INVO Bioscience Reports Third Quarter 2017 Financial Results
MEDFORD, MA / ACCESSWIRE / November 14, 2017 / INVO Bioscience, Inc. (OTC PINK: IVOB), a medical device company who was granted FDA clearance for the first Intravaginal Culture System, INVOcell™, today announced its third quarter 2017 financial results and recent highlights.
Recent Highlights and Milestones:
- Revenue for the third quarter of $68,200 increased 283% compared to $17,800 in the year ago third quarter;
- Year-to-date 2017 revenue for the 9-month period ended September 30, 2017 of $200,800 is up 385% compared to revenue of $41,400 in the 9-months ended June 30, 2016;
- Gross margins during the third quarter of 2017 were 81% compared to 64% in the year ago third quarter;
- Operating expense decreased 9% despite a 283% increase in revenues during the third quarter;
- Net loss improved to $(148,900) during the third quarter compared to $(210,900) in the year ago quarter;
- 11 new clinics signed up offering or referring the INVOcell device and procedure during the last 3 months, including clinics in new locations of Ohio, Indiana, and Southern California;
- The Company has now signed up 61 clinics in 13 states offering or referring the INVOcell device and procedure, 43 of which have been signed up since the beginning of the year; and
- The Company successfully participated in the 2017 Annual ASRM Scientific Congress & Expo in San Antonio, Texas in the end of October.
“We made strong progress during the quarter operationally, which saw a 283% increase in revenues and addition of 11 new clinics during the last three months, but also in positioning INVO Bioscience to take a huge step forward by attracting two highly respected and capable members to our board of directors – Michael Campbell, the current Vice President of IVF Americas Business Unit for Cooper Surgical, and Steven Shum, the current Chief Financial Officer of Eastside Distilling,” commented Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience. “We are steadily setting the stage for what I expect to be a transitional point in the history of the company as we look to rapidly accelerate the adoption of our affordable, safe, and effective treatment for infertility.”
Ms. Karloff concluded, “ASRM was a tremendous success for INVO Bioscience this year. The Company had numerous presentations and roundtable discussions with potential users of the INVOcell device and procedure. On one day, there were four simultaneous roundtable discussions going on by current practices offering the INVO procedure. Whereas last year most people were unfamiliar with the INVO procedure, this year people were seeking us out. The word is definitely getting around as the INVO Bioscience demonstration booth was consistently busy as the team discussed the benefits of INVO to doctors, embryologists, psychologists, and staff from practices across the U.S. and many other countries. There is a lot of excitement surrounding this technology which leads me to believe have great optimism for the remainder of the year and into 2018.”
Third Quarter 2017 Financial Results
Revenue during the quarter was $68,200, an increase of 283% compared to $17,900 in the year ago period. The company sold initial and follow on devices to facilities in California, Indiana, Pennsylvania, North & South Carolina, Texas, and Virginia.
Operating expenses were $200,000 in the quarter, a decrease from $219,000 last year. Cash utilized during the quarter for operating activities was $162,000, as the company’s executive management team continued to defer salaries and other expenses were kept to a minimum.
Net loss for the quarter was $(148,800), or $(0.00) per share, compared with $(210,900), or $(0.00) 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 http://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
SOURCE: INVO Bioscience, Inc.