Edmonton, Alberta, August 24th, 2021 – Innovotech Inc. (TSX-V, IOT) (“Innovotech” or “the Company”) has released financial results of its 2021 first half, to June 30th.
The significant increase in 2021 first half revenue is consistent with, although stronger than, the trend of rising revenues over the past two years. The Company expects that trend to be maintained in the remainder of 2021. The results are a testament to the energy and efforts of our management and staff.
In the first six months revenue of $788,792 increased by $328,501 over the same period in the prior year producing a net profit of $185,925. Working capital rose to $768,086 from $595,623 as of December 31, 2020.
Second quarter revenue of $480,217 increased from $333,904 in the prior year and generated a profit of $163,690 versus $121,974 in the second quarter of the prior year. The increase in 2nd quarter revenues and profits drove the significant six-month net income.
The results were achieved during a time in which the Company acquired additional laboratory space, installed, and calibrated new equipment, upgraded the acquired space, and hired and began training two additional microbiologists.
