Business
Innovotech Reports Nine-Month Results to September 30, 2021
(TheNewswire) Edmonton, Alberta – TheNewswire - November 16 th ...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Reports Nine-Month Results to September 30, 2021\n \n \n (TheNewswire)\n \n \n \n Edmonton, Alberta –\n \n \n TheNewswire -\n \n \n November 16\n \n \n th\n \n \n , 2021\n \n \n – Innovotech\nInc. (TSXV:IOT) is pleased to report financial results for the three\nand nine months ended September 30\n \n \n th\n \n \n , 2021. Revenue\ndeclined over the 3 months to September 30\n \n \n th\n \n \n (Q3) by 33%\nfrom $351,476 in the prior year to $236,757 in the current period. As\na result of the decline in revenue and a modest increase in net\noperating expenses offset by increased interest income a loss of\n$21,472 was incurred. We do note that $76,140 of work not completed in\nQ3 has been  deferred into an already strong  4\n \n \n th\n \n \n quarter.\n \n \n \n \n Third quarter comparative financial information:\n($)\n \n \n \n \n \n \n Three months to September 30\n \n \n \n \n Q3 2021\n \n \n \n \n Q3 2020\n \n \n \n \n Q3 2019\n \n \n \n \n \n \n Gross Revenue\n \n \n \n \n 236,757\n \n \n \n \n 351,476\n \n \n \n \n 248,884\n \n \n \n \n \n \n Cost of Sales\n \n \n \n \n 79,362\n \n \n \n \n 76,795\n \n \n \n \n 71,338\n \n \n \n \n \n \n Gross Profit\n \n \n \n \n 157,395\n \n \n \n \n 274,681\n \n \n \n \n 177,546\n \n \n \n \n \n \n Net operating expenses\n \n \n \n \n 184,182\n \n \n \n \n 179,963\n \n \n \n \n 160,847\n \n \n \n \n \n \n Interest expense (income)\n \n \n \n \n (5,315)\n \n \n \n \n 1,500\n \n \n \n \n 1,499\n \n \n \n \n \n \n Net profit (loss)\n \n \n \n \n (21,472)\n \n \n \n \n 93,218\n \n \n \n \n 15,200\n \n \n \n \n \n \n Nine-month results generated $1,025,549 of revenue\nbreaking the $1 million mark for the first time, Gross profit, at a\n75% gross profit margin generated EBITDAS of $192,207 and a net profit\nof $164,453. Interest income of $11,901 was a meaningful contributor\nto the result.\n \n \n \n \n Net operating expenses of $770,559 rose by 30%\nreflecting higher 9-month contract research sales, additional\nlaboratory space acquired and a higher employee count.\n \n \n \n \n Nine-month comparative financial information:\n($)\n \n \n \n \n \n \n Nine months to September 30\n \n \n \n \n 9 MO. 2021\n \n \n \n \n 9 MO. 2020\n \n \n \n \n 9 MO. 2019\n \n \n \n \n \n \n Gross Revenue\n \n \n \n \n 1,025,549\n \n \n \n \n 811,767\n \n \n \n \n 757,519\n \n \n \n...