Business
Innovotech Reports a Loss for its First Quarter Ended March 31, 2023
(TheNewswire) Edmonton, AB -  TheNewswire - May 25, 202 3 - Innovotech...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Reports a Loss for its First Quarter Ended March 31, 2023\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton,\n \n \n AB -  TheNewswire -\n \n \n May 25, 202\n \n \n 3 -\n \n \n Innovotech\nInc.\n \n \n (TSXV:IOT)\n \n \n incurred a loss of $83,005 on revenue of $255,692 for the\nfirst quarter (Q1) ended March 31\n \n \n st\n \n \n , 2023.\n \n \n \n \n Contract research fees declined 6.1% in Q1 to $182,269\nfrom $194,182 in Q1 of the prior year.  Product sales rose 10.9% to\n$73,423 from $66,229.  Low total Q1 revenues of $255,692 were the\nprincipal cause of the net loss of $83,005 for the quarter versus a\nloss of $32,287 in Q1 of the prior year.\n \n \n \n \n Expensed R&D investment of $23,951 and increased\nsales and marketing expenses of $7,622 were factors in the negative\nresults.  General and administrative expenditures were little changed\nand follow on cost-of-living increases provided to staff during the\n2022 year.\n \n \n \n \n T\n \n \n he Company advises that it has\nvisibility on higher contract service revenues evidenced from signed,\nissued, and probable contract research protocols extending over Q2 and\ninto Q3 of the current year.  On the other hand, Innovotech plans for\nan increase in research and development investment on its proprietary\nInnovoSIL™-1 silver antimicrobial, on the earn-in agreement\nrespecting the Nou Life Sciences conjugated molecules, and on\ndevelopment to enable new contract research offerings over the balance\nof the year.  The cost of this research and development will be\nexpensed against earnings as incurred.\n \n \n \n \n REVENUE & GROSS PROFIT\n \n \n \n \n \n \n \n Period\n \n \n \n \n \n \n Q1 2023\n \n \n \n \n \n \n Q1 2022\n \n \n \n \n \n \n \n \n Contract research fees\n \n \n \n \n Product sales\n \n \n \n \n Other revenue\n \n \n \n \n \n \n 182,269\n \n \n \n \n 73,423\n \n \n \n \n -\n \n \n \n \n \n \n 194,182\n \n \n \n \n 66,229\n \n \n \n \n 16,237\n \n \n \n \n \n \n \n \n Gross revenue\n \n \n \n \n \n \n 255,692\n \n \n \n \n \n \n 276,648\n \n \n \n \n \n \n \n \n Cost of sales\n \n \n \n \n \n \n 87,888\n \n \n \n \n \n \n 91,268\n \n \n \n \n \n \n \n \n Gross profit\n \n \n \n \n Gross profit %\n \n \n \n \n \n \n 167,804\n \n \n \n 66%\n \n \n...