IDenta Corp Reports Annual Financial 2022 Results and Shows Efficiency and a Sharp Increase in Annual Profit

Rhea-AI Summary

IDenta Corp. (OTCQB: IDTA) reported its 2022 annual financial results, highlighting a sharp increase in net profit to $162,711, a 240% rise from 2021. This was driven by enhanced currency exchange rates and management efficiency. However, revenue declined by 4% to $1,338,754, with gross profit increasing by 5% to $1,123,021 due to production optimization. Operating profit fell 71% to $125,316, linked to costs from trade shows and production expansions. Cash reserves slightly rose to $368,901. CEO Amichai Glattstein emphasized a focus on the US market and product exposure as key growth strategies.

Positive

• Net profit increased by 240% to $162,711 due to improved efficiency.
• Gross profit increased by 5% to $1,123,021 as a result of production optimization.
• Investment in marketing led to enhanced product exposure in the US market.

Negative

• Revenue decreased by 4% to $1,338,754 from $1,392,136 in 2021.
• Operating profit declined by 71% to $125,316 due to participation in trade shows and new equipment purchases.

WASHINGTON, April 3, 2023 /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. IDenta Corp reported its 2022 annual financial statements. It shows a sharp increase in the net profit as a result of the optimization of the production line, the management of employees and an increase in profits as a result of the sale of a new product line.

Mr. Amichai Glattstein, Chief Executive Officer, commented: "During 2022, many efforts and funds were invested in building a long-term infrastructure in the US market, expanding relationships with local distributors, participating in a large number of trade shows - both for the government and the retail markets. The company invested in upgrading the production line in order to optimize and improve profitability and launched a new product line with high profit margins. The company created a lot of marketing material including videos that show the simplicity of the product and promote its sale in a significant way. The exposure of the company's products in the US market was the widest since the company was established and we are already feeling and seeing the results in the field. IDenta entered stronger and better positioned to continue to deliver value to all customers as we continue our journey to be a top performing company."

Highlights of the Annual Report of 2022 compared to Annual Report of 2021:

• Revenue for 2022 was $1,338,754 compared to revenues of $1,392,136 in 2021. This is a 4% decrease in sales. 
• Gross profit increased to $1,123,021 in 2022 compared to gross profit of $1,065,965 in 2021, reflecting a 5% increase as a result of optimization in the production line.
• Operating profit decreased to $125,316 for 2022 compared to operating profit of $214,152 in 2021. This is a 71% decrease as a result of participation in 12 different trade shows during the year, purchasing new machines for the production line and enlarging the front US warehouse space for storing an additional product line.
• Net profit increased to $162,711 in 2022 compared to $69,183 in 2021, reflecting a 240% increase as a result of an improvement in currency exchange rates, receiving grants and significant efficiency that the company's management implemented.
• Cash and cash equivalents decrease to $368,901 for 2022 compared to $347,151 in 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.

Company Contact Information:
Public Relations
Tel: +1 (240) 545-6646
E: pr@identa-corp.com 

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SOURCE IDenta Corp.

FAQ

What were IDenta Corp's annual profits for 2022?

IDenta Corp reported a net profit of $162,711 for 2022, which is a 240% increase compared to $69,183 in 2021.

How much revenue did IDenta Corp generate in 2022?

IDenta Corp generated $1,338,754 in revenue for 2022, marking a 4% decrease from $1,392,136 in 2021.

What caused the decline in IDenta Corp's operating profit?

The decline in operating profit to $125,316 in 2022, a 71% decrease, was attributed to expenses from trade shows and new production equipment.

What factors contributed to IDenta Corp's increase in net profit?

The increase in net profit was driven by improved currency exchange rates and significant management efficiency initiatives.

What is the financial outlook for IDenta Corp based on the 2022 report?

Despite a decrease in revenue and operating profit, IDenta Corp's substantial increase in net profit and gross profit margin suggests a focus on efficiency and market exposure may support future growth.