Innocan Pharma Reports Significant Revenue Growth in Audited Financial Results for 2022
LOS ANGELES– Innocan Pharma, a pharmaceutical technology company specializing in the development of innovative drug delivery platform technologies and owning a proprietary IP portfolio, has released its audited financial results for the year ended December 31, 2022. The company reported revenue of approximately $2.6 million for the fiscal year, a substantial increase from $196,000 in the previous year.
The company also announced a significant increase in revenue growth in Q4 2022, with revenues rising to approximately $1.135 million from approximately $749,000 in Q3 2022, representing a 51% increase. This growth is primarily due to the increased sales of its subsidiary, BI Sky Global, which focuses on the development of beauty microbrands for platforms such as Amazon and other retail marketplaces.
Innocan’s consistent increase in revenue over the past year indicates continued growth and expansion of the company’s sales. In fact, sales in the US via Amazon were awarded “Best Seller” under the beauty and personal care category, as well as “Most Wished For” status, alongside a notable increase in the number of subscriptions per month, representing approximately 10% of monthly revenues.
The company also reported an increase in gross profit to approximately $2.1 million as of December 31, 2022, compared to approximately $121,000 in the previous year, representing an increase of approximately $2 million. Innocan sees this substantial increase in operating profit as a meaningful indicator of the company’s growth.
Despite a 55% decrease in cash balance as of December 31, 2022, compared to the prior year, Innocan continues to invest in its strategic goals, resulting in a number of meaningful milestones. Roni Kamhi, CEO of BI Sky Global and COO of Innocan Pharma, commented, “We ended 2022 with incredible growth that will serve as a strong starting point for 2023. As we look to the future, we expect to see continued growth in the beauty category with new product lines, alongside increased sales.”
Innocan’s recent business highlights include the use of its LPT CBD-loaded liposome platform to enable exact dosing and controlled release of CBD into the bloodstream. The company is targeting the veterinary market as a first step in licensing and commercialization, recognizing it as a significant opportunity for growth in cannabinoid therapy. Innocan is also expanding its patent portfolio of targeted healing products, positioning itself as a leader in cannabis-based therapeutics. The company is working to expand the distribution of its topical portfolio to several European countries, including Finland, Austria, Holland, Belgium, Slovakia, and Lithuania.
Iris Bincovich, CEO of Innocan Pharma, expressed pride in the company’s progress in 2022 and set ambitious goals for 2023, including holding FDA Pre-IND meetings for veterinary and human applications of the LPT CBD drug delivery platform, expanding distribution agreements for the consumer wellness segment, and growing online sales partnerships. The company’s annual “state of the business” update provides expanded business updates.
Overall, Innocan Pharma’s audited financial results for 2022 demonstrate significant revenue growth and continued progress toward its strategic goals.
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