Innocan Pharma Corp. (CSE: INNO) (OTC: INNPF) reported its audited financial results for the year ending Dec. 31, 2024, after the markets closed on March 31.
Innocan reported revenue of $5.4 million in the fourth quarter of 2024 versus $4.8 million in the same period the previous year. However, earnings fell sequentially from the third-quarter sales of $8.6 million.
For the full year, revenue increased 114.6% year-over-year to $29.4 million, compared to $13.7 million in 2023. This significant increase in revenue was primarily due to the robust sales performance of Innocan’s subsidiary, BI Sky Global Ltd., which reported an increase in revenue from online sales platforms due to the addition of new products.
BI makes high-performance non-CBD personal care and beauty products in the United States. It currently operates in online marketplaces, with plans to expand to direct-to-consumer sales and finally evolve to physical storefronts. Innocan holds 60% of BI’s shares, while Brandzon Co. Ltd. owns the remaining 40%.
The company also reported that its operating loss decreased by 67% to $1.2 million in 2024 versus $3.8 in 2023. The company’s cash levels grew to $5 million at the end of 2024 versus $3.8 million at the end of 2023. At the end of 2024, the company had a working capital of $8,444,000, compared with $6,207,000 at the end of 2023.
“This achievement reflects our team’s unwavering commitment to excellence, innovation and strategic execution,” CEO Iris Bincovich said. “We are focused on moving ahead aggressively on our two pathways, Human & Animal, with the LTP-CDB injection, our non-opioid chronic pain management solution.”
Despite the improvements, Innocan reported a total comprehensive loss of $262,000 and a negative cash flow from operations of $1.5 million. Additionally, the company still has $35 million of deficit accumulated since its inception. Management said it plans to address these conditions by raising additional funds and generating larger volumes of revenue.
While the company’s negative cash flows from operations decreased during 2024, it still expects its negative cash flows from operations to significantly increase in the foreseeable future due to an increase in R&D and R&D-related expenses as a result of the start of clinical trials.
[[{“value”:”While beauty is bringing in the sales, the company continues to pursue its pain management products.
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