Business
INVO Bioscience Reports 2021 Financial Results
Company to Host Conference Call Today at 4:30pm ET; Slide Presentation Also Available SARASOTA, Fla., March 31, 2022 /PRNewswire/ -- INVO Bioscience, Inc.
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Company to Host Conference Call Today at 4:30pm ET; Slide Presentation Also Available\nSARASOTA, Fla., March 31, 2022 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) (\"INVO\" or the \"Company\"), a commercial-stage fertility company focused on expanding access to advanced treatment worldwide with its INVOcell® medical device and the intravaginal culture (\"IVC\") procedure it enables, today announced financial results for the year ended December 31, 2021, and provided a business update.\n\n \n \n \n \n \n \n\n \nRecent Operational Highlights\nRegained full U.S. commercialization rights to sell its INVOcell® solution directly into existing in vitro fertilization (IVF) clinics, to expand the number of U.S. INVO Centers free of any limitations, and to pursue its market expansion strategy focused on increasing access to care and democratizing fertility care for the underserved patient population. Opened three INVO Center's in 2021, including Birmingham, Alabama, Atlanta, Georgia, and Monterrey, Mexico with another clinic scheduled to open in the San Francisco area. The Company recently identified Tampa, Florida as the location of the next INVO Center.Entered into an agreement with Ovo in Spain to expand INVOcell® commercialization in all four of their Ovoclinics, establish a European center of excellence and training site for INVOcell® and the IVC procedure, and leverage Ovobank's fertility clinic relationships across Europe.Completed the acquisition of a Canadian-based entity, originally formed to offer INVOcell®, to advance distribution efforts in Canada, where the product is already approved by Health Canada and cleared for importing.Obtained regulatory approval to commercialize INVOcell® in Thailand and Nigeria.Presented four poster abstracts discussing INVOcell® at the 77th Scientific Congress & Expo of the American Society for Reproductive Medicine held in Baltimore, Maryland in October 2021.Revenue was $4.2 million for the year ended December 31, 2021, including $2.9 million due to the accelerated recognition of deferred revenue from the Ferring license, and compared to $1.0 million for the previous year.Adjusted EBITDA for 2021 was $(2.8) million, which included a $0.7 million loss attributable to the Company's joint ventures, compared to $(3.7) million in the prior year (see Adjusted EBITDA Table).Management Commentar...