Innocan Pharma Q3 Revenue Grows 700% YoY, Here Is What You Need To Know

Innocan Pharma Corporation INNPF INNO IP released its financial results for the three and nine months ended September 30, 2022, revealing Q3 revenue of $1.42 million, a 700% increase compared to $180,000 in the Q3 2021.

Q3 2022 Financial Highlights

• Gross Profit - was $511,000 for the quarter ended September 30, 2022, representing a 360% increase from the $180,000 in third quarter in the prior year.

• Net loss - was $2.7 million for the quarter ended September 30, 2022, representing a 71% decrease from the $9.4 million in third quarter in the prior year. This is mainly because of changes in fair value of warrants outstanding during the period of Q3-22 in compared to the corresponding quarter.

• Working capital - was $7.7 million for the quarter ended September 30, 2022, representing a 17% increase from the $6.6 million in third quarter in the prior year.

• Cash balance - was $6.4 million for the quarter ended September 30, 2022, representing a 10% increase from the $5.8 million in third quarter in the prior year.

"We delivered encouraging results in the third quarter, with revenue growth and are confident in our long-term outlook" stated Iris Bincovich, CEO of Innocan, "we continue with our strategy to invest in cutting-edge science and innovation while deliver revenues from our consumer wellness activities."

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