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Innovotech Inc. (TSX Venture Exchange: IOT; OTCQB: IOTCF) reported financial results for the three months ended March 31, 2026. The life sciences services and technology company focused on applied microbiology, analytical chemistry, and regulated laboratory services said revenue fell year over year, reflecting a change in activity on a major customer project previously expected to continue through 2026.
Revenue for the quarter was $648,140, down 44% from the same period in the prior year.
Gross profit was $202,231, and gross margin was 31.2%, compared with 53.6% in the prior year. Management attributed the margin decline to underutilised capacity, noting that the company maintained staffing and operational readiness in anticipation of executing planned customer work.
Innovotech recorded a net and comprehensive loss of $401,295 for the quarter, compared with net income of $63,523 in Q1 2025.
Operating expenses increased year over year. The company said this reflected the Q1 integration of Keystone Labs and Innovotech Labs, the relocation of Keystone Labs operations to a new nearby facility, and investments in a stronger sales organization.
The company said it continued its strategic transformation by strengthening leadership and commercial teams and completing its OTCQB listing in the U.S.
Innovotech also stated it operates with a strong liquidity position and maintains a meaningful equity base, which it said provides flexibility to manage near-term volatility while continuing to execute its longer-term strategy.
“Management remains committed to investing in a more diversified, resilient, and scalable platform,” said Innovotech CEO Craig Milne. “The Company is continuing to execute its transformation strategy with a focus on the operational and commercial initiatives required to support long-term growth and reduce revenue concentration risk.”
Innovotech said its unaudited consolidated financial statements and Management’s Discussion and Analysis (MD&A) have been filed on SEDAR+ and OTCIQ.
Innovotech Inc. is a life sciences services and technology company specializing in contract research, analytical, and microbial testing within regulated healthcare markets. The company describes itself as a leader in biofilm science and antimicrobial testing, providing laboratory services supporting medical device, pharmaceutical, and industrial product development.
Innovotech said it operates through ISO-certified and GMP-accredited laboratories and supports clients across multiple sectors and geographies, delivering data aligned with regulatory expectations such as those of the U.S. Food and Drug Administration and Health Canada. The company also highlighted its MBEC Assay® platform for high-throughput antimicrobial and antibiotic testing.
Forward-looking statements: This release includes forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied. The company said it undertakes no obligation to publicly update forward-looking statements except as required by applicable law. The TSX Venture Exchange and its Regulation Services Provider do not accept responsibility for the adequacy or accuracy of this release.
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