(TheNewswire)
Edmonton, 24 April 2024. - TheNewswire - Innovotech Inc.(TSXV-IOT) incurred loss of $157,582 on revenue of $1,182,632 in theyear ended 31 December 2023.
Revenues were up 5.3% over 2022, however the Companyincreased expenditures in several categories resulting in the overallnet loss. R&D was up 73.3% to $192,290 as the Company continuesto invest in expanding service offerings to clients as well as advancing the manufacturing processes andstudying further physical properties of its patented InnovoSIL™antimicrobial silver family of compounds. Increased G&A expenseswere partially driven by increased productive capacity as well asretaining the Company’s first full time CEO in approximately 10years. The Company increased its sales and marketing expenditures to$29,365 with renewed optimism to capture the value within the deepscientific expertise and trusted client relationships built over thepast two decades of operations.
12 months ended 31 December | 2023 | 2022 | % change |
Contract research fees Product sales Other revenue | 955,056 227,576 | 890,324 219,252 16,237 | +7.27% +3.80% |
Gross revenue | 1,182,632 | 1,125,813 | +5.05% |
Cost of sales | 370,989 | 346,304 | +7.13% |
Gross profit Gross profit % | 811,643 | 779,509 69.24% | +4.12% |
Operating Expenses & Net Income
12 months ended 31 December | 2023 | 2022 | % change |
General & administrative Sales & marketing Research & development Grants Fair value gain on adjustment on financialinstruments | 1,011,093 29,365 192,290 (41,434) (102,000) | 830,608 1,912 110,980 | +21.73% 1435.83% +73.27% +76.00% |
Operating expenses | 981,424 | 919,958 | +10.04% |
Interest expense | (557) 12,756 | (5,016) | -88.90% +42.46% |
Net income (loss) | (157,582) | (136,511) | -15.44% |
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 .
Craig Milne
Director & CEO
Innovotech Inc.
604-239-1819
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 potential costs associated withits defense; the Company’s exposure to lawsuits and other mattersbeyond the control of management. Should known or unknown risks oruncertainties materialize, or should management’s assumptions proveinaccurate, actual results could vary materially from thoseanticipated. The Company undertakes no obligation to publicly make orupdate any forward-looking statements, except as required byapplicable law.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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