Edmonton – TheNewswire - April 16, 2025 – Innovotech Inc. (TSXV-IOT) revenues grew significantly in fiscal year 2024, with top-line revenue increasing by 86% year-over-year to $2,194,471, up from $1,182,632 in 2023.  The Company had a net and comprehensive income of $214,755 for the year, a substantial improvement from the net loss of $157,582 incurred in 2023.  Innovotech is in a robust financial position, featuring total assets of $3,219,930 at year end, compared to $1,216,532 in 2023, along with strong working capital of $1,255,925.

“The significant increase in revenue and the profitability in 2024 reflect the Company’s strategic initiatives and the positive impact of the acquisition of Keystone Labs that will add to future growth and shareholder value through new markets, methodologies, and quality certifications.

“Our strong balance sheet, with considerable growth in both assets and shareholders’ equity, supports our continued expansion and investment in future opportunities.  The net income for the year translates to positive earnings per share, marking a significant turnaround from previous years,” said Craig Milne, Innovotech CEO.

About Innovotech

Innovotech Inc. is a diversified Canadian technology company with business operations in a growing portfolio of specialized laboratory services, biotechnology businesses, and proprietary intellectual property. Innovotech Inc. manages several subsidiary companies.  Innovotech Labs Corporation is a contract research organization that owns and provides proprietary devices for antimicrobial testing in multiple applications and commercializes antimicrobial silver solutions. Keystone Labs Inc. is a DEL-accredited lab serving the Canadian pharmaceutical industry and industrial markets. www.innovotech.ca.

Craig Milne

Director & CEO

Innovotech Inc.

604-239-1819

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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