MEDFORD, Mass., May 15, 2017 /PRNewswire/ -- INVO Bioscience, Inc. (OTC: IVOB), a medical device company who was granted FDA clearance for the first Intravaginal Culture System, INVOcell™, today announced its first quarter financial results and recent highlights.
Recent Highlights and Key Milestones:
- Company became current on its financial reporting with the filing of a Super 10-K covering 2011 through 2015 in March 2017, and filed a 10-K for the period year ended December 31, 2016 in April 2017;
- Announced appointment to the INVO Bioscience Board of Directors, renowned fertility specialist Dr. Kevin Doody, the current President of the Society for Assisted Reproductive Technology (SART) and a board member of the American Society for Reproductive Medicine (ASRM);
- The Company has now signed up 49 clinics in 11 states to begin offering or referring the INVOcell device and procedure, 29 of which have been signed up since the beginning of the year;
- Effortless IVF Canada launched their very first INVO-specific clinic in April 2017 and currently has a waiting list of approximately 150 patients scheduled to get treatment;
- Dr. Francisco Arredondo of RMA of Texas opened the U.S.'s first INVO-only center in McAllen on April 7, 2017 where he has now treated 20 patients in the first month;
- Company recently launched a new corporate website at www.invobioscience.com;
- Numerous recent media mentions, including WINFertility, Fox St. Louis, Slate, Motherboard, ABC Dallas, and a USA Today Ad Insert; and
- Revenue for the first quarter increased 189% compared to the year ago first quarter and surpasses revenue for all of 2016.
"This is an exciting time for INVO Bioscience as we transition from a non-SEC reporting company, to becoming SEC compliant while beginning to gain traction in the marketplace with our revolutionary fertility treatment," said Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience. "With limited resources, we have made great progress in attracting physicians to offer the INVOcell device and procedure, with 27 new clinics coming on board since the beginning of the year. We anticipate that as physician training occurs in the coming months, we will see increased utilization with successful pregnancy rates which will continue to drive further adoption in the future. Importantly, we are seeing the adoption of clinics exclusively providing the INVOcell treatment, creating a model that we believe will ultimately become the key driver of growth for the Company – INVO Clinics owned by INVO Bioscience. It has taken us a long time to reach this important inflection point, however we are here and look forward to the future with tremendous excitement."
First Quarter 2017 Financial Results
Revenue during the quarter was $52,240, an increase of 189% compared to $18,107 in the year ago period. The company sold initial devices to facilities in South Carolina, Illinois, New York and Michigan.
Operating expenses were $205,000 in the quarter, a slight increase from $196,000 last year. The main expenditure increases during the quarter pertained to training and SEC filing related items. Cash utilized during the quarter for operating activities was $136,000, as the company's executive management team deferred salaries and other expenses were kept to a minimum.
Net loss for the quarter was $(215,000), or $(0.00) per share, compared with $(181,000), 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, CEOINVO Bioscience, Inc.978-878-9505 ext. 504
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SOURCE INVO Bioscience, Inc.