September 19, 2019

2018–2019 Fiscal Year Results: INO is on the Right Track

Alain Chandonnet, president and CEO of INO, unveiled the organization’s 2018–2019 financial results during the members’ annual general meeting (AGM), held earlier today. With total revenues of $40.6 million, an increase of 11% over last year, as well as two technology transfers and 22 patents, INO is beginning to reap the benefits of the changes it implemented last year.

External revenues also grew by 16%, reaching $16.9 million. The main sources of this revenue were research and development contracts, although a significant portion also came from the sale of short-run and prototype productions. In addition to the above-mentioned revenue, the federal and provincial governments invested $23.4 million in INO’s internal research program.

2018–2019 external revenue highlights:

The following sectors are the main sources of external revenue; advanced manufacturing (39%); defence, security and aerospace (20%); city, infrastructure and mobility (19%).

  • SMEs still make up 74% of INO’s customer base.
New technology transfers

INO carried out two technology transfers: one to a large American company for a research licence for our self-centering technology; another for our 3D imaging system. The latter transfer resulted in the spinoff of our 34th company, LynX Inspection, which specializes in digital imaging systems for industrial inspections.

On the right track

Having celebrated our 30th anniversary in 2018 with a new image and an updated mission, INO is on the right track to achieve its objectives.

Last year, we put a lot of effort into changing the way we engage with our clients and into making our business model as clear as possible. We are really starting to see the results of our internal restructuring process, which we began two years ago. Now more than ever, we are in tune with the needs of the industry and are able to provide the solutions they need

- Alain Chandonnet, president and CEO of INO
New directors

During the AGM, two outgoing directors were recognized for their long-term contributions to the organization: Normand R. Bourque and Jean-Marie Toulouse, who were part of the INO adventure for 31 years and 19 years, respectively. Two new directors were elected: Paule De Blois, President and Chief Executive Officer of SOVAR, and Vanessa Grondin, Vice-President, Global Head of Strategy, Food & Beverage Industry for the Optel Group.

2019 INO fellowship program

INO has been encouraging and supporting the next generation of scientists for more than 20 years, specifically through its fellowship program, which provides a financial and professional boost to graduate students in internship programs who are carrying out research that is compatible with INO’s scientific programming.

By integrating members of the next generation into its research teams, INO is contributing to the advancement of excellence and the development of cutting-edge professional and technical expertise in optics and photonics in the Quebec City region. The three fellows for 2019 are:

  • Ehsan Edjali, who is working on a project to classify healthy and cancerous biological tissues using deep learning algorithms;
  • Alex Larose, who is working on a project that uses dynamic thermography to assess the structure of human skin substitutes reconstructed through tissue engineering;
  • Rosalie Lapointe, who is working on a project to formulate and print a new generation of conductive polymers in order to develop eco-friendly sensors for intelligent packaging.
About INO

INO is the largest centre of expertise in optics and photonics in Canada. For the past 30 years, it has created and developed customized solutions to meet the needs of companies working in various lines of business throughout Quebec and Canada. As a high-tech leader, INO has implemented more than 6,500 solutions, carried out 74 technology transfers, and contributed to the creation of 35 new companies, providing employment to more than 2,000 people. INO’s activities are made possible thanks to ongoing partnerships with the Ministère de l’Économie et de l’Innovation and Canada Economic Development for Quebec Regions.

For further information

Mélanie Belzile Communications Manager, INO 418 655-4648