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Edmonton, Alberta, 19 November 2024 – Innovotech Inc. – TheNewswire – (“the Company”, TSX-V: IOT) has posted its highest quarterly revenues in more than 10-quarters, achieving $436,071 in total revenues. These are 9.7% higher than the immediately previous quarter Q2-2024 and the nine-month year-to-date revenues in 2024 of $1,148,634 are already 97% of 2023 full year revenues of $1,182,632. Contract research revenues of $360,693 are nearly triple the Q3-2023 revenues of $121,091 resulting from a number of large and complex client projects.
“The Company has been building capacity in anticipation of increased client activity, which began to materialize this quarter.” says Chief Operating Officer, Tyler Boone. “The performance reported here is entirely absent our recent acquisition of Keystone Labs,” says Craig Milne, CEO, “and we will begin reporting results on a consolidated basis in the upcoming quarter.”
Increased revenues were projected by the Company, and scale-up efforts through the year were made in order to be ready to support such activities, including additional personnel, lab space and refreshed equipment purchases. The Company anticipates sustained contract research activity for the next several quarters, continuing to support both the current and anticipated additional client projects.
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In the recent Quarter, the Company increased its total footprint to 5,369 square feet, of which 60% is functional microbiology and chemistry laboratory space. Total headcount has increased to sixteen full-time employees. The period resulted in a net loss of $21,300 with $50,151 contributed from non-cash expenses.
Operating Expenses & Net Income
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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. Innovotech owns 100% of Keystone Labs Inc, a boutique contract research organization with a focus on method development and testing in the pharmaceutical and industrial markets. Innovotech also owns a 60% interest in NouLife Sciences Inc, with intellectual property in skin care opportunities. More information can be found online at www.innovotech.ca.
Craig Milne, CEO Innovotech Inc.
+1-604-239-1819 [email protected]
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 lawsuits and 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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