When a stock continues to slide over the course of a period extending to a week, it might be a time for investors to take a closer look and figure out the situation. This brings us to the subject of the InVitro International (OTCMKTS:IVRO) stock, which has been one of the laggards over the course of the past week and has declined by as much as 6%.
Market Action
On Wednesday, IVRO stock ended flat at $0.15 with 22k shares, compared to its average volume of 4.8k shares. The stock has moved within a range of $0.1500 – 0.1500 after opening trade at $0.1682.
Recent Development
In this situation, it may be a good move to figure out if the decline in the stock could in fact be an opportunity for investors. As it happens, the company was in focus yesterday after it announced its financial results for the 2021 fiscal year.
InVitro International announced that in the fiscal year that had ended on September 30, 2021 it had managed to generate sales of as much as $1,003,403. That made it the third year straight in which the company had managed to generate total annual sales of more than a million. It goes without saying that it was a significant development for the company.
Although the sales for the year had declined by 9% year on year, it should be noted that in the second half, it had managed to record a year on year surge of 47%.
Key Quote
IVRO CEO and Chairman, W. Richard Ulmer, commented, “Overall the IVRO team feels both thankfulness and pride in our fiscal 2021 performance because although we added a significant number of new customers, Covid hit us even harder than in fiscal 2020. Regarding nearly doubling our net income, we are thankful for the first PPP loan forgiveness. However, even without both PPP loans we would have increased our cash by over $41K this year. In short, we operated at breakeven levels throughout fiscal 2021. We will continue to focus both on organic growth featuring new OECD regulatory adoption support, as well as growth by strategic partnering with several thousand candidate labs across the globe.”
Traders Note
IVRO stock is trading below the 50-Day and 20-Day Moving averages of $0.1570 and $0.1564. Moreover, the stock is trading is the neutral zone with RSI stands at 42.
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