Innovotech Reports Results for its First Quarter Ended 31 March 2024

(via TheNewswire)

Edmonton, Alberta –TheNewswire -21 May 2024–Innovotech Inc.(“the Company”, TSX-V: IOT) has recorded a first quarter loss of $102,201.  Revenues of $313,976 were up 22.79% over Q1-2023 with strong growth in contract research fees from new and existing clients.  Innovotech is carrying increased G&A expenses of $315,516, versus $220,381 in Q1-2023, contributing to the Q1-2024 loss.  Innovotech’s higher G&A expenses reflect the addition of technical staff and expanded laboratory capacity to meet anticipated demand for laboratory services.  

R&D costs are partially offset by a new, non-repayable contribution awarded from NRC-IRAP.  The grant funds $75,000, paid as a reimbursement for technical personnel salaries with distributions beginning in January 2024 and lasting until 31 March 2025 for dedicated projects.  

“We are investing in growth to support our industry-leading antimicrobial testing services and products.”, says Craig Milne, CEO.  “We are a trusted partner for several global medical device companies, and we continue capitalizing on our 20-year history and deep industry expertise as we grow our service and product sales.”  

Q1-24 Revenue & Gross Profit
Period	Q1-2024	Q1-2023	% change
Contract research fees	268,745	182,269	+47.44%
Product Sales	45,231	73,423	-38.40%
Gross revenue	313,976	255,692	+22.79%
Cost of sales	93,819	87,888	+6.75%
Gross profit	220,157	167,804	+31.20%
Gross profit (%)	70.12%	65.63%	+6.84%
Q4 Operating Expenses & Net Income
General & administrative	315,516	220,381	+43.17%
Sales & marketing	7,242	7,622	-4.99%
Research & development	21,186	23,951	-11.54%
Grants	(15,171)	-
Operating Expenses	328,773	251,954	+30.49%
Fair value adjustment on financial           instrument	4,412	-
Interest expense	-	(445)
Interest income	2,003	1,590	25.97%
Net Income (Loss)	(102,201)	(83,005)	+23.13%

 

About Innovotech Inc:

Innovotech is a Canadian biotechnology company owning proprietary intellectual property, conducting contract research, and owning and providing proprietary devices for testing in multiple applications in microbiology and can be found online atwww.innovotech.ca.

Craig Milne, CEO          Innovotech Inc.

[phone]        [e-mail]

This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company’s exposure to lawsuitsand other matters beyond the control of management. Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward- looking statements, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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