TSXV:IOT - Post Discussion
Post by
overnout on Nov 17, 2021 9:36am
3rd Q Results
Edmonton, Alberta –TheNewswire -November 16th, 2021– Innovotech Inc. (TSXV:IOT) is pleased to report financial results for the three and nine months ended September 30th, 2021. Revenue declined over the 3 months to September 30th(Q3) by 33% from $351,476 in the prior year to $236,757 in the current period. As a result of the decline in revenue and a modest increase in net operating expenses offset by increased interest income a loss of $21,472 was incurred. We do note that $76,140 of work not completed in Q3 has been deferred into an already strong 4thquarter. Nine-month results generated $1,025,549 of revenue breaking the $1 million mark for the first time, Gross profit, at a 75% gross profit margin generated EBITDAS of $192,207 and a net profit of $164,453. Interest income of $11,901 was a meaningful contributor to the result.
Net operating expenses of $770,559 rose by 30% reflecting higher 9-month contract research sales, additional laboratory space acquired and a higher employee count.
We are seeing active interest in our proprietary InnovoSIL™-1 compound on the part of prospective partners, and our Collaboration Agreement partner continues research advancing the prospects for this novel anti-microbial.
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