InVitro International Announces Fiscal Year End 2023 and Continues Positives

Rhea-AI Summary

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

Positive

• IVRO achieved its 19th consecutive year of profitability despite a 7% decrease in sales from FY '22.
• The company's CEO, W. Richard Ulmer, acknowledged the economic challenges caused by Covid-19 and merger-related costs but remained optimistic about the future.

Negative

• Net income decreased by 92% compared to FY '22, indicating a significant drop in profitability.

Placentia, California--(Newsfile Corp. - November 13, 2023) - Today, InVitro International (OTC Pink: IVRO), the 38-year-old pioneer developer and marketer of globally approved NON-Animal test technologies, announced sales for FY '23 ending September 30, 2023 of $792,629 ( -7% vs FY '22); net income was $1,555 (-92% vs FY '22). CEO W. Richard Ulmer commented on the year: "Fiscal Year '23 was another economically challenging one for the majority of global businesses impacted by Covid- '19/'20/'21/'22; we and the safety testing industry were among them. However, IVRO reached its 19^th consecutive year of profitability while managing through merger-related costs for the first time. We remain optimistic about the future of in vitro testing and the opportunities to grow it via merger with privately owned larger volume testing laboratories. They would continue to be operated by their owner founders who then would possibly have added an exit value contributor in their IVRO shares. IVRO has just completed its 8^th year of OTC Markets listing with a valuation which they could influence with added volume, reach, & continuing solid financial performance."

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.

Company Contact:
W. Richard Ulmer
Chief Executive Officer and Chairman
(800)246-8487
invitro@invitrointl.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186964

FAQ

What were the sales figures for InVitro International in FY '23?

In FY '23, InVitro International reported sales of $792,629, reflecting a 7% decrease from FY '22.

What was the net income for InVitro International in FY '23?

The net income for InVitro International in FY '23 was $1,555, representing a 92% decrease from FY '22.

How did the CEO of InVitro International characterize FY '23?

The CEO, W. Richard Ulmer, described FY '23 as economically challenging due to the impact of Covid-19 and merger-related costs, but remained optimistic about the company's future.