IVRO Pursues Mission To "Help Make Non Animal Testing Famous"; Releases FY Q3 and YTD 2021 Results

Rhea-AI Summary

InVitro International (OTC PINK:IVRO) reported Q3 FY 2021 revenues of $310,700, a 35% increase year-over-year, and net income of $87,644. Year-to-date net income is $97.7K, up 17% from last year. Cash reserves stand at approximately $1.3M, bolstered by PPP loans. The company aims to enhance its mission of promoting non-animal testing methods, aligning with growing public sentiment against animal testing, amid recent legislative changes in multiple U.S. states.

Positive

• Q3 FY 2021 revenues increased by 35% compared to the same quarter in FY 2020.
• Net income YTD FY 2021 is $97.7K, a 17% increase compared to the same period last year.
• Cash reserves of approximately $1.3M are nearly $200K ahead of FY 2020 year-end.

Negative

• None.

PLACENTIA, CA / ACCESSWIRE / August 4, 2021 / InVitro International (OTC PINK:IVRO) is pleased to announce FY 2021 3^rd quarter revenues of $310,700 and net income of $87,644. These sales were 35%+ vs same quarter FY '20, and 51% ahead of 2^nd quarter sales this year. Net income YTD in FY '21 is now $97.7K, 17% ahead of the same period in the last fiscal year. Cash at about $1.3M is nearly $200K ahead of FY '20 year end, having benefited from two government PPP loans. 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 fourth 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

How many of 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 CEO and Chairman, W. Richard Ulmer, observed, “We believe our InVitro International 3^rd quarter numbers indicate a rebound from Covid-‘19/'20 global business damage, and thus allow us to resume IVRO's ‘Make NON-Animal Testing Famous' program in full force. Global society attitudes toward hundreds of thousands of unnecessary animal tests seem to be ripe for change as citizens and testing laboratories realize alternative/replacement tests such as Ocular Irritection® and Corrositex® have been adopted by the highest Regulatory Agencies in the world & now provide valid results with legal assurances.”

IVRO President, Atul Jhalani, added, '2021 has been an exciting year for non-animal testing globally. In June, 2021, Maine became the sixth U.S. state to ban the sales of new cosmetic products tested on animals. It now joins Hawaii, California, Illinois, Nevada and Virginia in implementing such a ban; with impending legislation in New Jersey, Maryland, New York, Rhode Island and Oregon. Is a U.S. wide ban in our near future? China is the second largest cosmetics market in the world and its long standing requirement for 'animal testing' of cosmetic products has been a major hurdle for non-animal testing globally. In 2021, China provided a pathway for companies to import as well as to sell non animal tested cosmetics. This global legal momentum and changing consumer attitudes bodes well for our future.'

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

SOURCE: InVitro International

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https://www.accesswire.com/658264/IVRO-Pursues-Mission-To-Help-Make-Non-Animal-Testing-Famous-Releases-FY-Q3-and-YTD-2021-Results

FAQ

What were InVitro International's Q3 FY 2021 revenues?

InVitro International reported Q3 FY 2021 revenues of $310,700.

How much net income did IVRO report for YTD FY 2021?

IVRO reported net income of $97.7K for YTD FY 2021, a 17% increase from the previous year.

What is IVRO's stance on animal testing?

IVRO promotes non-animal testing methods and aims to reduce animal use in laboratory testing.

Which U.S. states have banned animal testing for cosmetics as of 2021?

As of 2021, Maine joins Hawaii, California, Illinois, Nevada, and Virginia in banning sales of new cosmetic products tested on animals.

How did COVID-19 affect InVitro International's business?

InVitro International believes its Q3 numbers indicate a rebound from the COVID-19 business impact.