Innovotech Reports 3 and 6-Month Financial Results to June 30, 2020
Edmonton - TheNewswire - August 11th, 2020 - Innovotech Inc. (TSXV:IOT) recorded revenue of $333,904 and net profit of $121,974 in its second quarter ended June 30th, 2020. The Q2 results benefited from $37,533 provided by the Canada Emergency Wage Subsidy program and from actions taken by stakeholders to reduce professional fees, rents, and interest expense. Contract research revenues of $291,881 were supported by generally lower than average MBEC Assay plate sales of $42,023, as device customers such as university laboratories adjusted their operations.
The stronger second quarter revenue and profit resulted in six-month revenues of $460,291, compared with $508,635 in the same period of 2019, and resulted in a year to date profit of $6,676 versus a loss of $19,549 in the first half of 2019.
"We were able to overcome the worst effects of the COVID-19 Pandemic on our clients and customers that resulted in a weak first quarter" said Dr. Amin Omar, Chief Operating Officer. "We are looking forward to Q3 as we complete work started late in Q2 and continue to see growing requests for our services."
While technically an event subsequent to Q2, the July 14th announcement of a Collaboration Agreement with a global medical device company regarding our InnovoSIL(TM)-1 compound was an important step forward for Innovotech. We are optimistic regarding potential commercial applications for this silver periodate anti-microbial.
About Innovotech: Innovotech is a Canadian biotechnology company owning proprietary intellectual property, conducting contract research, and owning and providing proprietary devices for testing in multiple applications in microbiology.
Director & CFO
This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company's reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company's exposure to lawsuits and other matters beyond the control of management. Should known or unknown risks or uncertainties materialize, or should management's assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward-looking statements, except as required by applicable law.
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