Edmonton, Alberta, 19 November 2024 – Innovotech Inc. (“the Company”, TSX-V: IOT) has posted its highest quarterly revenues in more than 10-quarters, achieving $436,071 in total revenues. These are 9.7% higher than the immediately previous quarter Q2-2024 and the nine-month year-to-date revenues in 2024 of $1,148,634 are already 97% of 2023 full year revenues of $1,182,632. Contract research revenues of $360,693 are nearly triple the Q3-2023 revenues of $121,091 resulting from a number of large and complex client projects.
“The Company has been building capacity in anticipation of increased client activity, which began to materialize this quarter.” says Chief Operating Officer, Tyler Boone. “The performance reported here is entirely absent our recent acquisition of Keystone Labs,” says Craig Milne, CEO, “and we will begin reporting results on a consolidated basis in the upcoming quarter.”
Increased revenues were projected by the Company, and scale-up efforts through the year were made in order to be ready to support such activities, including additional personnel, lab space and refreshed equipment purchases. The Company anticipates sustained contract research activity for the next several quarters, continuing to support both the current and anticipated additional client projects.
In the recent Quarter, the Company increased its total footprint to 5,369 square feet, of which 60% is functional microbiology and chemistry laboratory space. Total headcount has increased to sixteen full-time employees. The period resulted in a net loss of $21,300 with $50,151 contributed from noncash expenses.
