INVO Bioscience reports significant revenue increase in Q2 2024

From GlobeNewswire: 2024-08-14 09:00:00

INVO Bioscience, Inc. announced Q2 2024 financial results with revenue of $1,836,597, a 481% increase from Q2 2023. Clinic revenue rose 611% to $1,807,921. Operating expenses were $3.7 million, a $1.3 million increase primarily due to one-time expenses. Net loss was $(2.2) million with adjusted EBITDA at $(0.5) million.
INVO Bioscience and NAYA entered into a definitive merger agreement in October 2023 for INVO to acquire NAYA. The agreement has been amended three times to extend the target closing date. The companies are currently in discussions for a further extension.
Adjusted EBITDA for Q2 2024 was $(509,623), which includes various factors such as interest expense, stock-based compensation, and depreciation. The consolidated statements of operations for the same period show a total revenue of $1,836,597 and a net loss of $(2,245,170).
The company’s financial strategy focuses on expanding the ART marketplace by making fertility care accessible and inclusive worldwide. The INVOcell® device is a proprietary technology that offers a more natural and affordable fertility treatment option. INVO aims to achieve breakeven with current operations and accelerate profitability through acquisitions and new centers in 2025.



Read more at GlobeNewswire:: INVO Reports Record Second Quarter 2024 Financial Results