Business
INVO Provides Preliminary Update on FY2022 Financial Results
SARASOTA, Fla., March 30, 2023 /PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO" or the "Company"), a commercial-stage fertility company focused on
About this update from Invo Fertility, Inc.
[{"type":"text","content":"SARASOTA, Fla., March 30, 2023 /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 preliminary financial results for the fourth quarter and year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nThe Company expects total revenue in the fourth quarter of 2022 to reflect a sequential increase of approximately 15% to 19%, or to between $270,000 and $280,000 in total revenue, compared to $235,321 in the third quarter of 2022. Gross operating expenses, inclusive of non-cash charges, are expected to be comparable to the third quarter of 2022. For the year ended December 31, 2022, excluding the recognition of approximately $3.6 million in remaining deferred license revenue from Ferring that was fully accelerated in the fourth quarter of 2021, the Company expects total revenue to reflect an increase of approximately 38% to 40%, or to between $815,000 and $825,000 in total revenue, compared to $588,687 in the prior year. Gross operating expenses for the year ended December 31, 2022, inclusive of non-cash charges, are expected to reflect an increase of approximately 14% to 19%, or a total of $10.5 million to $11.0 million.\n\"Looking forward, we are thrilled with the March 2023 signing of binding purchase agreements for our first IVF clinic acquisition, the March 2023 closing of our registered direct offering generating approximately $3 million in gross proceeds, as well as the continued progress and revenue growth in early 2023 for our INVO Center clinics,\" commented Steve Shum, CEO of INVO. \"Consummation of our planned Wisconsin Fertility Institute acquisition is expected to provide INVO with the ability to accelerate our business plan and significantly improve our financial profile. As disclosed in the combined financial statements filed in our Form 8-K on March 20, 2023, the Wisconsin clinic generated approximately $5.5 million in revenue and $1.9 million in net income for the trailing 12-month period ended September 30, 2022. Together with the ongoing expansion of our INVO Center model through organically built clinics and the planned strategic acquisition of additional owner-operated clinics, w...