Biotech Stock News: IVRO (OTC PINK: IVRO) with a Mission to Help Make Non-Animal Testing Famous, Releases Fiscal Q2 2022 Results
Placentia, California - April 26, 2022 (Newsfile Corp.) (Investorideas.com Newswire) InVitro International (OTC PINK: IVRO), an established leader in advancing NON-Animal testing technologies, today announced fiscal 2022 year to date and second fiscal quarter financial results. Second quarter sales of $260,219 were up 27% over the same quarter last year; this increased year to date sales to $443,780, now 9.2% ahead of fiscal 2021 sales for the first half. Second quarter suffered a net loss of $24,636 due in large part to a GAAP recent change in reporting unrealized investment gains and losses within a quarter, no longer at the end of the year. Despite this change, our second quarter loss was an improvement of 57% over the same period last year; and our year to date fiscal 2022 net income is a positive $32,303, up 220% from last year. Both fiscal years benefited from PPP's as previously reported.
In describing 1st half results, CEO W. Richard Ulmer said: "IVRO's message is being received well by more laboratories and companies. Recently our core technology was recognized as having met the world's highest regulatory and scientific standards via OECD adoption covering 37 countries, including the U.S. Although it took more than a decade to achieve this goal, we now have the credibility necessary to help new formulations and products reach their markets faster, at lower development costs, with complete confidence & added kindness to animals. More than ever, IVRO views NON-Animal testing as a growth market opportunity thanks to government support, and increased general population awareness. In the U.S., the Humane Cosmetics Act of '21 is now on the floors of Congress, after several years in Committee. Our primary goal remains to accelerate the global shift toward using fewer animals in human safety testing."
InVitro International President, Atul Jhalani, added: "When speaking with partner laboratories as well as companies which have not yet begun to use NON-Animal test technologies, we find increased support for the field and greater emphasis on the importance of OECD adoption of our technology. This bodes well for both animals and our business as the world returns to pre- pandemic conditions. May the movement continue!"
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About InVitro International, Inc.
InVitro International, Inc., headquartered in Placentia, California, was founded in 1985 and is a customer and technology-driven provider of non-animal testing methods. The Company's testing technologies are designed to produce data regarding corrosivity and ocular/dermal irritation, which correlate with animal and human test results. IVRO's technology is commercialized globally through test kits and partner laboratory services.
This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that 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 forward looking statements. These risks and uncertainties include but are not limited to: acceptance of the Company's technology by customers or regulatory agencies, changes in market conditions and other competitive factors. The forward- looking statements are made as of the date of this press release and the Company assumes no obligation to update such statements.
W. Richard Ulmer
Chief Executive Officer and Chairman
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