Vitro BioPharma, a leading biotechnology company focused on stem cell and regenerative medicine, has released its financial results for the six months ended April 30, 2023. The company reported total revenue of $651,874, with 45% of the revenue attributable to product sales from one customer.
During the six months ended April 30, 2023, the company reported revenues from research and development products totaling $155,211 and revenues from the sales of AlloRx stem cells to foreign third-party clinics amounting to $313,113. Additionally, consulting revenue of $25,000, InfiniVive product sales of $120,900, and Fitore product sales of $37,650 were reported during the period.
In comparison, for the six months ended April 30, 2022, the company reported total revenues of $2,208,824, which included research and development product sales of $787,419, AlloRx stem cell sales of $545,700, consulting revenue of $500,000, InfiniVive product sales of $238,578, and Fitore product sales of $137,127.
During the same period, an entity controlled by the company’s former Chief Executive Officer and President, Dr. Jack Zamora, accounted for 3% and 2% of the company’s total revenues for the six months ended April 30, 2023, and 2022, respectively.
The company’s inventory as of April 30, 2023, was comprised of raw materials amounting to $36,053 and finished goods totaling $188,422, resulting in total inventory of $224,475. This is a decline from the total inventory of $280,138 reported for October 31, 2022, which included raw materials of $112,023 and finished goods of $168,115.
Despite the reported revenues, Vitro BioPharma continues to face substantial doubt regarding its ability to continue as a going concern, with net losses of approximately $2.6 million for the six months ended April 30, 2023, and a working capital deficit of approximately $208,000 as of April 30, 2023.
To address these concerns, the company’s management plans to raise additional capital through public and/or private offerings of equity securities, as well as potentially issuing additional debt instruments. Additionally, the company is working on various initiatives to increase revenue generation through diversified offerings of products and services related to stem cell technology and analytical capabilities. The goal of these initiatives is to achieve profitable operations as quickly as possible. Strategic alliances that are ongoing and under development are also critical aspects of the company’s overall growth and development strategy.
While the outcome of these initiatives remains uncertain, they represent the company’s ongoing efforts to maintain and grow its operations in the face of financial challenges and a competitive market landscape.
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