(TheNewswire)
Edmonton – TheNewswire- April 25 th , 2023. Innovotech Inc. (TSXV:IOT) incurred loss of $136,511 on revenue of$1,125,813 in the year ended December 31 st , 2022.
The loss was largely driven by a 25% decrease inrevenues to $1,125,813 from $1,481,767 in the prior year. Notably,R&D expenses increased from $34,888 to $110,980, depreciation rosefrom $70,895 to $114,165 and salaried costs rosefrom $592,231 in the prior year to $688,245 in the current year. Gross profit margin declined to 69% from 75%. EBITDAS for the yearwas a negative $9,195.
12-month financial results
Twelve-month period ended | ||
2022 comparative financialresults | December 31 st , 2022 | December 31 st , 2021 |
Gross revenue | 1,125,813 | 1,481,767 |
Cost of sales | 346,304 | 363,153 |
Gross profit | 779,509 | 1,118,614 |
Operating expenses | 919,958 | 850,662 |
Interest expense | (5,016) | (4,383) |
Interest income | 8,954 | 17,566 |
Net profit (loss) | (136,511) | 367,130 |
Innovotech’s 4 th quarter lossof $83,409 was consequent on the same factors that brought about theannual loss.
Fourth quarter financial results
Three-month period ended | ||
Q4 2022 comparative financialresults | December 31 st , 2022 | December 31 st , 2021 |
Gross revenue | 249,054 | 456,218 |
Cost of sales | 82,445 | 108,163 |
Gross profit | 166,609 | 348,055 |
Operating expenses | 247,341 | 232,655 |
Interest expense | (773) | (4,383) |
Interest income | (1,904) | 5,665 |
Net profit (loss) | (83,409) | 202,677 |
About Innovotech
Innovotech is a Canadian biotechnology company owningproprietary intellectual property, conducting contract research, andowning and providing proprietary devices for testing in multipleapplications in microbiology. Innovotech can be found online at www.innovotech.ca .
Alan C. Savage
Director & CFO
Innovotech Inc.
604 220-4935
This document may containforward-looking statements that are predictive in nature and subjectto risks and uncertainties that cannot be predicted or quantified;consequently, actual results may differ materially from past resultsand those expressed or implied by any forward-looking statements.Factors that could cause or contribute to such risks or uncertaintiesinclude, but are not limited to: the regulatory environment includingthe difficulty of predicting regulatory outcomes; changes in the valueof the Canadian dollar; the Company’s reliance on a small number ofcustomers including government organizations; fluctuations inoperating results; government policies or actions; progress and costof clinical trials; reliance on key strategic relationships;uncertainty related to intellectual property protection and potentialcosts associated with its defense; the Company’s exposure tolawsuits and other matters beyond the control of management. Shouldknown or unknown risks or uncertainties materialize, or shouldmanagement’s assumptions prove inaccurate, actual results could varymaterially from those anticipated. The Company undertakes noobligation to publicly make or update any forward-looking statements,except as required by applicable law.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
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