Edmonton, 24 April 2024. Innovotech Inc. (TSXV-IOT) incurred loss of $157,582 on revenue of $1,182,632 in the year ended 31 December 2023.
Revenues were up 5.3% over 2022, however the Company increased expenditures in several categories resulting in the overall net loss. R&D was up 73.3% to $192,290 as the Company continues to invest in expanding service offerings to clients as well as advancing the manufacturing processes and studying further physical properties of its patented InnovoSIL™ antimicrobial silver family of compounds. Increased G&A expenses were partially driven by increased productive capacity as well as retaining the Company’s first full time CEO in approximately 10 years. The Company increased its sales and marketing expenditures to $29,365 with renewed optimism to capture the value within the deep scientific expertise and trusted client relationships built over the past two decades of operations.
