Business
INVO Reports Fourth Quarter and Full Year 2023 Financial Results
SARASOTA, Fla., April 16, 2024 (GLOBE NEWSWIRE) -- INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO" or the "Company"), a healthcare services fertility company
About this update from Invo Fertility, Inc.
[{"type":"text","content":"SARASOTA, Fla., April 16, 2024 (GLOBE NEWSWIRE) -- INVO Bioscience, Inc. (Nasdaq: INVO) (\"INVO\" or the \"Company\"), a healthcare services fertility company focused on expanding access to advanced treatment worldwide through the establishment and acquisition of fertility clinics, and with the intravaginal culture (\"IVC\") procedure enabled by its INVOcell® medical device, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023 and provided a business update. Q4 2023 Financial Highlights (all metrics compared to Q4 2022 unless otherwise noted) Revenue was $1,381,754, an increase of 397% compared to $278,142.Clinic revenue increased 519% to $1,362,938, compared to $220,253. All reported clinic revenue is derived from the Company's INVO Center in Atlanta, Georgia, and fertility clinic in Madison, Wisconsin which are 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 $1,634,912, an increase of 140% compared to $682,055.Total operating expenses were $2.9 million, a $0.1 million decrease compared to $3.0 million. Included in the Q4 2023 operating expenses were approximately $250,000 pertaining to the definitive merger agreement with NAYA Biosciences, Inc. (\"NAYA\") to acquire NAYA in an all-stock transaction.Net loss was $(2.0) million compared to $(2.8) million.Adjusted EBITDA (see table included) was $(1.2) million, including transaction costs related to the potential merger, compared to $(2.2) million in the prior year. 2023 Financial Highlights (all metrics compared to 2022 unless otherwise noted) Revenue was $3,020,575, an increase of 267% compared to $822,196.Clinic revenue increased 366% to $2,862,574, compared to $614,854. All reported clinic revenue is derived from the Company's INVO Center in Atlanta, Georgia, and fertility clinic in Madison, Wisconsin which are 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 $4,346,933, an increase of 158% compared to $1,686,705.Total operating expenses were $9.8 million, a $1.6 million decrease compared to $11.4 million.Net loss was $(8.0) million compared to $(10.9) million.Adjusted EBITDA (see table included) was $(5.1...