Placentia, California–(Newsfile Corp. – February 14, 2022) – InVitro International (OTC Pink: IVRO), a leading provider of non-animal testing methods, today announced revenues of $183,561 and net income of $56,940 for its first fiscal quarter of 2022, ending December 31, 2021, compared to revenues and net income of $201,255 and $67,663, respectively, for its first fiscal quarter of 2021. The first fiscal quarter of 2022 earnings benefitted from its second government PPP loan forgiveness much as it did in first fiscal quarter of 2021 (see www.otcmarkets.com/stock/IVRO/financials).
IVRO Chairman and CEO, W. Richard Ulmer, commented, “Our ability to increase new customer activities and continue to execute on our strategic growth plan despite the global supply chain issues stemming from COVID-19 was possible due to a $1.3 million cash rich and debt free balance sheet. All else being equal, we have no doubt that our financial strength from being a publicly traded company will prove to be the key factor in our ability to meet our strategic goals in what can easily be defined as a highly fragmented marketplace.”
IVRO President, Atul Jhalani, added: “The global shift toward non-animal testing continues to gain traction and support from the majority of the planet. This will enable us to implement our strategic plan of expanding our presence in new industries, forming new strategic partnerships, while continuing to focus on generating year-over-year organic growth.”
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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 technologies 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.