Business
INVO Reports First Quarter 2023 Financial Results
Company to Host Conference Call Today at 4:30pm ET SARASOTA, Fla., May 15, 2023 /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 15, 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 financial results for the quarter ended March 31, 2023 and provided a business update.\n\n \n \n \n \n \n \n\n \nQ1 2023 Financial Highlights (all metrics compared to Q1 2022 unless otherwise noted)\nRevenue was $348,025, an increase of 114% compared to $162,598, and up 25% sequentially compared to Q4 2022.Clinic revenue increased 181% to $297,381, compared to $105,848, and up 35% sequentially compared to Q4 2022. All reported clinic revenue is derived from the Company's INVO Center in Atlanta, Georgia, which is consolidated in the Company's financial statements.Revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was $646,707, an increase of 108% compared to $311,024, and up 46% sequentially compared to Q4 2022.Gross margin was 79% compared to 60% in the year ago quarter and was 72% in Q4 2022.Recent Operational and Strategic Highlights\nSigned binding agreements to acquire Wisconsin Fertility Institute, a Madison, Wisconsin-based fertility center that primarily offers conventional IVF procedures and generated approximately $5.5 million in revenue and $1.9 million of net income for the trailing 12-month period ended September 30, 2022.The buildout of the Company's new Tampa, Florida clinic – Tampa Fertility Institute, an INVO Center – is near completion and patient services are expected to commence this summer.Raised approximately $3 million in a registered direct offering of common stock and private placement of warrants. Net of offering expenses and the repayment of certain convertible notes, the Company is using approximately $2.3M in proceeds for working capital and general corporate purposes.Management Commentary\n\"We made significant progress on nearly every key operational metric during the first quarter, particularly within our three existing INVO Centers in Atlanta, Birmingham and Monterrey achieving record levels of revenue and patient cycles,\" commented Steve Shum, CEO of INVO. \"These three ce...