Company sets closing date deadline of
acquisition to August 10, 2023 --
Acquisition is expected to significantly enhance total annual
revenue and contribute positive net income to the company's
operating results
Transition to healthcare services company
allows INVO to accelerate IVC volume, allowing for a greater share
in total fertility cycle revenue
Targeting cash flow breakeven in
2024
SARASOTA, Fla., Aug. 3, 2023
/PRNewswire/ -- INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO"
or the "Company"), a healthcare services fertility company focused
on expanding access to advanced treatment worldwide with its
INVOcell® medical device and the intravaginal culture ("IVC")
procedure it enables, today announced it has extended the deadline
to acquire Wisconsin Fertility Institute (WFI) to August 10, 2023. The acquisition is expected to
provide significant scale to the Company's operations and
complement its INVO Center strategy. The Madison-based fertility center primarily
offers conventional IVF procedures and generated more than
$5 million in revenue and
approximately $1.7 million of net
income based on fiscal 2022 audited results.
"The acquisition of Wisconsin Fertility Institute accelerates
the transformation of INVO from a medical device-only company to a
healthcare services company, leveraging our unique and innovative
INVOcell technology, to help democratize the fertility industry,"
commented Steve Shum, CEO of INVO.
"Representing our first acquisition, the closing of WFI represents
a significantly important addition to our corporate growth plan,
which now includes acquiring established and profitable existing
practices in addition to building new INVO Centers. Further, the
acquisition immediately adds scale and positive cash flow to our
operations, with the potential to more than triple our gross
revenues. We also expect to drive incremental growth at the clinic
with the synergistic introduction of our INVOcell solution. We look
forward to finalizing the transaction in the coming days."
With the recent completion and clearance of the Company's FDA
510k submission, the Company has now
been able to eliminate the substantive costs associated with that
multi-year effort. The Company has also implemented further expense
reductions as part of its go-forward plan to focus on its
healthcare service strategy.
"Looking ahead, we believe we have set an exciting foundation
for the Company. Our existing operating INVO Centers are beginning
to reach break-even status with ongoing growth occurring, while the
WFI acquisition could add significant revenue and operating
profits. Our core technology has been significantly enhanced and
further validated with the recent 510(k) label expansion, and we
have reduced certain overhead costs which we believe provides for a
short pathway towards overall profitability," Shum expanded.
About INVO Bioscience
We are a healthcare services fertility company dedicated to
expanding the assisted reproductive technology ("ART") marketplace
by making fertility care accessible and inclusive to people around
the world. Our commercialization strategy is focused on the opening
of dedicated "INVO Centers" offering the INVOcell® and IVC
procedure (with three centers in North
America now operational), the acquisition of US-based,
profitable in vitro fertilization ("IVF") clinics and the sale and
distribution of our technology solution into existing fertility
clinics. Our proprietary technology, INVOcell®, is a revolutionary
medical device that allows fertilization and early embryo
development to take place in vivo within the woman's body. This
treatment solution is the world's first intravaginal culture
technique for the incubation of oocytes and sperm during
fertilization and early embryo development. This technique,
designated as "IVC", provides patients a more natural, intimate,
and more affordable experience in comparison to other ART
treatments. We believe the IVC procedure can deliver comparable
results at a fraction of the cost of traditional IVF and is a
significantly more effective treatment than intrauterine
insemination ("IUI"). For more information, please
visit www.invobio.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.
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SOURCE INVO Bioscience, Inc.