(TheNewswire)
Edmonton – TheNewswire- November 15 th , 2022 - Innovotech Inc. (TSXV:IOT) returned to profitability in its third quarter(Q3) ended September 30 th , earning $41,692 from revenue of $340,527versus a loss of $21,472 in the prior year period from revenue of$236,757. The improved results stemmed from higher revenue andfavourable exchange rates.
Three-month period ended | ||
Q3 2022 comparative financialresults | September 30 th , 2022 | September 30 th , 2021 |
Gross revenue | 340,527 | 236,757 |
Cost of sales | 94,336 | 79,362 |
Gross profit | 246,191 | 157,395 |
Operating expenses | 205,841 | 184,182 |
Interest expense | (1,097) | - |
Interest income | 2,439 | 5,315 |
Net profit (loss) | 41,692 | (21,472) |
Nine-month period ended | ||
Q3 2022 comparative financialresults | September 30 th , 2022 | September 30 th , 2021 |
Gross revenue | 876,759 | 1,025,549 |
Cost of sales | 263,859 | 254,990 |
Gross profit | 612,900 | 770,559 |
Operating expenses | 672,617 | 618,007 |
Interest expense | (4,243) | - |
Interest income | 10,858 | 11,901 |
Net profit (loss) | (53,102) | 164,453 |
We are excited to advise thatInnovotech’s MBEC Assay plate is going into space. Aequor Inc has anexperiment on the manifest for a November 20 th launch to the International Space Station(ISS) from the Kennedy Space Center on SpaceX-26. A SpaceX Falcon 9rocket will launch a Dragon 2 spacecraft on its sixth cargo resupplymission to the ISS, including Aequor's experiment to test the efficacyof its treatment to control water contamination in microgravity. Aequor's experiment includes a modified version of Innovotech's MBECAssay plate.
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 Savage
Director & CFO
InnovotechInc.
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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