Business
INVO Sets Revised Closing Date of Wisconsin Fertility Institute Acquisition and Announces Key Operational Trends to Drive Shareholder Value
Company sets closing date deadline of acquisition to August 10, 2023 -- Acquisition is expected to significantly enhance total annual revenue and contribute
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Company sets closing date deadline of acquisition to August 10, 2023 -- Acquisition is expected to significantly enhance total annual revenue and contribute positive net income to the company's operating results\nTransition to healthcare services company allows INVO to accelerate IVC volume, allowing for a greater share in total fertility cycle revenue\nTargeting cash flow breakeven in 2024\nSARASOTA, Fla., Aug. 3, 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 it has extended the deadline to acquire Wisconsin Fertility Institute (WFI) to August 10, 2023. The acquisition is expected to provide significant scale to the Company's operations and complement its INVO Center strategy. The Madison-based fertility center primarily offers conventional IVF procedures and generated more than $5 million in revenue and approximately $1.7 million of net income based on fiscal 2022 audited results.\n\n \n \n \n \n \n \n\n \n\"The acquisition of Wisconsin Fertility Institute accelerates the transformation of INVO from a medical device-only company to a healthcare services company, leveraging our unique and innovative INVOcell technology, to help democratize the fertility industry,\" commented Steve Shum, CEO of INVO. \"Representing our first acquisition, the closing of WFI represents a significantly important addition to our corporate growth plan, which now includes acquiring established and profitable existing practices in addition to building new INVO Centers. Further, the acquisition immediately adds scale and positive cash flow to our operations, with the potential to more than triple our gross revenues. We also expect to drive incremental growth at the clinic with the synergistic introduction of our INVOcell solution. We look forward to finalizing the transaction in the coming days.\"\nWith the recent completion and clearance of the Company's FDA 510k submission, the Company has now been able to eliminate the substantive costs associated with that multi-year effort. The Company has also implemented further expense reductions as part of its go-forward plan to focus on its healthcare service s...