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Innovotech Reports Results for its Third Quarter Ended 30 September 2023
(TheNewswire) Edmonton, AB - TheNewswire - 28 November 2023 - Innovotech Inc. (...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Reports Results for its Third Quarter Ended 30 September 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 Edmonton,\n \n \n AB - TheNewswire -\n \n \n 28 November 2023 -\n \n Innovotech Inc.\n \n (TSXV:IOT)\n \n (“\n \n the\n \n \n Company\n \n ”) recorded a third quarter loss of $117,546  on\nrevenue of $174,811.  Contract research revenues were $121,091, a\ndecline from $293,508 in Q3, 2022.  Product sales remained relatively\nstable for the current quarter at $53,720.\n \n \n \n General and administrative (G&A) expenses rose by\n7.7% over Q2 to $250,629 driven substantially by hiring of Craig Milne\nas CEO during the quarter.  R&D expenditures of $33,239 were\nincurred to complete the previously agreed program in advance of\nacquiring\n \n \n NouLife Sciences Inc on 18 August\n2023.  The company also attended the Surfaces in BioMaterials\nconference, increasing the sales and marketing efforts in order\n \n \n to further expand key contacts and exposure\namong leading medical device companies as well as new industry\nentrants.\n \n \n \n \n The Company has previously stated renewed\ncomm\n \n \n itments to R&D efforts in its\nproprietary Innovosil-1\n \n \n (TM)\n \n \n antimicrobial silver, Nou Life\nantioxidant linker chemistry and expansion of contract research\nservices.  These investments, along with the addition of Dr. Milne,\nare made with the view to improve the Company’s longer-term value.\n \n \n \n \n REVENUE & GROSS PROFIT\n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n \n OPERATING EXPENSES & NET INCOME\n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n About Innovotech\n \n \n \n \n Innovotech is a Canadian biotechnology company owning\nproprietary intellectual property, conducting contract research, and\nowning and providing proprietary devices for testing in multiple\napplications in microbiology.  Innovotech can be found online at\n \n \n \n www.innovotech.ca\n \n \n \n .\n \n \n \n \n Craig Milne\n \n \n \n \n Director & CEO\n \n \n \n \n Innovotech Inc.\n \n \n \n \n 604-239-1819\n \n \n \n \n This document may contain\nforward-looking statements that are predictive in nature and subject\nto risks and uncertainties that cannot be predicted...