Business
INVO Reports Second Quarter 2023 Financial Results
Company to Host Conference Call Today at 4:30pm ET SARASOTA, Fla., Aug. 14, 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., Aug. 14, 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 financial results for the second quarter ended June 30, 2023 and provided a business update.\n\n \n \n \n \n \n \n\n \nQ2 2023 Financial Highlights (all metrics compared to Q2 2022 unless otherwise noted)\nRevenue was $315,902, an increase of 116% compared to $146,135.Clinic revenue increased 126% to $254,364, compared to $112,358. 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 $712,433, an increase of 145% compared to $290,517.Recent Operational and Strategic Highlights\nAcquired Wisconsin Fertility Institute (WFI), a profitable Madison-based fertility center that primarily offers conventional IVF procedures and generated approximately $5.4 million in revenue and approximately $1.7 million of net income in 2022.Acquisition further accelerates INVO's transition to a healthcare services company and provides an opportunity to advance IVC volume and the ability to secure a greater share of total fertility cycle revenue.Implemented expense reductions as part of go-forward plan to focus on its healthcare service strategy and a near-term path to profitability.Buildout of the Company's new Tampa, Florida clinic – Tampa Fertility Institute, an INVO Center – is nearing completion.Raised approximately $4.5 million in gross proceeds in a public offering of common stock and warrants. The Company used approximately $2.15 million of proceeds for the initial payment for the WFI acquisition.Received 510(k) FDA clearance for expanded use of the INVOcell device.Management Commentary\n\"We believe we have successfully transformed INVO into a rapidly growing, innovative healthcare services company which allows us to help accelerate IVC volume and obtain a greater share of the total fertility cycle revenue,\" commented Steve Shum, CEO of INVO. \"The closing of the WF...