Innocan Pharma Q1 Revenue Grows 500% YoY, Here Is What You Need To Know

Innocan Pharma Corporation INNPF INNO IP released its financial results for the three months ended March 31, 2023, revealing revenue of $1.6 million, an increase of 500%, compared to $260,000 in the first quarter of 2022. This increase in revenue growth is mainly due to the increased sales of Innocan's subsidiary, B.I. Sky Global Ltd.

Q1 2023 Financial Highlights

Gross Profit was $1.4 million, an increase of 1656% compared to $78,000 in the quarter ended March 31, 2022.
Gross profit margin was 87.8% compared to 30% in Q1 2022.
Operating loss was $1.3 million compared to $1.8 million in Q1 2022.
Total comprehensive loss was $1.2 million compared to $729,000 in Q1 2022.
The company's cash balance stood at approximately $4.1 million as of March 31, 2023, representing an approximate 17% decrease compared to approximately $4.9 million at the end of the prior year, due to continued investments in the company's strategic goals, which resulted in a number of meaningful milestones.

"We delivered encouraging results in the first quarter, including growth in revenue year-over-year. "We are confident in our long-term outlook" stated Iris Bincovich, CEO of Innocan, "we continue our strategic investments in cutting-edge science and innovation, while also delivering revenues from our consumer wellness activities".

Photo by Mackenzie Marco on Unsplash

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