INVO Bioscience Reports Record Second Quarter 2017 Financial Results
MEDFORD, Mass., August 10, 2017 — INVO Bioscience, Inc. (OTC: IVOB), a medical device company who was granted FDA clearance for the first Intravaginal Culture System, INVOcell™, today announced its second quarter 2017 financial results and recent highlights.
First Half 2017 Highlights and Milestones
- Revenue for the second quarter of $80,330 increased 1,375% compared to the year ago second quarter and surpassed revenue for all of 2016;
- Year-to-date 2017 revenue for the 6-month period ended June 30, 2017 of $132,570 is up 463% compared to revenue of $23,553 in the 6-months ended June 30, 2016;
- Gross margins during the second quarter of 2017 were 82% compared to 56% in the year ago second quarter;
- Net loss improved to $(136,000) during the second quarter compared to $(1,455,709) in the year ago quarter;
- The Company has now signed up 50 clinics in 11 states offering or referring the INVOcell device and procedure, 14 of which have been signed up since the beginning of the year;
- Smart IVF, a subsidiary of RMA of Texas, opened the U.S.’s first INVO-only center in McAllen, Texas on April 7, 2017 where 68 patients have now been treated;
- Effortless IVF Canada launched their very first INVO-specific clinic with plans for up to nine more clinics across Canada;
- Significant press coverage continues to occur on the INVOcell solution, including a lengthy article in The Atlantic, as well as joint press releases in Houston, South Carolina, and Nashville; and
- The Company will be exhibiting in the 2017 Annual ASRM Scientific Congress & Expo in San Antonio, Texas at the end of October (Booth #142).
“During the second quarter, we successfully expanded the number of clinics offering the INVOcell solution, and increased utilization per clinic, which lead to record quarterly revenues,” commented Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience. “We are encouraged that our revolutionary device for treating infertility is beginning to gain initial traction despite limited resources being applied to sales and marketing efforts. The adoption of the INVOcell solution is being driven primarily through physician-to-physician referrals, favorable physician outcomes, and positive press coverage. The appeal of an alternative to traditional in vitro fertilization (IVF) that is approximately half the price, with equivalent pregnancy rates, is resonating. As we ramp up our sales and marketing efforts, we believe we have the opportunity to significantly expand our share of the multi-billion-dollar fertility market in the coming years.”
Second Quarter 2017 Financial Results
- Revenue during the quarter was $80,330, an increase of 1,375% compared to $5,446 in the year ago period.
- Operating expenses were $198,549 in the quarter, a decrease from $1,455,147 last year. The main expenditure increases during the quarter pertained to training and SEC filing related items, offset by the significant decrease from the stock compensation issued in 2016. Cash utilized during the quarter for operating activities was $134,329, as the company’s executive management team deferred salaries and other expenses were kept to a minimum.
- Net loss for the quarter was $(136,974), or $(0.00) per share, compared with $(1,455,709), or $(0.01) per share in the year ago quarter.
- Additional details pertaining to the quarterly financials can be found in our 10-Q filed today with the SEC.
About INVO Bioscience
We are a medical device company focused on creating simplified, lower cost treatments for patients diagnosed with infertility. Our solution, the INVO Procedure, is a disruptive new technology. The INVO Procedure is a revolutionary in vivo method of vaginal incubation that offers patients a more natural and intimate experience. Our lead product, the INVOcell, is a patented medical device used in infertility treatment and is considered an Assisted Reproductive Technology (ART). The INVOcell is the first Intravaginal Culture (IVC) system in the world used for the natural in vivo incubation of eggs and sperm during fertilization and early embryo development, as an alternative to traditional In Vitro Fertilization (IVF) and Intrauterine Insemination (IUI). Our mission is to increase access to care and expand fertility treatment across the globe with a goal to lower the cost of care and increase availability of care. For more information, please visit https://invobioscience.com/.
Safe Harbor Statement
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Kathleen Karloff, CEO
INVO Bioscience, Inc.
978-878-9505 ext. 504