Innovotech Reports a Profitable Second Quarter Ended June 30th, 2023

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[{"type":"text","content":"Innovotech Reports a Profitable Second Quarter Ended June 30th, 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, AB - TheNewswire - August 15, 2023\n-\n \n \n Innovotech Inc.\n \n \n (TSXV:IOT)\n \n \n (or “\n \n \n the Company\n \n \n ”) recorded a second\nquarter profit of $72,900 on revenue of $411,023.  These results were\nnot sufficient to eliminate the loss incurred in the first quarter of\n2023.  Consequently, the Company has recorded a first half loss of\n$10,105.\n \n \n \n \n Second quarter (Q2) revenue rose to $411,023 from\n$182,269 in the first quarter of 2023 and was up 68% over the prior\nyear’s Q2 revenue of $259,584.  The higher revenue in Q2, 2023 was\ndriven by $357,170 of contract research fees versus $199,207 in Q2 of\nthe prior year.  Product sales were slightly lower at $53,853 versus\n$60,377 in the prior year.\n \n \n \n \n General and administrative (G&A) expenses rose by\n12% to $232,795 reflecting salary increases made over the past 12\nmonths.  Research and development (R&D) investment of $26,854\ndecreased by 32% from $39,302 while sales and marketing expenses rose\nto $7,777 from $258 in Q2 of 2022.  Offsetting these expenses, the\nCompany was in receipt of a SRED (Scientific Research and Development)\ngrant in the amount of $33,439 in respect of 2022 R&D investment\nby the Company.\n \n \n \n \n REVENUE & GROSS PROFIT\n \n \n \n \n \n \n \n Period\n \n \n \n \n \n \n Q2 2023\n \n \n \n \n \n \n Q2 2022\n \n \n \n \n \n \n % change\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 357,170\n \n \n \n \n 53,853\n \n \n \n \n -\n \n \n \n \n \n \n 199,207\n \n \n \n \n 60,377\n \n \n \n \n -\n \n \n \n \n \n \n \n \n \n \n Gross revenue\n \n \n \n \n \n \n 411,023\n \n \n \n \n \n \n 259,584\n \n \n \n \n \n \n +58.3%\n \n \n \n \n \n \n \n \n Cost of sales\n \n \n \n \n \n \n 106,168\n \n \n \n \n \n \n 78,255\n \n \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 304,855\n \n \n \n 74%\n \n \n \n \n \n \n 181,329\n \n \n \n \n 70%\n \n \n \n \n \n \n +68.1%\n \n \n \n \n \n \n \n OPERATING EXPENSES & NET INCOME\n \n \n \n \n \n \n \n Period\n \n \n \n...

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