Innovotech (TSE:IOT) has released an update.
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Innovotech Inc. has reported a first-quarter loss of $102,201 for the period ending March 31, 2024, despite a 22.79% increase in revenue driven by a surge in contract research fees. The loss was attributed to higher General & Administrative expenses due to the expansion of staff and lab capacity in anticipation of greater demand for their antimicrobial testing services. A non-repayable grant from NRC-IRAP, intended to cover technical personnel salaries, is expected to support the company’s R&D efforts through March 2025.
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