InVitro International Progresses with Growth Strategies and Continues Profitability

Rhea-AI Summary

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.

Positive

• Net income of $16,236 in Q3 FY'24, compared to a loss of $13,162 in Q3 FY'23
• Year-to-date earnings of $81,582, a 272% increase from prior year losses
• 19 consecutive years of profitability maintained
• Progress in seeking M&A financing and qualifying private laboratories for growth

Negative

• Q3 FY'24 sales decreased by 16% to $167,850 compared to the same quarter last year
• Three quarters FY'24 sales of $590,090 were 3% lower than FY'23's total of $608,195

Placentia, California--(Newsfile Corp. - July 31, 2024) - Today, InVitro International (OTCQB: IVRO) announced third quarter FY '24 sales of $167,850, off 16% vs the same quarter last year. Net income of $16,236 compared favorably with losses of $13,162 in the same quarter FY'23. Three quarters FY'24 sales of $590,090 were 3% off FY'23's total of $608,195; however, year to date earnings of $81,582 are 272% ahead of prior year losses of $47,480.

IVRO CEO W. Richard Ulmer stated: "Our FY '24 focus has been on continuing 19 consecutive years of profitability, in addition to concentrating efforts on growth via two previously stated strategies. We're pleased with our progress seeking M&A financing, and also qualifying privately owned candidate laboratories. The future for NON-Animal testing remains bright."

Company Contact:

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218268

FAQ

What were InVitro International's (IVRO) Q3 FY'24 financial results?

InVitro International (IVRO) reported Q3 FY'24 sales of $167,850, down 16% from the same quarter last year, but achieved a net income of $16,236 compared to a loss of $13,162 in Q3 FY'23.

How did InVitro International's (IVRO) year-to-date earnings perform in FY'24?

InVitro International's (IVRO) year-to-date earnings for FY'24 reached $81,582, representing a 272% increase compared to the prior year's losses of $47,480.

What growth strategies is InVitro International (IVRO) pursuing?

InVitro International (IVRO) is focusing on two growth strategies: seeking M&A financing and qualifying privately owned candidate laboratories for potential expansion.

How many consecutive years of profitability has InVitro International (IVRO) maintained?

InVitro International (IVRO) has maintained profitability for 19 consecutive years, as stated in the press release.