professional for the Sac Clinic.
With InnerScope’s delivering on its Rollout Plan combined with its Retail Clinic acquisitions and eCommerce DTC online stores, (including Walmart.com for InnerScope’s hearing aids), the company is said to be planning to meet the listing requirements for uplisting to the Nasdaq Stock Exchange. InnerScope anticipates reporting healthy profits in the upcoming quarters, which will help it meet all of the listing requirements, including $5 million in Stockholders’ Equity, number of Shareholders, and the Market Value of Publicly Held Shares.
“InnerScope is continuing to push the traditional hearing aid distribution boundaries in the US by providing consumers several options to purchase hearing aids at factory direct prices,” said Matthew Moore, CEO of InnerScope Hearing Technologies. “InnerScope is successfully building two separate Direct-to-Consumer (“DTC”) hearing aid distribution channels, an eCommerce DTC online hearing aid store and DTC Retail Clinics. InnerScope’s DTC Retail Clinics provide the more traditional brick-and-mortar hearing aid sales and delivery model, which the senior population still tends to gravitate toward, since there has been no other option.”