Business
INVO Closes Acquisition of Wisconsin Fertility Institute
Transformational and accretive acquisition adds significant scale to INVO's current operations Contributes over $5 million in incremental annual revenue as
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Transformational and accretive acquisition adds significant scale to INVO's current operations\nContributes over $5 million in incremental annual revenue as well as positive net income and cash flows\nFirst significant transaction establishing acquisitions as key aspect of INVO's commercial strategy, in addition to building new INVO Centers \nSARASOTA, Fla. and MADISON, Wis., Aug. 11, 2023 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) (\"INVO\" or the \"Company\"), a healthcare services 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 it has closed the previously announced acquisition of Wisconsin Fertility Institute. The acquisition provides operational scale, positive cash flow and complements the Company's new-build INVO Center strategy.\n\n \n \n \n \n \n \n\n \nThe Madison-based fertility center primarily offers conventional IVF procedures having generated approximately $5.1 million in revenue and net income of $1.6 million for the trailing 12-month period ended March 31, 2023. INVO will look to further expand the center through the introduction of the IVC procedure as an added service offering to patients.\nWisconsin Fertility Institute, led by internationally renowned and well-respected fertility expert, Dr. Elizabeth Pritts, is one of the state's preeminent fertility centers, having helped to welcome over 5,000 babies since opening its doors in 2007 with approximately 550 conventional IVF procedures completed in 2022.\n\"The acquisition of Wisconsin Fertility Institute accelerates the transformation of INVO to a healthcare services company, with an ability to leverage our unique and innovative INVOcell device to help democratize the fertility industry,\" commented Steve Shum, CEO of INVO. \"The acquisition immediately adds scale and positive cash flow to our operations, with incremental growth expected to be driven at the clinic through the synergistic introduction of our INVOcell solution. We are extremely excited to have now closed this important acquisition and look forward to incorporating the clinic within our operations moving forward.\"\nINVO's innovative device, the INVOcell, allows fertilization and early embryo development to occur in vivo within the woman's body. Wi...