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INVO Bioscience, Inc. (Nasdaq: INVO) is a healthcare services company dedicated to expanding access to advanced reproductive technology. Specializing in fertility treatment, INVO focuses on making fertility care more accessible and inclusive. The company operates through dedicated fertility clinics called INVO Centers, and also acquires profitable in vitro fertilization (IVF) clinics in the United States. Their proprietary technology, the INVOcell® device, allows fertilization and early embryo development to occur within a woman's body, a groundbreaking method known as Intravaginal Culture (IVC).
INVO Bioscience's recent strategic initiatives have included the acquisition of US-based IVF clinics and the opening of three INVO Centers in North America. The company's commercial strategy is built around selling products directly to physicians, and via distributors to IVF centers and medical practices.
On October 23, 2023, INVO announced a definitive merger agreement with NAYA Biosciences Inc. The merger, an all-stock transaction, aims to form a combined entity named NAYA Biosciences, which will operate under a NASDAQ listing. The merged company will focus on fertility, oncology, and regenerative medicine, leveraging NAYA's capabilities in cell and gene therapy, and artificial intelligence.
The merger is expected to provide INVO with new capital to expand its fertility clinic network across the United States and advance NAYA's oncology therapeutics. This agreement is a major step forward, with NAYA's shareholders set to own approximately 88% of the combined company and INVO shareholders 12%, pending shareholder approval and other conditions.
Financially, INVO Bioscience has shown a strong performance with significant revenue growth. For the three months ended September 30, 2023, the company reported a revenue increase of 314% compared to the same period in 2022. The company's ongoing strategic focus aims at achieving profitability by 2024, fueled by growth from its INVO Centers and efficient management of operating expenses.
INVO Bioscience is committed to making advanced fertility treatments more affordable and accessible worldwide, offering a natural and less invasive alternative to traditional IVF methods with the INVOcell® device.
INVO Bioscience has announced a corporate name change to NAYA Biosciences Inc. and will begin trading under the new symbol 'NAYA' on October 22, 2024. This change follows the recent merger with NAYA Biosciences, completed on October 14th. The newly combined company will maintain its revenue-generating fertility business while expanding into oncology and autoimmune diseases.
CEO Steve Shum stated that the name change and new trading symbol better reflect their expanded corporate strategy. The company aims to combine scalable, profitable revenues from the fertility business with the potential of innovative therapeutics. Their hub-and-spoke model is designed to share resources and talent to accelerate the development of lean, agile subsidiaries.
INVO Bioscience has completed its merger with NAYA Biosciences, creating a combined company that will operate as NAYA Biosciences and trade on NASDAQ under the ticker NAYA. The merged entity will maintain INVO's revenue-generating fertility business while expanding into oncology and autoimmune diseases. Steve Shum will serve as CEO, with Dr. Daniel Teper appointed as President and CEO of the NAYA Therapeutics subsidiary.
The company's expanded portfolio includes a GPC3-targeting FLEX-NK™ bispecific antibody entering Phase I/II trials for hepatocellular carcinoma and a CD38-targeting FLEX-NK™ bispecific antibody for multiple myeloma and autoimmune diseases. This merger aims to create value for shareholders by combining profitable fertility revenues with innovative therapeutics development.
INVO Bioscience (Nasdaq: INVO) reported record Q2 2024 financial results, showcasing significant growth. Key highlights include:
- Revenue soared 481% year-over-year to $1,836,597
- Clinic revenue increased 611% to $1,807,921
- Total revenue from all clinics, including consolidated and equity method, grew 201% to $2,141,229
- Adjusted EBITDA improved by $1.1 million to $(0.5) million
- Net loss remained stable at $(2.2) million
The company's acquisition strategy is driving growth, with fertility centers in Middleton, Atlanta, and Birmingham showing sequential revenue growth and collective profitability. INVO aims to reach breakeven with current operations and plans to resume acquisition and new INVO Center activities in 2025.
INVO Bioscience reported record Q1 2024 revenue growth of 353% year-over-year, reaching $1,576,286. Clinic revenue surged 417% to $1,537,199, derived from its Atlanta and Madison IVF centers. The total revenue from all clinics increased 189% to $1,869,513. Operating expenses decreased to $2.5 million, while net loss reduced to $(1.6) million from $(2.6) million. Adjusted EBITDA improved to $(0.5) million from $(1.7) million. The company also highlighted its definitive merger agreement with NAYA Biosciences, where NAYA shareholders will receive 7.3333 shares of INVO for each share of NAYA. The merger is subject to closing conditions, including shareholder approval and a $5 million funding requirement.
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