- InnerScope Hearing Technologies recently announced that subsidiary HearingAssist’s products would be carried by RiteAid.com
- The distribution agreement with one of the nation’s leading drug store chains comes as InnerScope seeks to position itself to benefit from the upcoming OTC Hearing Aid Law
- The Hearing Aid Law will create a new category of hearing aids, available from any retailer without need of doctor appointments or fittings.
- The law will also see the average cost of these hearing aids decline significantly relative to their current cost – allowing for greater access from the over 40 million Americans unable to afford the product
InnerScope Hearing Technologies (OTC: INND), a disruptive manufacturer and distributor/retailer of direct-to-consumer and FDA registered Bluetooth-controlled hearing aids and personal sound amplifier products (“PSAPs”), recently announced that subsidiary HearingAssist would be launching its branded hearing products and related supplies on RiteAid.com. The announcement will mark yet another milestone for HearingAssist, a long-established leader in the direct-to-consumer hearing aid market, with the company having sold over 500,000 hearing aids since 2008 and generated upwards of over $72 million in top-line revenues from 2018 to 2021 whilst simultaneously transforming into Walmart’s largest hearing aid supplier in the process (https://nnw.fm/uYhvs).
In October 2021, the FDA proposed its initial guidelines for the ground-breaking Over-The-Counter (“OTC”) Hearing Aid Law (“OTC Hearing Aid Law”); will see a new category of hearing aids created, which will be available from any seller without doctor appointments or fittings, and sold at a fraction of the typical cost – about $600 per pair instead of the average $5,000 (which includes fittings and follow-up services) (https://nnw.fm/NYfpO).
In anticipation of the upcoming OTC Hearing Aid Law, the management teams at HearingAssist and InnerScope have sought to forge relationships with major retailers and pharmacy chains, seeking to establish and promote its product portfolio ahead of a potential roll-out across their partners’ in-store locations and websites. The successful placement of HearingAssist products on RiteAid.com, one of the nation’s largest drugstore chains with stores in 17 states across the United States, is an early affirmation of the company’s ongoing strategy – one which has already seen the company roll-out its products across their www.iHearDirect.com e-commerce website as well as on the likes of FSAStore.com, HSAStore.com, and WellDeservedHealth.com.
“The management teams of HearingAssist and InnerScope are proud to offer HearingAssist Products for all Rite Aid customers,” stated Matthew Moore, President and CEO of InnerScope Hearing Technologies. “The launch of HearingAssist Products on RiteAid.com increases InnerScope’s and HearingAssist’s market penetration and brand recognition ahead of the OTC Hearing Aid Law” (https://nnw.fm/5cVni).
The RiteAid.com win follows on the heels of a number of operational highlights achieved by the company in recent months. In early October, InnerScope announced that it had acquired iHEAR Medical Inc, a direct-to-consumer hearing solutions provider, providing InnerScope with access to over 40 patents and an FDA-registered manufacturing and R&D facility in the process. The company subsequently presented its preliminary fourth quarter 2021 results, with revenues of $633,894 for the year’s final three months (https://nnw.fm/I4sM2) – a record result that coincided with InnerScope’s HearingAssist receiving purchase orders from Walmart of nearly $280,000. (https://nnw.fm/cDRWY).
A recent White House fact sheet revealed that the elevated cost of hearing aids permitted a mere 14% of the approximately 48 million Americans with hearing loss to afford the life-changing product (https://nnw.fm/C9cdM). A heavily concentrated marketplace – with the four largest hearing aid manufacturers controlling upwards of 84% of the market – has also contributed to the elevated pricing for the devices. Now and with the forthcoming OTC Hearing Aid Law set to disrupt the decades-long status quo for the hearing aids market, InnerScope will seek to leverage upon its hugely disruptive, direct-to-consumer model to revolutionize the hearing aid market once and for all.
For more information, visit the company’s website at www.INND.com and the company’s e-commerce website: www.iHearDirect.com
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://nnw.fm/INND
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