INVO - INVO Reports Q4 and FY 2023 Financial Results

2024-04-17 06:32:26 ET

DENVER, Colo., Apr 17, 2024 ( 247marketnews.com )- INVO Bioscience, Inc. (Nasdaq: INVO ) reported its fourth quarter and full year 2023 financial results and provided a business update.

Full year revenue increased 267%, to $3,020,575, compared to $822,196 for 2022 and adjusted EBITDA was $(5.1) million compared to $(8.4) million, for 2022.

“We continue to execute on our plan to capture a greater share of the total fertility cycle revenue and profit through the transformation of INVO into an innovative healthcare services company, driven by our existing INVO Centers and recently acquired Wisconsin-based IVF Center,” commented Steve Shum, CEO of INVO. “During 2023, our revenue increased to more than $3.0 million, a 267% increase from the previous year, and included approximately 4.5 months of revenue from our Wisconsin revenue. In total, revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was more than $4.3 million. The growth in revenue has also had a positive impact on our adjusted EBITDA, as we work towards our stated goal of reaching break-even or profitability within our current operations (excluding the potential merger with NAYA) in 2024. With a full year of revenue from our Wisconsin clinic and further expected growth overall, we believe we remain on track to reach that objective. We are excited about our position in the fertility market, and the opportunity we have to make advanced fertility care more accessible and inclusive to people around the world.”

INVO also commented on its NAYA Biosciences definitive merger agreement. “INVO and NAYA remain committed to completing the merger between our two companies, creating a company uniquely positioned in both the fertility and oncology space,” commented Shum. “With the 10-K now on file, we plan to update our Proxy S-4 and schedule the stockholder meeting as soon as possible pending completion of the various closing conditions outlined in the agreement.”

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