Loading
Fertility company INVO Bioscience posted its 2023 financial results Tuesday, showing a loss of $8 million, according to a news release. Despite its overall loss, the company showed tremendous growth, particularly on the heels of an acquisition in the fourth quarter, and its trading activity spiked.
Revenue for the company, which aims to make assisted reproductive technology more accessible worldwide, was $3.02 million in 2023, compared with $822,196 the previous year, the release says, representing a 267% increase.
Its fourth quarter revenue showed even more pronounced growth. INVO reported revenue of $1.38 million in the fourth quarter, a 397% increase from the same time in 2022, when revenue was $278,142, according to the release.
After the company released its fourth quarter and 2023 results, INVO stock was up nearly 85% on Wednesday, InvestorPlace reports, with about 9.6 million shares traded versus its typical 50,000.
INVO Bioscience offers a product called INVOcell that allows for incubation of eggs and sperm during fertilization and early embryo development inside a woman's body. Called in vivo fertilization, it is less expensive and has less overhead than using a laboratory for in vitro fertilization (IVF), officials say.
Founded in 2007, INVO Bioscience was originally called Bio X Cell, according to the Business Observer. The Lakewood Ranch-based company went public in 2008 and moved to the Nasdaq market in 2020.
In the last year, INVO expanded its reach through a merger and acquisition.
INVO Bioscience announced a merger in October 2023 with Delaware-based company NAYA Biosciences, which is dedicated to increasing patient access to breakthrough treatments in oncology and regenerative medicine. In addition, INVO Bioscience acquired a Wisconsin IVF center in the second half of 2023.
The company’s ultimate goal is to achieve break-even status or profitability in 2024, according to a statement accompanying the 2023 results.
“With a full year of revenue from our Wisconsin clinic and further expected growth overall, we believe we remain on track to reach that objective,” CEO Steve Shum says in the statement. “We are excited about our position in the fertility market, and the opportunity we have to make advanced fertility care more accessible and inclusive to people around the world.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
