Highlight: “we anticipate revenues from InnerScope’s audiological hearing aid retail clinic division to be in excess of one hundred million ($100,000,000) “
Can you give us a brief overview of your company, InnerScope Hearing Technologies?
Answer: InnerScope Hearing Technologies is a technology-driven company disrupting the current $5 billion dollar U.S. hearing aid market and industry with its manufacturing and distribution of high quality affordable hearing aid technology Direct-to-Consumers (DTC) at a 50% to 75% lower price then any of the leading hearing aid manufacture.
The consumers don’t realized that there are currently only 5 global hearing aid manufactures in the world that manufactures 98% of all the hearing aids sold worldwide. Which has created an oligopoly, where a small number of large manufacturers/sellers is able to reduce and control competition within the marketplace. Less competition results in higher prices for consumers and less innovation and customer service. Unfortunately, this oligopolistic hearing aid marketplace has left approximately 40 million people in the U.S. alone being underserved and thus left with the health related consequences of untreated hearing loss, just because they could not afford the high cost of hearing aids.
InnerScope is leading the way by creating an industry economic change with its development and delivering sales model of new innovative of high quality low-price hearing products at factory-direct pricing through various DTC sale channels.
InnerScope is also leading the way developing new hearing treatments and hearing therapies for the 1.2 billion people around the world that are suffering from hearing loss and/or hearing disorders.
I understand InnerScope has begun a FDA Clinical Trial to obtain a 510k Market Clearance for a treatment for Tinnitus; can you explain what the treatment is and update us on the current progress and timing of receiving the clearance?
Answer: Yes, InnerScope is currently conducting a multi-site, double-blind, placebo-controlled randomized evaluation of the effect of using low level laser therapy (3LT) on the relief of Tinnitus (ringing in the ears) symptoms. Tinnitus affects about 50 million people in the U.S. and 15% to 20% of the world’s population suffers from Tinnitus. Moreover, 90% of people with Tinnitus also have hearing loss.
We believe once the FDA Clinical Trial is completed InnerScope will receive a FDA 510K market clearance for its Tinnitus 3LT laser. This confidence is based on the years of InnerScope’s Chairman and my father Mark Moore, who has worked in conjunction with Erchonia, the world’s leader in 3LT technology, using Erchonia’s 3LT lasers on patients with Tinnitus and hearing loss that has led to the development and protocols of this FDA Clinical Trial.
Once you obtain the FDA market clearance; what is InnerScope’s Plans for the Tinnitus Laser?
Answer: When InnerScope receives it 510K Market Clearance, InnerScope will have the only FDA-Cleared device on the market for treating of Tinnitus that is not considered maskers and/or management devices. InnerScope’s Tinnitus Laser would be a treatment for the relief of Tinnitus symptoms.
With InnerScope’s long-term Agreement with Erchonia to manufacture InnerScope’s Tinnitus Laser, InnerScope’s plans on marketing this worldwide to the hundreds of millions of people who suffer from Tinnitus. The revenue potential for InnerScope just on it Tinnitus Laser would be in the billions of dollars.
However, that said our first marketing priority and revenue opportunity would be to the U.S. Veterans Association (VA). As just reported a few days ago on the CBS morning show, 2.7 million veterans are suffering from Tinnitus and hearing loss. Currently, the government pays out or $3 billion dollars for claims related to Tinnitus. InnerScope’s Tinnitus Laser is a great solution to help our Veterans.
InnerScope is also opening its own audiological hearing aid retail locations in Northern California; what’s InnerScope’s overall strategy and plans for the hearing aid retail locations?
Answer: As part of our multiple hearing aid sales channels strategy, InnerScope has enacted an Expansion Roll-out Plan to open new audiological hearing aid retail clinic locations within Northern California.
We decided to start the Roll-out Plan in the Northern California area since the founders of InnerScope already had a successful multi-chain of audiological hearing aid retail locations within that area, which they sold in 2016. InnerScope started its Roll-out Plan in August of 2018 after the founders covenant not to complete had expired.
We believe this strategy of owning Brick and Mortar audiological hearing aid retail clinics makes sense to be able have an immediate impact in every market by creating an economic change in the current professional hearing aid delivery model with InnerScope’s high quality factory direct pricing model. This strategy also lends to our on-line sales channels by offering customers that bought online the choice to go to any one InnerScope’s physical locations to receive help or get their hearing device service by an onsite hearing healthcare professional as part of their hearing aid service warranty.
How many hearing aid retail locations are currently opened?
