Business
INVO Reports Record Second Quarter 2024 Financial Results with 481% Revenue Growth and a $1.1 Million Improvement to Adjusted EBITDA
SARASOTA, Fla., Aug. 14, 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., Aug. 14, 2024 (GLOBE NEWSWIRE) -- INVO Bioscience, Inc. (Nasdaq: INVO) (\"INVO\" or the \"Company\"), a healthcare services fertility company focused on expanding access to advanced treatment 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 second quarter 2024 for the period ended June 30, 2024 and provided a business update. Q2 2024 Financial Highlights (all metrics compared to Q2 2023 unless otherwise noted) Revenue was $1,836,597, an increase of 481% compared to $315,902. Revenue increased 17% sequentially compared to Q1 2024.Clinic revenue increased 611% to $1,807,921, compared to $254,364. All reported clinic revenue is derived from the Company's INVO Center in Atlanta, Georgia, and its fertility clinic in Middleton, Wisconsin, both of 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 $2,141,229, an increase of 201% compared to $712,433.Total operating expenses were $3.7 million, a $1.3 million increase compared to $2.4 million. The increase was primarily due to a one-time non-cash expense of $1.0 million and a $0.2 million increase in amortization costs. Q2 2024 operating expenses also included approximately $25,000 pertaining to the proposed merger with NAYA Biosciences, Inc. (\"NAYA\").Net loss was $(2.2) million compared to $(2.2) million.Adjusted EBITDA (see table included) was $(0.5) million, including approximately $25,000 in transaction costs related to the potential merger, compared to $(1.6) million in the prior year. Management Commentary \"The growing, positive impact of our acquisition strategy remains in full swing as we report record second quarter revenue – up 481% year-over-year and 17% sequentially – with a $1.1 million improvement in adjusted EBITDA,” commented Steve Shum, CEO of INVO. “Our fertility centers in Middleton, Atlanta, and Birmingham are all experiencing sequential revenue growth and are collectively profitable. This growth and clinic-level profit, coupled with our careful management of overall corporate expenses, positions us to achieve our stated goal of reaching breakeven with our current operations. To ...