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 2nd fiscal quarter of 2021, ending March 31st, 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.
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 1st, 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.
SOURCE: InVitro International
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