Innocan Pharma Reports Half Year 2024 Results with Revenue Growth of over 3.3X to $15.4 Million HERZLIYA, Israel and CALGARY, AB , Aug.
12, 2024 /PRNewswire/ -- Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTC: INNPF) (the "Company" or "Innocan"), a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies, is pleased to announce its consolidated financial results for the three and six-month periods ended June 30, 2024 . Second Quarter 2024 Financial Highlights Revenues increased 177% to US$8.6 million , compared to US$3.
1 million in the second quarter of 2023, and increased 28% compared to US$6.8 million in the first quarter of 2024. This significant increase in revenue was primarily due to strong sales growth of Innocan's subsidiary BI Sky Global Ltd.
Infographic - https://mma.prnewswire.com/media/2480462/Innocan_Figure_A_Infographic.
jpg Gross Profit increased 201% to US$8.0 million , compared to US$2.7 million in the second quarter of 2023, and increased 33% compared to US$6.
0 million in the first quarter of 2024. Operating Profit increased by US$0.97 million to US$0.
53 million compared to an operating loss of US$0.44 million in the second quarter of 2023 and increased by US$1.7 million compared to an operating loss of US$1.
2 million in the first quarter of 2024. Net Profit increased by US$1.35 million to US$0.
95 million , compared to a net loss of US$0.4 million in the second quarter of 2023, and increased by US$2.4 mill.