Invitro Internat - IVRO STOCK NEWS

InVitro International (OTCQB: IVRO) has announced signing a Memorandum of Understanding (MOU) to merge with an unnamed European-based organization specializing in non-animal testing. The target company has been operating in the European market for over 20 years. This strategic move aligns with IVRO's previously announced growth strategy focused on mergers and acquisitions.

The MOU has received unanimous approval from IVRO's Board of Directors. Financial details and timing of the merger will be disclosed upon finalization of the agreement. The company views this merger as an opportunity to expand its presence in the European market, where the non-animal testing movement originated and continues to show strong growth.

InVitro International (OTCQB: IVRO) reported its FY '24 financial results, showing mixed performance. The company achieved sales of $811,290, marking a 2.4% increase compared to FY '23, while net income significantly improved to $106,704 from $1,555 in the previous year. Fourth quarter performance showed sales growth of 19.9% reaching $221,200, although quarterly net income declined 48.8% to $25,122 compared to $49,035 in the same period last year. The company marked its 20th consecutive year of profits and expressed optimism about its M&A growth strategy and non-animal testing business prospects for FY '25.

InVitro International (OTCQB: IVRO) has announced the engagement of Askew Kabala and Company, Inc. (AKC) as a consultant to support and advance the company's corporate growth plan. AKC will provide business advising, investment banking, management, and strategy services to IVRO. The consulting firm will offer executive and organizational support, including strategy refinement, planning, and operational review.

IVRO CEO W. Richard Ulmer expressed enthusiasm about the partnership, stating that the company is adapting well to post-Covid-19 and inflationary times by adding guidance from experienced professionals. The engagement with AKC comes in the final month of IVRO's Fiscal 2024 Year, signaling a strategic move to enhance the company's growth trajectory.

InVitro International (OTCQB: IVRO) reported its Q3 FY '24 financial results, showing a 16% decrease in sales to $167,850 compared to the same quarter last year. However, the company achieved a net income of $16,236, a significant improvement from the $13,162 loss in Q3 FY'23. For the first three quarters of FY'24, sales totaled $590,090, down 3% from FY'23, but year-to-date earnings surged to $81,582, a 272% increase from the prior year's losses. CEO W. Richard Ulmer highlighted the company's focus on maintaining profitability for the 19th consecutive year and pursuing growth through M&A financing and qualifying private laboratories. Ulmer also emphasized the promising future of non-animal testing in the industry.

InVitro International reported positive second quarter FY '24 results with sales of $210,615, up 5.8% from the same period in FY '23, and net income of $47,674. First half FY '24 sales increased 3.4% to $422,240, with a net income of $65,342 compared to losses in FY '23. The company is planning an uplisting to OTCQB to enhance visibility and credibility with potential M&A targets.

InVitro International (IVRO) reports a 1.1% increase in sales and a 157% rise in profits for the first Quarter FY '24 ending December 31, 2023. CEO W. Richard Ulmer aims for organic growth and M&A activities amidst economic challenges.

InVitro International (IVRO) Announces FY '23 Sales of $792,629 with 7% Decrease from FY '22

InVitro International (IVRO) reported a 16% decrease in third quarter sales for Fiscal 2023, totaling $199,855, but achieved a 58% improvement in net loss at $13,162 compared to the prior year. Year-to-date sales for FY '23 are down 10.8% at $608,195, with a net loss of $47,482, including merger-related costs. CEO W. Richard Ulmer highlighted the challenging economic conditions but expressed optimism due to smooth merger progress and potential legislative developments.