HOLLYWOOD, Fla., Nov. 12, 2020 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostics Testing Kits of Narcotics & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. Today IDenta Corp reported its 2020 third quarter financial statements. The company sales revenue increased over 30% and was $496,108 for the third quarter of 2020, compared to $381,550 for the same period of 2019.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "I am extremely pleased with our strong performance amid unprecedented challenges. This quarter marked the third consecutive quarter of record-breaking gross and net profit. Not only have we succeeded in increasing gross sales, but we have also been able to achieve lower production costs which of course translate into record company profits. We continue to expand our customer base and sales channels. IDenta is looking to further implement and educate the market of the increase in our product portfolio, which will continue to be a competitive strength for IDenta in the quarters ahead by meeting customer needs and varying budgetary preferences. We look forward to emerging from the current challenging environment as an even stronger company."
Highlights of the Third Quarter of 2020 compared to the Third Quarter of 2019:
- Revenue for the second quarter of 2020 was $496,108 compared to revenues of $381,550 in the Third quarter of 2019. This is a 30% increase in sales; Total 9-month revenues for 2020 increased to $1,217,394, compared to the $918,997 during the same period in 2019, reflecting a 32.5% increase;
- Gross profit increased to $392,596 in the third quarter of 2020 compared to gross profit of $199,333 in the third quarter of 2019, a 96% increase; Total 9 month Gross Profit for 2020 increased to $828,024, compared to the $506,287 during the same period in 2019, reflecting a 63.5% increase;
- Operating profit increased to $265,428 for the third quarter of 2020 compared to operating profit of $59,012 in the third quarter of 2019. This is a 350% increase and represents both the increase in revenue as well as significant reduction of production costs;
- Net profit increased to $383,232 in the third quarter of 2020 compared to $44,953 in the third quarter of 2019. This is more than 750% increase the company quarterly net profit. Total 9-month Net Profit for 2020 increased to $450,755, compared to the $83,343 during the same period in 2019, reflecting a 440% increase;
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.
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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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SOURCE IDenta Corp.