WASHINGTON, Nov. 15, 2022 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostic Testing Kits for Narcotics, Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. Today IDenta Corp reported its 2022 third quarter financial statement and shows increase in gross profit, operating profit and net profit compared to the same period last year.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "During the third quarter the company showed a return to profitability and efficiency. These results are even more impressive when viewed against the backdrop of a challenging macro-economic environment. In the third quarter, we continued to progress and solidify our partnership with our new partnerships, we participated in a large number of exhibitions and continue to build the infrastructure in the US market. I am extremely proud of all that has been accomplished. We remain well-positioned to continue to drive excellence, deliver improving returns and create long-term value".
Highlights of the third quarter of 2022 compared to the third quarter of 2021:
- Revenues for the third quarter of 2022 were $332,296 compared to revenues of $335,121 in the third quarter of 2021.
- Gross profit increased to $287,451 in the third quarter of 2022 compared to gross profit of $219,286 in the third quarter of 2021. This is 31% increase.
- Operating profit increased to $19,870 in the third quarter of 2022 compared to $(12,177) in the third quarter of 2021. This is a very significant increase and proof of rapid efficiency.
- Net profit for the third quarter of 2022 increased to $19,419 compared to net profit of $(45,792) in the third quarter of 2021. This is an important significant increase during a complex global period and very high exchange rate changes.
- Cash and cash equivalents decrease to $324,475 for the third quarter of 2022 compared to $347,151 for the third quarter of 2021.
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.
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.
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