Business
INVO Bioscience Reports First Quarter 2020 Financial Results
Company to Participate in Virtual Investor Conference on May 20 at 2:00pm ET (Details Below) SARASOTA, Fla., May 15, 2020 /PRNewswire/ -- INVO Bioscience,
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Company to Participate in Virtual Investor Conference on May 20 at 2:00pm ET (Details Below)\n\n\nSARASOTA, Fla., May 15, 2020 /PRNewswire/ -- INVO Bioscience, Inc. (OTCQB: INVO), a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world's only in vivo Intravaginal Culture System, today announced financial results for the quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nFinancial Results and Updates\nRevenue for the quarter ended March 31, 2020 totaled $258,571 compared to $189,432 in Q1 2019, an increase of 36% from the comparable period in 2019. Revenue growth was driven by increased product sales in the U.S. related to the Company's U.S. commercialization partner, Ferring Pharmaceutical, and their ongoing marketing activities. Gross margin for the quarter ended March 31, 2020 was approximately 88% compared to approximately 94% in the quarter ended March 31, 2019. Incurred a net loss of $(1,444,392) during the quarter ended March 31, 2020 compared to a net loss of $(458,570) during the quarter ended March 31, 2019, as a result of increased commercialization efforts, which included non-cash expenses totaling approximately $760,000. The Company finished the quarter ended March 31, 2020 with a cash position of approximately $350,000. On May 15, 2020, the Company consummated a closing of its convertible note and unit purchase option offering, resulting in gross proceeds of $2.1 million. U.S. clinic locations trained to offer INVOcell have nearly tripled since our agreement with Ferring International Center, S.A. (\"Ferring\"). Ferring has established a website, www.invocell.com, which provides information for patients and health care professionals, in addition to providing a tool to search for clinic locations that offer INVOcell. The Company's ticker symbol was changed to \"INVO\" to align our public market trading symbol with our corporate name and our innovative fertility solution to improve the consistency of our branding along with our overall recognition within the investment community.Management Discussion\n\"Although the industry has been impacted by COVID-19 and the cadence in product ordering activity has been affected, we believe our annual goals remain achievable with a shift to the second half of the year. We also continue ...