MEDFORD, Mass., March 29, 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 year end 2017 financial results and recent highlights.
Financial Results and Recent Highlights:
- Revenue for the year ended December 31, 2017 was $282,000, an increase of 453% compared to $51,000 for the same period a year ago;
- Gross margins continued to improve during 2017 to 82% compared to 70% in 2016;
- Net loss improved to $(702,000) during 2017 compared to $(2,124,00) in 2016 as the Company increased revenues and decreased expenses;
- The Company has now signed up clinics in 17 states and 1 province offering or referring the INVOcell device and procedure;
- 11 new clinics signed up offering or referring the INVOcell device and procedure since the last earnings report;
- In February 2018, announced a distribution agreement for developing the markets in Hong Kong and Macao for INVOcell; and
- In March 2018, expanded the Company's 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.
"2017 was an incredibly successful year for INVO Bioscience," commented Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience. "On a limited operating budget, we significantly increased the awareness and acceptance of the INVOcell device and procedure. INVOcell is now available in 17 states and 1 province across the United States and Canada, and we have recently signed a distribution agreement to expand into Hong Kong and Macao. We have enhanced our infrastructure to include two additional training centers, and have strengthened our board of directors with experienced financial and industry executives. I am proud of the accomplishments in 2017 and am focused on the continued growth of this exciting new technology."
2017 Financial Results
Net sales and revenues for year ended December 31, 2017 were approximately $282,000 compared to approximately $51,000 for the same twelve-month period ended December 31, 2016.
Cost of goods sold for the twelve months ended December 31, 2017 were $52,000 or approximately 18% of revenues compared to $15,000 or approximately 30% of revenues for the year ended December 31, 2016. The Company believes the 2017 costs of goods sold are more representative of the expectations for what our costs will be as we move forward as the company continually is taking steps to lower their costs and improve gross margin while delivering high quality products.
Selling, general and administrative expenses were $870,000 in fiscal 2017, a decrease of $1,275,000 for the year ended December 31, 2017 compared to the year ended December 31, 2016 of $2,146,000. Cash utilized during the year for operating activities was $180,000, as the company's executive management team continued to defer salaries and other expenses were kept to a minimum.
Net loss for the year was $(702,000), or $(0.00) per share, compared with $(2,124,000), or $(0.02) per share a year ago.
Additional details pertaining to the quarterly financials can be found in our 10-K 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.