IDenta Corp Reports Third Quarter 2024 Results with 100% Increase in Sales
Rhea-AI Summary
IDenta Corp (OTCQB: IDTA), a leader in Field Detection and Home Diagnostic Testing Kits, reported strong Q3 2024 results with a 100% year-over-year revenue increase to $366,870. The company's financial performance showed significant improvements across all metrics, with gross profit rising to $274,542 and operating profit reaching $100,295, compared to a loss in Q3 2023. Net profit turned positive at $102,344, reversing the previous year's loss. Cash and cash equivalents strengthened to $469,615, up from $259,953 in Q3 2023.
Positive
- Revenue doubled to $366,870 in Q3 2024 from $173,451 in Q3 2023
- Gross profit increased to $274,542 from $133,168 year-over-year
- Operating profit improved to $100,295 from a loss of $27,899
- Net profit turned positive at $102,344 from a loss of $22,837
- Cash position strengthened to $469,615 from $259,953
Negative
- None.
News Market Reaction
On the day this news was published, IDTA gained 12.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "Under our strategic guidance, IDenta has not only expanded its market share but also introduced groundbreaking innovations that have captured the attention of customers. We've strategically invested in product development, expanded our customer reach, and streamlined operations, and the results are clear. As we look ahead, we remain confident in our ability to sustain this momentum and deliver long-term value to our shareholders and customers. Improved gross margins and operating efficiencies, driving both top-line and bottom-line growth".
Highlights of the Third Quarter of 2024 compared to the Third Quarter of 2023:
- Doubling revenues for the third quarter of 2024 were
$366,870 compared to revenues of$173,451 in the third quarter of 2023. - Gross profit increased to
$274,542 $133,168 - Operating profit is
$100,295 $27,899 - Net profit for the third quarter of 2024 was
$102,344 compared to net profit of ($22,837 - Cash and cash equivalents increased to
$469,615 $259,953
About IDenta Corp.
IDenta Corp. is a global leader in the development and supply of Field Detection and Home Diagnostics Testing Kits for Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. IDenta develops, manufactures and distributes revolutionary products for both the professional Law and Retail markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world. For more information, please visit at www.identa-corp.com and www.touch-know.com or follow us on social media.
Safe Harbor Statement
Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.
Company Contact Information:
Public Relations
Tel: (240) 545-6646
E: pr@identa-corp.com
View original content:https://www.prnewswire.com/news-releases/identa-corp-reports-third-quarter-2024-results-with-100-increase-in-sales-302305635.html
SOURCE IDenta Corp.
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