InVitro International: Expectations Remain High for Animal Welfare & Growth Opportunities

Rhea-AI Summary

InVitro International (OTCQB: IVRO) reported its FY '24 financial results, showing mixed performance. The company achieved sales of $811,290, marking a 2.4% increase compared to FY '23, while net income significantly improved to $106,704 from $1,555 in the previous year. Fourth quarter performance showed sales growth of 19.9% reaching $221,200, although quarterly net income declined 48.8% to $25,122 compared to $49,035 in the same period last year. The company marked its 20th consecutive year of profits and expressed optimism about its M&A growth strategy and non-animal testing business prospects for FY '25.

Positive

• Sales increased 2.4% to $811,290 in FY '24
• Net income significantly improved to $106,704 from $1,555
• Q4 sales grew 19.9% to $221,200
• Achieved 20th consecutive year of profitability

Negative

• Q4 net income declined 48.8% to $25,122

Placentia, California--(Newsfile Corp. - December 4, 2024) - Today InVitro International (OTCQB: IVRO) announced FY '24 sales of $811,290, up 2.4% vs. FY '23. Net income of $106,704 soared over the prior year's $1,555. Fourth quarter sales of $221,200 were 19.9% ahead of last year's same period while net income of $25,122 fell 48.8%, short of last year's 4^th quarter, $49,035.

While evaluating FY '24 financial results, CEO W. Richard Ulmer observed: "IVRO's Board of Directors is pleased with our 20^th consecutive year of profits. They believe we're positioned well to begin execution of our M & A growth strategy. Expectations are high in FY '25 both for our core business of NON-Animal testing, and for animal welfare growth opportunities around the world. We believe IVRO can shine an even brighter light within that broadening path."

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232416

FAQ

What were InVitro International's (IVRO) FY 2024 financial results?

InVitro International reported FY 2024 sales of $811,290 (up 2.4%) and net income of $106,704, significantly higher than the previous year's $1,555.

How did IVRO perform in Q4 2024?

In Q4 2024, IVRO achieved sales of $221,200 (up 19.9% year-over-year) but saw net income decline 48.8% to $25,122 compared to $49,035 in Q4 2023.

What growth strategies is IVRO pursuing for FY 2025?

IVRO is focusing on executing its M&A growth strategy while expanding its core non-animal testing business and pursuing animal welfare growth opportunities globally.