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While the lower level of Q1 business activity allowed for Quality, Safety and HR systems to be updated following a very busy 2021, it is not the start to the 2022 year that the Company expected. Management and staff were also able to spend more time on development of the new testing platforms that we have been working on. We will be rolling out these new devices over the balance of 2022 with a view to favorably impacting the remainder of the year.
We also saw continued interest in potential collaborations on new applications for InnovoSIL-1 from prospective partners following on past non-disclosure and material transfer agreements and the Company is optimistic toward advancing one or more of these active interests to the agreement stage.
Q1 2022 comparative financial results | |||
Gross revenue | 276,648 | 308,575 | |
Cost of sales | 91,268 | 80,674 | |
Gross profit | 185,380 | 227,901 | |
Operating expenses | 219,653 | 207,747 | |
Interest expense | (1,730) | (2,081) | |
Interest income | 3,716 | - | |
Net profit (loss) | (32,287) | 22,235 |
Innovotech’s balance sheet remains strong. Working capital declined to
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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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