Innovotech Reports Results for its Second Quarter and Half-Year Ended 30 June 2024

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[{"type":"text","content":"Innovotech Reports Results for its Second Quarter and Half-Year Ended 30 June 2024\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 Edmonton, Alberta, 20 August 2024 –\n \n\n TheNewswire –\n \n\n\n\n Innovotech Inc.\n \n\n\n\n (“the\nCompany”, TSX-V: IOT) has increased revenues in the half-year ended\n30 June 2024 by 6.88%, achieving a total of $712,563 compared to\nH1-2023 with $666,715.  Contract research revenues of $268,277 were\ndown 24.89% from Q2-2023, however $81,449 in revenues were attributed\nto on-going collaborations to commercialize InnovoSIL™-1.  The\ncompany recorded a second quarter loss of $114,817.\n \n\n\n\n G&A expenses are up $188,603 in the first half of\nthe year over last year and R&D expenses have nearly doubled to\n$100,444 versus $50,805.  The Company is continuing to invest in\ncapacity in anticipation of higher work volumes, albeit creating\ncurrent quarter losses.\n \n\n\n\n\n\n\n\n\n Q2-24 Revenue &\nGross Profit\n \n\n\n\n\n\n\n\n Period\n \n\n\n\n\n\n Q2-2024\n \n\n\n\n\n\n Q2-2023\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\n\n 268,277\n \n\n\n\n\n\n 357,170\n \n\n\n\n\n\n 24.89%\n \n\n\n\n\n\n\n\n Product sales\n \n\n\n\n\n\n 48,861\n \n\n\n\n\n\n 53,853\n \n\n\n\n\n\n 9.27%\n \n\n\n\n\n\n\n\n Other revenue\n \n\n\n\n\n\n 81,449\n \n\n\n\n\n\n -\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 398,587\n \n\n\n\n\n\n 411,023\n \n\n\n\n\n\n 3.03%\n \n\n\n\n\n\n\n\n Cost of sales\n \n\n\n\n\n\n 114,620\n \n\n\n\n\n\n 106,168\n \n\n\n\n\n\n 7.96%\n \n\n\n\n\n\n\n\n Gross profit\n \n\n\n\n\n\n 283,967\n \n\n\n\n\n\n 304,855\n \n\n\n\n\n\n 6.85%\n \n\n\n\n\n\n\n\n Gross profit (%)\n \n\n\n\n\n\n 71.24%\n \n\n\n\n\n\n 74.17%\n \n\n\n\n\n\n 3.95%\n \n\n\n\n\n\n\n\n\n\n Q2-24 Operating Expenses\n& Net Income\n \n\n\n\n\n\n\n\n General & administrative\n \n\n\n\n\n\n 326,263\n \n\n\n\n\n\n 232,795\n \n\n\n\n\n\n 40.15%\n \n\n\n\n\n\n\n\n Sales & marketing\n \n\n\n\n\n\n 9,353\n \n\n\n\n\n\n 7,777\n \n\n\n\n\n\n 20.26%\n \n\n\n\n\n\n\n\n Research & development\n \n\n\n\n\n\n 79,258\n \n\n\n\n\n\n 26,854\n \n\n\n\n\n\n 195.14%\n \n\n\n\n\n\n\n\n Grants\n \n\n\n\n\n\n (15,176)\n \n\n\n\n\n\n (33,439)\n \n\n\n\n\n\n 54.63%\n \n\n\n\n\n\n\n\n Operating Expenses\n \n\n...

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