Business
INVO Bioscience Reports Third Quarter 2020 Financial Results
Company to Provide Investor Update on November 19 at 4:30pm ET (Details Below) SARASOTA, Fla., Nov. 16, 2020 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq:
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Company to Provide Investor Update on November 19 at 4:30pm ET (Details Below)\n\n\nSARASOTA, Fla., Nov. 16, 2020 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: 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 September 30, 2020.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nRevenues of $336,071 in the third quarter of 2020 increased 37% sequentially and 11% compared to the year ago quarter. Effective November 13, 2020, shares of the Company's common stock began trading on the Nasdaq Capital Market. Established a joint venture to operate dedicated INVOcell fertility clinics in Mexico. Submitted a 510k with the U.S. Food and Drug Administration (FDA) for 5-day label expansion utilizing the retrospective data made available earlier this year. Strengthened the board with the addition of independent directors Barbara Ryan, Matthew Szot and Jeffrey J. Segal, M.D. Ended the quarter, September 30, 2020, with a cash position of approximately $0.9 million. In November 2020, the Company announced the execution of an underwriting agreement with Roth Capital Partners for an underwritten public offering of 3,625,000 shares of its common stock at a public offering price of $3.20 per share for expected total gross proceeds of $11.6 million. The offering is expected to close on November 17, 2020. Net loss for the third quarter totaled $(1.77) million, which included $(837,236) of non-cash charges primarily related to the debt discount amortization and stock-based compensation. Adjusted EBITDA for the third quarter period was $(934,788).Management Discussion\n\"Sales during the third quarter ended September 30, 2020 increased 37% sequentially over the quarter ended June 30, 2020, driven by higher sales in the United States as our partner Ferring placed additional orders toward the required annual minimum,\" commented Steve Shum, Chief Executive Officer of INVO Bioscience. \"Although the market for fertility treatment services has been affected by COVID-19 this year, we have utilized this period to put in place what we believe are the necessary and important building blocks to create an organization well positioned to rapidly expand the adoption ...