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InnerScope Hearing Technologies swings to loss in Q1

InnerScope Hearing Technologies Inc. said its normalized net income for the first quarter was a loss of $6,570, compared with income of $21,300 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 3.4% from 10.1% in the year-earlier period.

Total revenue declined 9.0% on an annual basis to $192,000 from $211,070, and total operating expenses grew 14.4% from the prior-year period to $202,590 from $177,070.

Reported net income totaled a loss of $10,510, or a loss of 0 cents per share, compared to income of $34,080, or 0 cents per share, in the year-earlier period.