IDenta Corp Reports Second Quarter 2020 Results Keeping Showing Significant Growth

Rhea-AI Summary

IDenta Corp. (OTCQB: IDTA) reported a significant sales revenue increase of over 44% for Q2 2020, reaching $495,666 compared to $342,986 in Q2 2019. The gross profit also rose by 37% to $242,526, while operating profit more than doubled to $101,595. Net profit surged to $96,424, marking a 250% increase. Cash and equivalents increased dramatically to $639,705, fueled by customer prepayments and improved profitability. CEO Amichai Glattstein expressed optimism about the company's future, citing operational improvements and a strong sales pipeline.

Positive

• Sales revenue increased 44.5% to $495,666 in Q2 2020.
• Gross profit rose 37% to $242,526 in Q2 2020.
• Operating profit more than doubled to $101,595, a 200% increase.
• Net profit surged to $96,424, a 250% increase.
• Cash and cash equivalents increased to $639,705 from $254,811.

Negative

• None.

HOLLYWOOD, Fla., Aug. 14, 2020 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostics Testing Kits of Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. Today IDenta Corp reported its 2020 second quarter financial statement. The company sales revenue increased over 44% and was $495,666 for the second quarter of 2020, compared to $342,986 for the same period of 2019.

Mr. Amichai Glattstein, Chief Executive Officer, commented: "I am extremely pleased with our strong performance and operational execution in the quarter amid unprecedented challenges. This quarter marked the second consecutive quarter of record-breaking total sales. We continue to expand our customer base and build a robust, sustainable pipeline with several key program wins. Additionally, we are beginning to realize cost savings from the successful execution of Project Be Ready, which aims to better align resources with higher growth opportunities, while reducing costs.  IDenta is looking to further implement the diversification of our product portfolio, which will continue to be a competitive strength for IDenta in the quarters ahead by meeting customer needs and budgetary preferences. We look forward to emerging from the current challenging environment as an even stronger company."

Highlights of the Second Quarter of 2020 compared to the Second Quarter of 2019:

• Revenue for the second quarter of 2020 were $495,666 compared to revenues of $342,986 in the Second quarter of 2019. This is a 44.5% increase in sales; 
• Gross profit increase to $242,526 in the second quarter of 2020 compared to gross profit of $176,668 in the second quarter of 2019. This is a 37% increase;
• Operating profit increased to $101,595 for the second quarter of 2020 compared to operating profit of $43,830 in the second quarter of 2019. This is more than 200% increase and represents both the increase in revenue as well as significant streamlining in operations;
• Net profit increased to $96,424 in the second quarter of 2020 compared to $38,093 in the second quarter of 2019. This is more than 250% increase the company quarterly net profit. This was a result of optimizing manpower, improving production line and improving the profitability of the company in selling its products;
• Cash and cash equivalents increased dramatically to $639,705 for the second quarter of 2020 compared to $254,811 for the second quarter of 2019 as a result of customer prepayments and increased product profit;

About IDenta Corp.

Since 2002, IDenta Corporation, via its subsidiary IDenta Ltd., has been recognized as a worldwide leader in the development of proprietary on-site and Home Diagnostics Drug, Drug Precursor and Explosive detection kits. 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: +972-2-5872220
E: pr@identa-corp.com

View original content:http://www.prnewswire.com/news-releases/identa-corp-reports-second-quarter-2020-results-keeping-showing-significant-growth-301112434.html

SOURCE IDenta Corp.

FAQ

What were IDenta Corp.'s Q2 2020 financial results?

IDenta Corp. reported a 44.5% increase in sales revenue to $495,666 and a 250% increase in net profit to $96,424 for Q2 2020.

How much did IDenta Corp. increase its gross profit in Q2 2020?

IDenta Corp.'s gross profit increased by 37% to $242,526 in Q2 2020.

What is the significance of IDenta Corp.'s operating profit increase?

IDenta Corp.'s operating profit rose more than 200% to $101,595 due to increased revenue and operational efficiencies.

What financial position did IDenta Corp. hold at the end of Q2 2020?

By the end of Q2 2020, IDenta Corp.'s cash and cash equivalents totaled $639,705.

What comments did IDenta Corp.'s CEO make regarding Q2 2020?

CEO Amichai Glattstein expressed satisfaction with the company’s performance and highlighted operational improvements and growth opportunities.