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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 (NASDAQ: INVO) announces its participation in the 2022 ASRM Scientific Congress & Expo, taking place from October 22-26 in Anaheim, California. The event will showcase the company's innovative INVOcell system, the first intravaginal culture technique aimed at enhancing infertility treatment. CEO Steve Shum emphasized the company's commitment to providing affordable, high-quality fertility care. INVO is currently operating three dedicated 'INVO Centers' in North America, as part of its expansion strategy in the assisted reproductive technology market.
INVO Bioscience, Inc. (Nasdaq: INVO) has announced the launch of its intravaginal culture (IVC) treatment using the INVOcell medical device at Advanced Reproductive Centre, Hospital Canselor Tuanku Muhriz in Kuala Lumpur, Malaysia. This follows the successful completion of the first IVC case, which received recognition at the Obstetrical and Gynecological Society of Malaysia conference. The center expects to provide IVC to a significant number of patients by the end of 2022, supported by Malaysian government officials.
INVO Bioscience, Inc. (Nasdaq: INVO) reported its second quarter financial results for 2022, showing revenue of approximately $146,000, down 30% from $208,000 in Q2 2021. The decrease was attributed to lost Ferring licensing revenue. However, patient inquiries rose 20% quarter-over-quarter as the company plans to open new INVO Centers and has signed a $14 million distribution deal for China. Management anticipates significant revenue growth in Q3 2022 based on increased clinic activity.
INVO Bioscience (NASDAQ: INVO) will release its second quarter 2022 financial results on August 15, 2022, after market close. A conference call to discuss these results will take place at 4:30 pm ET on the same day. The company is committed to enhancing fertility treatment accessibility with its INVOcell® device and aims to increase its market presence through dedicated INVO Centers. These efforts reflect INVO's focus on patient-centered solutions in assisted reproductive technology.
INVO Bioscience, Inc. (Nasdaq: INVO) announced a Facebook Live event titled "Get to Know INVOcell" hosted by Dr. Sue Ellen Carpenter from Bloom Fertility in Atlanta on July 7, 2022. The event aims to educate participants about INVOcell, a medical device enabling fertilization and embryo development within the woman's body, offering a more affordable and personal alternative to traditional fertility treatments. Interested individuals can join the live session and schedule a complimentary consultation.
INVO Bioscience, Inc. (Nasdaq: INVO) has signed an exclusive distribution agreement with Onesky Holdings Limited for its INVOcell medical device in Mainland China. Onesky will register the product and must purchase approximately $14 million worth of INVOcell over five years post-approval. This agreement aims to address the significant infertility issue in China, affecting nearly 50 million people, which presents a lucrative market opportunity for INVO. The partnership is expected to enhance product adoption through Onesky's established network of reproductive specialists.
INVO Bioscience, a fertility-focused company, reported Q1 2022 revenue of approximately $0.2 million, a 76% decline from $0.7 million in Q1 2021, due to a one-time bulk order in the prior year. Gross margins decreased to 60% from 91% year-over-year. Despite the revenue dip, patient inquiries increased by 40% across INVO Centers, signaling potential growth. The company plans to expand with new centers and signed an exclusive agreement with Onesky for distribution in China. Cash as of March 31, 2022, stood at $3.8 million.
INVO Bioscience (NASDAQ: INVO) will release its first quarter 2022 financial results after market close on May 16, 2022. The company, focused on expanding access to fertility treatments globally, will host a conference call at 4:30 pm ET on the same day to discuss these results. Its flagship product, INVOcell®, is a novel medical device that facilitates fertilization and early embryo development in vivo, providing a cost-effective alternative to traditional in vitro fertilization (IVF). This marks an important milestone in INVO's mission to enhance patient-centered fertility care.
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