InVitro International (OTCMKTS:IVRO) Stock Gains After Fiscal 2022 Results

One of the companies which could be worth watching this morning is InVitro International (OTCMKTS:IVRO) after the company made an announcement with regards to its sales for the full fiscal year of 2022.

Market Action

On Thursday, IVRO stock increased 19.84% to $0.0900 with more than 12.40K shares, compared to volume of 20.79K shares. The stock moved within a range of $0.0900 – 0.0989 after opening trade at $0.0989.

IVRO Continues to Help Make Non-Animal Testing Famous, Releases Fiscal 2022 Results

The sales for the fiscal year stood at $853,511, which reflected a drop of 15% year on year. On the other hand, the net income for the same period came in at $21,276 and that worked out to a year on year decline of as much as 79%. Richard Umber, who is the Chief Executive Officer of the company, spoke about the financial results.

He noted that although the company’s performance had been a disappointment owing to the effects of the coronavirus pandemic, the management remained confident regarding the future of its non-animal testing business. Umber also added that back in October this year, InVitro had affected a merger with a privately held laboratory and it reinforced the company’s belief that animal testing was going to continue to decline.

The executives believe that ‘in vitro testing’ as a specialized and niche industry, which enjoyed considerable public support. However, more importantly, Umber believed that the fact that InVitro International was a publicly traded company could add to its appeal to investors.

Technical Data

IVRO stock is trading above the 20-Day and 50-Day Moving averages of $0.0649 and $0.0683 respectively. However, the stock is trading below the 200-Day moving average of $0.1799.

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