Business
INVO Signs Binding Agreements to Acquire Wisconsin Fertility Institute
Accretive acquisition expected to add significant scale to INVO's operations Contributes over $5 million in incremental annual revenue as well as positive net
About this update from Invo Fertility, Inc.
[{"type":"text","content":"Accretive acquisition expected to add significant scale to INVO's operations\nContributes over $5 million in incremental annual revenue as well as positive net income\nInitial transaction that establishes acquisitions as 3rd key aspect of INVO's commercial strategy, in addition to building new INVO Centers and partnering with existing IVF clinics\nSARASOTA, Fla. and MADISON, Wis., March 20, 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 it has signed binding agreements to acquire Wisconsin Fertility Institute. The Madison-based fertility center primarily offers conventional IVF procedures and generated approximately $5.5 million in revenue and net income of approximately $1.9 million for the trailing 12-month period ended September 30, 2022. \n\n \n \n \n \n \n \n\n \n\"We are excited by the opportunity to partner with Dr. Pritts, the clinic's lead physician and co-founder, as well as with the director of its high complexity lab, Dr. Megid, and the rest of their team at Wisconsin Fertility Institute, a nationally recognized advanced fertility center and one of Wisconsin's leading IVF clinics,\" commented Steve Shum, CEO of INVO. \"We believe that the acquisition of profitable IVF clinics complements our overall growth strategy and is strategically significant to accelerating the success of our mission. The Wisconsin Fertility Institute immediately adds scale and positive cash flow to our operations and we expect to drive incremental growth at the clinic with the synergistic introduction of our INVOcell solution.\"\nWisconsin Fertility Institute is one of the state's preeminent fertility centers, having helped to welcome over 5,000 babies since opening its doors in 2007 and with approximately 550 conventional IVF procedures completed in 2022.\nWisconsin Fertility Institute is led by internationally renowned and well-respected fertility expert, Dr. Elizabeth Pritts, who will continue to serve as the clinic's lead physician for a minimum period of three years from the closing of the acquisition. Dual-certified in General Obstetrics and Gynecology, as well as Reproductive Endocrinology a...