Invitro International, A Pioneer in Non-Animal Testing Alternatives For Ocular and Dermal Toxicity Releases FY Q1 2021 Results

Rhea-AI Summary

InVitro International (IVRO) reported a net income of $67,663 for Q1 2021, reflecting a 40% increase from $48,177 in Q1 2020. This growth was attributed to a forgivable PPP loan charge, despite revenue declines due to Covid-19. The company aims to reduce animal testing through its plant-based predictive technology, recently accepted by OECD in 37 countries. New partnerships for testing and adjustments in China’s animal testing regulations signal potential growth. The company has added experienced board member Steven Pitassi to enhance fundraising efforts.

Positive

• Q1 2021 net income rose to $67,663, a 40% increase from Q1 2020.
• Forgiven PPP loan charge positively impacted profitability.
• OECD acceptance of testing technology in 37 countries enhances market potential.
• New partnerships for testing could drive kit revenues.

Negative

• Revenue negatively impacted by Covid-19.

PLACENTIA, CA / ACCESSWIRE / February 10, 2021 / InVitro International (OTCPINK:IVRO) is pleased to announce net income of $67,663 in its first fiscal quarter of 2021, ending December 31^st, 2020. This represents a 40% increase compared to net income of $48,177 from prior year's first quarter. Although revenues were negatively impacted by Covid-19, our profitable quarter was the result of a PPP loan charge in fiscal year 2020 that was forgiven in the first fiscal quarter of 2021. For details, please see our audited financial statements (www.otcmarkets.com/stock/IVRO/financials).

In our continuing effort to address recent shareholder requests, this is our second in a planned series of investor communications with more qualitative information about the company; e.g., background events regarding how in vitro testing originated; what is happening today to advance our cause around the world; and noteworthy increased public opinion against animal testing.

Our Mission

Do you ever wonder if your daily use products were tested on live animals?

For more than a quarter of a century, IVRO's mission has been to reduce the number of animals used in laboratory testing via replacement in vitro (Latin: "in glass") test technologies. Our plant-based predictive core test technology has recently been reviewed and adopted at the highest scientific OECD (Organization for Economic Co-operation and Development) regulatory level. Ocular Irritection® Test Guideline (OECD TG496) is now accepted in 37 countries, including the U.S., where in recent years, legal protection has become necessary for in vitro tests to replace live animals.

IVRO President, Atul Jhalani, commented: "First fiscal quarter is traditionally slow for us, and this year it has been further negatively impacted by Covid-19. One bright spot was that we were able to virtually-train several new laboratory and customer partners to conduct eye and skin irritation testing. As they adopt the Irritection® Assay System (IAS) in their practices, this represents potential kit revenues for us. On the regulatory front, recently, China relaxed animal testing requirements for several cosmetic and personal care products. It is the 2^nd largest beauty market in the world, and we expect a brighter future with our Chinese partner as "non-animal" testing takes hold."

IVRO CEO and Chairman W. Richard Ulmer added, "We continue to develop our company with the addition of Mr. Steven Pitassi to our Board of Directors. In 2014, Steve was named one of the top ten managers in the US by "On Wall Street Magazine." Prior to retirement, Steve helped Janney Montgomery Scott grow the assets of his office from $560M to over $2B in fourteen years. We at IVRO are actively seeking funds for our next phase of growth and product development. Steve's extensive expertise in the financial markets and fundraising should help us accelerate this process tremendously."

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. This technology is commercialized through test kits and laboratory services globally.

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
www.invitrointl.com

SOURCE: InVitro International

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FAQ

What were InVitro International's Q1 2021 results?

InVitro International reported a net income of $67,663 for Q1 2021, a 40% increase from the previous year.

How has Covid-19 affected InVitro International's revenue?

Revenue for InVitro International was negatively impacted by Covid-19 during the first fiscal quarter of 2021.

What new developments occurred at InVitro International recently?

The company added Steven Pitassi to its Board of Directors and reported new partnerships for laboratory testing.

What is the significance of OECD acceptance for InVitro International?

OECD acceptance of their technology in 37 countries enhances InVitro International's market potential and credibility.

What are the company's plans for growth?

InVitro International is actively seeking funds for growth and product development, aided by their new board member's expertise.