IVRO Continues Its Mission To "Help Make Non Animal Testing Famous"; Releases FY Q2 and YTD 2021 Results

Rhea-AI Summary

InVitro International (OTC PINK:IVRO) reported a net income of $10,094 for the first half of fiscal 2021, a stark decline of 86% compared to $71,950 in the prior year. The company faced a net loss of $57,704 in the second quarter ending March 31, 2021. YTD revenues decreased by 32% to $406,365. Despite Covid-19's impact, IVRO is optimistic about recovery as March sales approached the combined revenues of previous months. The company's in vitro testing technology has gained acceptance in 37 countries, aligning with a global trend against animal testing.

Positive

• Reported net income of $10,094 for H1 FY 2021.
• In vitro testing technology accepted in 37 countries.

Negative

• Net loss of $57,704 in Q2 FY 2021.
• YTD revenues declined by 32% compared to prior year.

PLACENTIA, CA / ACCESSWIRE / May 11, 2021 / InVitro International (OTC PINK:IVRO) today announced net income of $10,094 for its first six months of fiscal 2021 and a net loss of $57,704 in the 2^nd fiscal quarter of 2021, ending March 31^st, 2021. These YTD results are 86% below our net income of $71,950 in the prior year's first half and YTD revenues of $406,365 also declined 32% in the same period. 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 third 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: "We saw the full impact of Covid-19 related revenue decline in the second quarter of fiscal 2021. However, we remained profitable for the first half of fiscal 2021, thanks to our first PPP loan forgiveness falling in this fiscal year. We believe we have started on the path to recovery, as March sales nearly equaled the combined revenues of the previous two months. Our continued improvement in results is tied to the opening of the U.S. and global economies. We continue to make progress by virtually training our new laboratory and large company partners."

IVRO CEO and Chairman, W. Richard Ulmer, added, "Virginia recently became the fourth state in the U.S. to eliminate the use of animal testing for new cosmetics and we are pleased to see that as of May 1^st, animal testing is no longer mandatory for cosmetics sold in China. Maryland is set to become the fifth state in the U.S. with a similar bill on the Governors' desk for signature. Please write or call your representatives to impose an entire U. S. elimination of animal testing for new cosmetics, as Europe did 11 years ago. JOIN our mission to "Help Make Non Animal Testing Famous".

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 financial results for the second quarter of 2021?

InVitro International reported a net loss of $57,704 for the second quarter ending March 31, 2021.

How did InVitro International's revenues change in the first half of fiscal 2021?

YTD revenues for InVitro International declined by 32% to $406,365 compared to the previous year.

What is the significance of IVRO's in vitro testing technology?

IVRO's in vitro testing technology is now accepted in 37 countries, promoting non-animal testing methods.

What was the net income for InVitro International in the first half of fiscal 2021?

The net income for InVitro International in the first half of fiscal 2021 was $10,094.

What challenges did InVitro International face in Q2 FY 2021?

InVitro International faced challenges due to Covid-19, resulting in decreased revenues and a net loss in Q2 FY 2021.