IVRO Announces Fiscal Q #3 2023 Results While Continuing M&A Strategy to Make Non-Animal Testing Famous

Rhea-AI Summary

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.

Positive

• 58% improvement in net loss compared to the prior year
• Positive outlook on merger progress and potential legislative developments

Negative

• 16% decrease in third quarter sales for Fiscal 2023
• 10.8% decrease in year-to-date sales for FY '23

Placentia, California--(Newsfile Corp. - August 9, 2023) - Today, InVitro International (OTC Pink: IVRO), the 38 year pioneer developer and marketer of animal free testing methods, announced Fiscal 2023 third quarter sales of $199,855, off 16% from prior year's third quarter. However, the net loss of $13,162 was a 58% improvement over last year's $28,938 third quarter loss. FY '23 YTD losses of $47,482 include proposed merger related costs. YTD FY '23 sales of $608,195 are down 10.8% vs. the same period FY '22.

CEO, W. Richard Ulmer, offered: We believe our 3^rd quarter sales reflect the ongoing challenging economic conditions in the U.S. and world. Nevertheless, our merger efforts continue to move ahead smoothly, and have led to us finding increasing numbers of efficiencies and opportunities benefiting each party. Additional positives for our mutual futures have appeared when recently the Canadian legislature passed a law banning the introduction of any new cosmetic if it has been tested on animals. This action gives us encouragement that the U.S. Congressional bodies may soon pass the "Humane Cosmetics Act of 2021."

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
www.invitrointl.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176360

FAQ

What were InVitro International's third quarter sales for Fiscal 2023?

InVitro International reported third quarter sales of $199,855, representing a 16% decrease from the prior year.

What is the net loss for Fiscal 2023 third quarter?

The net loss for the third quarter of Fiscal 2023 was $13,162, marking a 58% improvement over the previous year's loss.

What is the year-to-date sales for FY '23?

Year-to-date sales for FY '23 are $608,195, reflecting a 10.8% decrease compared to the same period in FY '22.

What legislative development did CEO W. Richard Ulmer mention?

CEO W. Richard Ulmer mentioned the potential passage of the 'Humane Cosmetics Act of 2021' by the U.S. Congressional bodies, following the Canadian legislature's law banning the introduction of new cosmetics tested on animals.