Business
INVO Bioscience Reports Third Quarter 2022 Financial Results
Company to Host Conference Call Today at 4:30pm ET SARASOTA, Fla., Nov. 14, 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., Nov. 14, 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 third quarter ended September 30, 2022 and provided a business update.\n\n \n \n \n \n \n \n\n \nQ3 2022 and Recent Operational Highlights\nRevenue (excluding license revenue) was $235,321 compared to $40,303 in the third quarter of the prior year, an increase of 484% and up 61% sequentially compared to the second quarter of 2022. Including licensing revenue, Q3 2021 revenue was $218,874.Clinic revenue increased to $176,395, or 370%, compared to the same period last year, and was up 57% sequentially compared to Q2 2022. All reported clinic revenue is derived from the Company's Atlanta, Georgia-based INVO Center which is consolidated in the financial statements.Revenue from clinics, inclusive of both those accounted for as consolidated and under the equity method, was $450,131, an increase of 1,100% compared to last year and up 111% sequentially compared to the second quarter of 2022.Product sales increased to $58,926 during Q3 2022, an increase of 2,012% compared to the same quarter last year and were up 74% sequentially compared to the second quarter of 2022.Gross profit margins were 54% during the third quarter compared to adjusted gross profit margins of 49% in Q3 2021, which exclude the effect of licensing revenue, and 46% in the most recent sequential quarter.INVO Centers in Tampa, Florida, Kansas City, Kansas, and Daly City, California, continue to make progress. Locations and providers have been identified in all three areas, with Tampa and Daly City in the final plan permitting process. We expect Tampa to open in Q1 2023.Updated 510k filed with additional retrospective data to support labeling expansion for 5-day incubation.INVO has completed due diligence on the previously announced fertility clinic acquisition target and is working to finalize definitive agreements.Management Commentary\n\"Our three operating INVO Centers made strong progress during the quarter, with revenue from the consolidated and non-consolidated centers c...