Business
Innovotech Inc Reports 3 and 6-month Results to June 30, 2019
(via TheNewswire) Edmonton - TheNewswire - August 20, 2019. Innovotech ...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Inc Reports 3 and 6-month Results to June 30, 2019(via TheNewswire)\n \n \nEdmonton - TheNewswire - August 20, 2019. Innovotech Inc. (TSXV:IOT), a leader in contract research in connection with the susceptibility of medical devices to microbial biofilm formations, has released its financial and operating results for the three and six-month periods ended June 30, 2019.\n\n \n \nInnovotech's performance in the first 6 months (H1) of 2019 demonstrated a material improvement from the same period in the 2018 year. This first half improvement is attributable to higher revenues accompanied by lower costs. Revenues increased from $410,784 in H1 of 2018 to $508,635 in H1 of 2019. The increase in revenues, combined with reduced expenses resulted in the prior year's H1 loss of $142,696 being reduced to a loss of $19,549 in the current H1. Had it not been for a bad debt experienced in the second quarter in the amount of $22,872, Innovotech would have earned a profit in the first half of 2019. \n\n\n\n\n \n\nYear over year comparison:\n\n\n\n\n($)\n\n\n \n \n \n \n \n \n\n\nH1, 2019\n\n\n\n\nH1, 2018\n\n\n\n\nGross Revenue\n\n\n \n \n\n\n508,635\n\n\n\n\n410,784\n\n\n\n\nCost of Sales\n\n\n \n \n\n\n157,581\n\n\n\n\n118,345\n\n\n\n\nGross Profit\n\n\n \n \n\n\n351,054\n\n\n\n\n292,439\n\n\n\n\nTotal Expenses\n\n\n \n \n\n\n370,603\n\n\n\n\n435,135\n\n\n\n\nNet Loss \n\n\n \n \n\n\n19,549\n\n\n\n\n142,696\n\n\n \n \nSecond quarter (Q2) revenues were $286,214 versus $194,198 in the prior year resulting in a Q2 loss of $5,031. If not for the bad debt noted above, the Company would have recorded a profit in Q2. Also, the Company has received a Notice of Allowance for a US patent in connection with delivery of its InnovoSIL(TM) - 1 for wound care in gel form. \n\n \n \nWe were also pleased to welcome Craig Milne BSc, PhD, MBA to our Board of Directors, replacing Dr. Wolfgang Muhs, who retired after long service. Dr. Milne was awarded 50,000 Options for becoming a new member of the Board.\n\n \n \nAlan C. Savage\n\n\n \nDirector & CFO\n\n\n \nInnovotech Inc.\n\n \n \nThis document may contain forward-looking statements that are predictive in nature and subject to risks and\n\n\n \nuncertainties that cannot be predicted or quantified. Actual results may differ materially from past results and\n\n\n \nthose expressed or implied by any...