Business
INVO Bioscience Reports First Quarter 2022 Financial Results
Company to Host Conference Call Today at 4:30pm ET SARASOTA, Fla., May 16, 2022 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO" or the
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Company to Host Conference Call Today at 4:30pm ET\nSARASOTA, Fla., May 16, 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 first quarter ended March 31, 2022 and provided a business update.\n\n \n \n \n \n \n \n\n \nRecent Operational Highlights\nThe three INVO Centers in Birmingham, Alabama, Atlanta, Georgia, and Monterrey, Mexico experienced a 40% increase in patient inquiries and consultations compared to the 4th quarter of 2021. This, in part, is the result of our locally targeted marketing efforts and is a positive indicator for potential treatment cycle growth in the coming periods.Announced plans to open additional INVO Centers in Tampa, Florida, and Kansas City, Missouri, in addition to the previously announced planned clinic in the San Francisco Bay Area.Signed an exclusive distribution agreement with Onesky Holdings Limited (\"Onesky\") for mainland China (excludes Hong Kong, Macau and Taiwan). The exclusivity is subject to minimum annual purchase amounts over a 5-year term starting upon product registration, the cost of which is to be borne by Onesky.Processed initial product orders from direct sales to U.S. IVF clinics and engaged with approximately 80 clinics, including both new relationships and those already trained on the INVOcell and IVC by Ferring.Received product orders from our Spain, Pakistan and Nigeria partnerships.Management Commentary\n\"We are pleased with the progress at our INVO Centers in Birmingham, Atlanta and Monterrey,\" commented Steve Shum, CEO of INVO. \"In the first quarter, we witnessed significantly increased patient flow at each center, which we believe will contribute to growing treatment cycles in the coming periods. Based on the typical timeframe it takes from patient inquiry, to consultation, to initial diagnostic testing, to addressing patient-specific timing issues, and to ultimately completing a treatment cycle, the timeframe between initial patient contact to cycle completion can range from 2 to 4 months or longer. We were also pleased to see increased treatment cycles in the first quarter, which largely repres...