INNOVOTECH Reports Decreased Net Profit in the First 3 Months of 2022 to March 31st, (Q1)

About this update from Innovotech Inc.

[{"type":"text","content":"INNOVOTECH Reports Decreased Net Profit in the First 3 Months of 2022 to March 31st, (Q1)\n \n \n (TheNewswire)\n \n \n \n Edmonton –\n \n \n TheNewswire -\n \n \n May 24, 2022.\n \n \n Innovotech Inc.\n \n \n (\n \n \n TSXV:\n \n \n IOT\n \n \n ), a pioneer in the field of biofilm\nproduct development, reports a net loss of $32,287 for the 2022 first\nquarter on account of reduced revenue of $276,648 compared to $308,575\nin Q1 of the prior year.\n \n \n Both product sales\nand contract research revenues declined. The Company believes that the\ndecline in product revenue was consequent on quarterly inventory\nbuilding in 2021 by our clients on account of the well-advertised\nglobal supply chain issues. Sales of products were down by 23% to\n$66,229. Contract research service fees declined by 9% to $194,182\ncompared to Q1, 2021.\n \n \n \n \n Cash generated by operating activities was negative\n$5,557.\n \n \n \n \n While the lower level of Q1 business activity allowed\nfor Quality, Safety and HR systems to be updated following a very busy\n2021, it is not the start to the 2022 year that the Company expected.\nManagement and staff were also able to spend more time on development\nof the new testing platforms that we have been working on.  We will\nbe rolling out these new devices over the balance of 2022 with a view\nto favorably impacting the remainder of the year.\n \n \n \n \n We also saw continued interest in potential\ncollaborations on new applications for InnovoSIL-1 from prospective\npartners following on past non-disclosure and material transfer\nagreements and the Company is optimistic toward advancing one or more\nof these active interests to the agreement stage.\n \n \n \n \n \n \n \n \n \n Q1 2022 comparative financial results\n \n \n \n \n \n \n March 31\n \n \n st\n \n \n , 2022\n \n \n \n \n \n March 31st, 2021\n \n \n \n \n \n \n \n \n Gross revenue\n \n \n \n \n \n 276,648\n \n \n \n \n \n \n 308,575\n \n \n \n \n \n \n \n \n \n Cost of sales\n \n \n \n \n \n 91,268\n \n \n \n \n \n \n 80,674\n \n \n \n \n \n \n \n \n \n Gross profit\n \n \n \n \n \n 185,380\n \n \n \n \n \n \n 227,901\n \n \n \n \n \n \n \n \n \n Operating expenses\n \n \n \n \n \n 219,653\n \n \n \n \n \n \n 207,747\n \n \n \n \n \n \n \n \n \n Interest expense\n \n \n \n \n (1,730)\n \n \n \n \n (2,081)\n \n \n \n \n \n \n \n \n...

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