Answer: There are 7 hearing aid locations owned and operating under InnerScope’s dba brand name of “Value Audiology & Hearing Aid Center in Sacramento and San Francisco Bay Area.
What is your projected total of locations by end of 2019 and beyond?
Answer: We anticipate having 25 locations by the end of this year. We have plans to open at least 25 locations per year for the next 3 years. This will give InnerScope at least 100 stores on the west coast from Seattle to San Diego by the end of 2022.
Can you give some insight on the financial outlook for each location?
Answer: Each location with average 6-month ramp up in the each marketplace should generate a minimum of 500k to 1.5M in annual revenue.
So, by end of year 2022 based on continuing to open new locations, we anticipate revenues from InnerScope’s audiological hearing aid retail clinic division to be in excess of one hundred million ($100,000,000)
Your last press released stated the InnerScope launched CBD Oil for Tinnitus and Hearing Disorders; can you explain why InnerScope entered into this market space?
Answer: InnerScope is continuing to develop, as part of its charter and mission new hearing treatments and hearing therapies. With all of the growing studies showing how safe and effective using CBD Oil for a multitude of conditions, including helping to manage the symptoms of Tinnitus it was a natural fit to our add to our Hearing Health Products of Doctor-Designed Nutritional Dietary Supplements.
We believe InnerScope’s Tinnitus CBD Oil with its proprietary formulation will be a will be a sought out as a viable option for Tinnitus suffers. Especially, for people over the age of 65, which is currently one of the biggest growing population of users of CBD Oil.
We have already started to receive pre-orders for InnerScope CBD Oil and the press release is only been out for a few days.
Can you explain about the Hearing and Tinnitus vitamins?
Answer: It’s, simple its “Nutrition for the Ears”. Propernutrition is the foundation for hearing health, but for people with hearing loss, its even more essential. Deficiencies in certain vitamins and mineral puts people at risk for increase oxidative damage and Tinnitus.
That’s why InnerScope has develop a line of Nutritional Hearing Dietary Supplements designed by a Doctor of Pharmacy (Pharm.D.) to help people with hearing and/or Tinnitus problems or related cognitive conditions and may help people actually avoid future hearing health issues.
InnerScope’s three proprietary formulations uses a revolutionary nutrient-base approach to protect the auditory system by:
– Increase blood flow to the middle ear.
– Providing protection against oxidative stress and the aging process.
– Adding other vitamins, mineral and nutritional supplements to help support the auditory system, promote better cognitive function and the rest of the body including the immune system.
Do you have any sales or revenue projections for your CBD Oil and vitamins?
Answer: It’s hard to predict, butgiven the popularity and the estimated growth of the overall CBD Oil market to hit $22 billion by 2022, we are expecting the sales to grow from a few hundred bottles a month to thousands of bottles a month just with our CBD Oil.
However, the Nutritional Hearing Vitamins would be based off the success of Bausch & Lomb’s Eye Vitamin Line, which sold over $223 million in sales for 2018.
Either way, InnerScope CDB Oil and Nutritional Hearing Vitamins will be a huge profit center for InnerScope starting in April 2019
Will InnerScope be selling the CBD Oil and vitamins on its own or will be seeking distribution partners?
Answer: InnerScope will be selling both its CBD Oil and Hearing Vitamins through multiple sales and distribution channels, which includes InnerScope’s eCommerce websites and through major Big Box Stores both online and in store as well as our audiological hearing aid retail locations
What’s InnerScope plans for its Direct-to-Consumer (DTC) Hearing Aids?
Answer: We are currently built an extensive product portfolio of FDA-Register high-quality affordable hearing aids that are being sold through Walmart.com and through InnerScope’s multiple eCommerce websites.
We will be reaching out to many member associations, health insurance companies, unions, etc., to offer a DTC Hearing Aid Benefit Program for their membership. This new marketing and distribution plan will provide InnerScope access to millions of people being directed towards InnerScope to get their hearing aids.
InnerScope also recently announced its connection with American Senior Association (AMSA), can you explain what your thoughts on why this partnership is beneficial to InnerScope?
Answer: AMSA offers many different benefits to its senior members (over the age of 50), similar to American Association of Retired Persons (AARP), and it has a database of over 1.2 million member that are in the age demographic that can use our and need our hearing aids products. InneScope and AMSA created an Hearing Benefit Program for AMSA member and will be working together in joint marketing programs to connect with their members to purchase InnerScope Hearing Aids using their membership benefits.