(TheNewswire)
Edmonton – TheNewswire - August 16, 2022. Innovotech Inc. ( TSXV: IOT ), a pioneer in the field of biofilmproduct development, reports sharply reduced 2022 first half revenuesof $536,232 vs. $788,792 in the first half of 2021 leading to a lossfor the period of $94,794. Lower revenues combined with general andadministrative expenses that reflected a 2021 increase in staffing andlaboratory footprint, drove the negative result together with R&Dexpenses of $45,796 compared with $9,117 in the prior period.
Six Month Results to June30 th - (H1):
H1 2022 comparative financial results | June 30 th , 2022 | June 30 th , 2021 | |
Gross revenue | 536,232 | 788,792 | |
Gross profit | 366,709 | 613,164 | |
Operating expenses | 466,776 | 433,825 | |
Interest expense | 3,146 | - | |
Interest income | (8,419) | (6,586) | |
Net profit (loss) | (94,794) | 185,925 |
Innovotech’s balance sheet remains strong. Workingcapital declined to $739,345 from $774,521 at December31 st , 2021. Cash increased to $646,679 following a $271,045decline in accounts receivable.
Three Month Results to June30 th - (Q2):
Q2 2022 comparative financial results Revenue | June 30 th , 2022 259,584 | June 30 th , 2021 480,217 |
Gross profit | 181,329 | 385,263 |
Operating expenses | 247,123 | 226,078 |
Interest expense | 1,416 | - |
Interest income | (4,703) | (4,505) |
Net profit (loss) | (62,507) | 163,690 |
Innovotech does not believe that the financial resultsfor the first six-months of 2022 are indicative of the next six monthsof 2022 based on a considerable increase in the level of signedcontract research protocols as of the date of this newsrelease.
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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