INTRICON OFFERS COVID-19 RELATED BUSINESS UPDATE

Provides Preliminary First Quarter 2020 Results; Withdraws Full Year 2020 Guidance

ARDEN HILLS, Minn., April 07, 2020 (GLOBE NEWSWIRE) -- IntriCon Corporation (NASDAQ: IIN), a designer, developer and manufacturer of miniature interventional, implantable and body-worn medical devices, today provided an update on the actions it is taking in response to the COVID-19 pandemic and preliminary first quarter 2020 financial results.

Business Update
IntriCon has implemented several measures in recent weeks in an effort to address and prioritize the health and safety of its employees and their communities, while at the same time continuing to support customers and partners.

• Health and Safety: Based on the expertise and recommendations from federal and local government and health agencies, IntriCon has implemented remote and flexible work arrangements for employees wherever possible. The company has also implemented other measures, such as restricting travel, to protect the health and safety of our customers, their patients and our employees.
   
• Maintaining Operations: Consistent with applicable exceptions, IntriCon is maintaining streamlined manufacturing, assembly and other related operations at all sites in order to continue providing products to its customers and partners. For IntriCon employees involved in such operation-critical processes, we have implemented several other recommended best practices to protect the health and safety of our workforce. In addition, IntriCon has modified the shifts of employees involved in other operation-critical processes to minimize risk for these employees.
   
• Clinical: The company has postponed its anticipated “Self-fitting Software” clinical trial until such time as it can ensure the health and safely of trial participants.
   
• Expense Reduction: Given the current business climate, IntriCon has taken steps to strengthen its balance sheet and reduce its cost structure including the deferral of non-strategic investments as well as furloughs and salary reductions for directors and management. These measures are expected to be temporary in nature and only in effect until their objectives have been accomplished.

“As we manage our business through the unprecedented global challenges unfolding as a result of COVID-19, we would first like to express our deep appreciation to all those who are on the front line treating critically ill patients and others that are working tirelessly towards improved testing, treatment, and ultimately future prevention. Our priority remains the health and safety of our employees, our customers and their patients, as well as our partners and the communities they serve,” said Mark Gorder, president and chief executive officer of IntriCon.