InnerScope Hearing Technologies (OTCMKTS:INND) Reports Profit In FY22
InnerScope Hearing Technologies Inc (OTCMKTS:INND) kicked off the new week by announcing that in the 2022 fiscal year it had been profitable. The emerging disruptive leader in the over-the-counter hearing solutions market could well come into focus among investors today in light of the announcement.
InnerScope Hearing Technologies (OTC: INND) Announces Profitable Year-End 2022 Financial Results
Hence, it could be a good idea for investors to consider taking a closer look at some of the highlights from the results. In the full year that ended on December 31, 2022, the company managed to generate net revenues of $15,284,327 along with net profit of $5,575,892 and gross profits of $9,079,335. In addition to that, it is also necessary to point out that the company also showed a positive EBITA of 36% for the fiscal year.
The rise in the company’s revenues was mainly brought on by the wholesale distribution agreements signed by Hearing Assist II Inc and iHear Medical Inc, two companies that it acquired towards the end of 2021. For instance, Hearing Assist was actually the biggest hearing aid supplier to retail behemoth Walmart. The gross profits were generated by InnerScope Hearing Technologies due to the simple fact that the margins were higher during the fiscal year.