MEDFORD, Mass., May 15, 2018 /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 2018 financial results and recent highlights.
Financial Results and Recent Highlights:
- Revenue for the year ended March 31, 2018 was $104,140, an increase of 99% compared to $52,240 for the same period a year ago;
- Gross margins continued to improve during Q1 2018 to 86% compared to 73% in Q1 2017;
- Net loss improved to $(144,723) during Q1 2018 compared to $(214,893) in Q1 2017;
- The Company has now signed up clinics in 18 states and 1 province offering the INVOcell device and procedure;
- 6 new clinics signed up offering or referring the INVOcell device and procedure since January 1, 2018, including clinics in Hawaii, Alabama, Florida, and North Carolina;
- In the first quarter of 2018, the Company expanded its certified training locations for Reproductive Endocrinologists and Embryologists to learn about the unique techniques of the simplified INVOcell Procedure, with the addition of new centers in San Antonio, Texas and South Carolina;
- In February 2018, announced a distribution agreement for developing the markets in Hong Kong and Macao for INVOcell;
- The company continues to garner significant media attention, including mentions in:
"We are pleased with the consistent traction that the INVOcell device has achieved over the past couple of quarters. IVF clinics throughout the U.S. and in certain international markets are increasingly adopting the INVOcell as an additional treatment that can help couples create the families that they so desire in an efficient and cost-effective manner," commented Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience. "During the last few months, we have initiated discussions to begin shipping product into Hong Kong and Macao with highly established operators in the fertility care market. In the U.S., we continue to sign on additional centers that are eager to be at the leading edge of a ground swell that we believe is occurring to drive down the cost, and increase accessibility, to infertility care. We believe that INVOcell has the opportunity to meaningfully alter the landscape of how patients are treated in the coming years and we are focused on significantly enhancing our distribution capabilities to meet this demand. We appreciate the support of our shareholders over the last number of years and are focused on driving value for them in the years to come."
Q1 2018 Financial Results
Net sales and revenues for quarter ended March 31, 2018 were $104,140 compared to $52,240 for the same three-month period ended March 31, 2017.
Cost of goods sold for the three months ended March 31, 2018 were $89,716 or approximately 14% of revenues compared to $38,395 or approximately 27% of revenues for the quarter ended March 31, 2017. The 13% improvement in gross margin was related primarily to the 2018 price increase on reorders compared to our 2017 introductory sales promotion
Selling, general and administrative expenses for the three months ended March 31, 2018 were $230,000 as compared to $205,000 for the three months ended March 31, 2017. Cash utilized during the year for operating activities was $37,000, 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 $(144,500), or $(0.00) per share, compared with $(214,900), or $(0.00) per share a year ago.
Subsequent to the end of the first quarter, the Company raised over $1 million with various investors to further execute components of their business plan.
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
SOURCE INVO Bioscience, Inc.