INVO Reports Record Third Quarter 2023 Financial Results Company Expects to Host Conference Call Shortly After

Reports Record Third Quarter 2023 Financial Results

Expects to Host Conference Call Shortly After November 20, 2023 Following the Progress of Certain Closing Conditions Pertaining to the

Announced Merger Agreement with NAYA Biosciences

Fla., Nov. 13, 2023 /PRNewswire/ - INVO Bioscience, Inc. (Nasdaq: INVO) ("INVO" or the "Company"), a healthcare

services fertility company focused on expanding access to advanced treatment worldwide with its INVOcell medical device and the

intravaginal culture ("IVC") procedure it enables, today announced financial results for the third quarter ended September

30, 2023 and provided a business update.

2023 Financial Highlights (all metrics compared to Q3 2022 unless otherwise noted)

Operational and Strategic Highlights

results of the quarter highlight the transformation of INVO into a growing, innovative healthcare services company leveraging our INVO

Centers to drive IVC volume and obtain a greater share of the total fertility cycle revenue," commented Steve Shum, CEO of INVO.

"When you look at the pro forma results for the quarter inclusive of a full quarter contribution from WFI our adjusted EBITDA would

have been $(0.3) million, a significant improvement compared to ($2.0) million in the year ago quarter. Equally notable was the fact

that our clinics, exclusive of our corporate costs, generated positive net income in the period. With the potential for continued growth

from our family of INVO Centers, and more rationalized corporate operating expenses, achieving our stated goal of profitability in 2024

becomes increasingly visible. We look forward to maintaining our focus on driving growth and efficiencies in the business moving forward."

October 23, 2023, INVO and NAYA, a company dedicated to increasing patient access to breakthrough

treatments in oncology and regenerative medicine, jointly announced that they had entered into a definitive merger agreement (the "Merger")

for INVO to acquire NAYA Biosciences in an all-stock transaction. Under the terms of the agreement, NAYA Biosciences' shareholders

will receive 7.3333 shares of INVO for each share of NAYA Biosciences at closing, for a total of approximately 18,150,000 shares of INVO.

Following the closing of the Merger, the combined company is expected to operate under the name "NAYA Biosciences".

described in greater detail in the Company's SEC filings and press releases, the Merger remains subject to certain closing conditions

including shareholder approval, an estimated $5 million or more (at NAYA's discretion) in interim private financing in INVO at

a premium of INVO's market price at time of financing ("Interim PIPE"), and a private offering by the combined company

at a target price of $5.00 per common share of INVO. At this time, there are no further updates on the satisfaction of the closing conditions.

are excited by the opportunity to merge INVO and NAYA and having the financial resources to advance both the fertility and newly acquired

oncology operations," commented Shum. "We believe this combination provides the benefit of bringing our existing, revenue-generating

operations from our fertility business with an ability to further grow these activities, along with the significant upside potential

of innovative cancer therapeutics."

partial quarter results from WFI, which INVO acquired on August 10, 2023, are included in the results for the

three months ended September 30, 2023. Where applicable, pro forma results are provided as if the acquisition closed on July 1, 2023

and therefore would have been included for the entire quarter.

for the three months ended September 30, 2023, was $974,894 compared to $235,321 for the three months ended September 30, 2023, an increase

of 314%. Pro forma revenue for Q3 2023, assuming a full quarter of WFI, would have been $1,492,520, an increase of 534%.

revenue from the Company's consolidated INVO Centers was $947,891 during the third quarter of 2023, an increase of 437% compared

to $176,395 for the three months ended September 30, 2022. Revenue from all INVO Centers combined was $1,352,881, an increase of 201%

compared to the year-ago period.

general and administrative expenses for the three months ended September 30, 2023, were approximately $1.3 million compared to approximately

$2.3 million for the three months ended September 30, 2022. The decrease of approximately $1.0 million, or approximately 46%, was primarily

the result of approximately $1.1 million in decreased personnel expenses and approximately $0.2 million in decreased marketing expenses,

and was partially offset by a $0.1 million increase in professional fees and a $0.1 million increase in operational expenses related

expenses were approximately $0.0 million and $0.2 million for the three months ended September 30, 2023, and September 30, 2022, respectively.

The decrease is a result of the Company receiving FDA clearance in June 2023 for its 510(k) application.

operating costs were $1.9 million and $2. 8 million for the three months ended September 30, 2023, and September 30, 2022, respectively.

loss was $(1.2) million and $(2.5) million for the three months ended September 30, 2023, and September 30, 2022, respectively. Pro forma

net loss, assuming a full quarter contribution from WFI, would have been approximately $(1.0) million.

EBITDA (see Adjusted EBITDA Table) for the three months ended September 30, 2023, was $(0.6) million, compared to adjusted EBITDA of

$(2.0) million for the quarter ended September 30, 2022. Pro forma adjusted EBITDA, assuming a full quarter contribution from WFI, would

have been approximately $(0.3) million.

of September 30, 2023, the Company had approximately $1.1 million in cash.

EBITDA is a non-GAAP measure. This measure is not intended to be a substitute for those financial measures reported in accordance with

GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides

meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results

and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar

terms. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure.

will announce details for a conference call in a future press release. The conference call is expected to be held after November 20,

2023, and following the progress of certain closing conditions pertaining to the Merger.

are a healthcare services fertility company dedicated to expanding the assisted reproductive technology ("ART") marketplace

by making fertility care accessible and inclusive to people around the world. Our commercialization strategy is focused on the opening

of dedicated "INVO Centers" offering the INVOcell and IVC procedure (with three centers in North America now operational),

the acquisition of US-based, profitable in vitro fertilization ("IVF") clinics and the sale and distribution of our technology

solution into existing fertility clinics. Our proprietary technology, INVOcell , is a revolutionary medical device that allows fertilization

and early embryo development to take place in vivo within the woman's body. This treatment solution is the world's first

intravaginal culture technique for the incubation of oocytes and sperm during fertilization and early embryo development. This technique,

designated as "IVC", provides patients a more natural, intimate, and more affordable experience in comparison to other ART

treatments. We believe the IVC procedure can deliver comparable results at a fraction of the cost of traditional IVF and is a significantly

more effective treatment than intrauterine insemination ("IUI"). For more information, please visit www.invobio.com.

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.

Blum (Lytham Partners, LLC)

INVO BIOSCIENCE, INC.

CONSOLIDATED BALANCE SHEETS

INVO BIOSCIENCE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

The following tables summarize the combined financial information of our consolidated and equity method joint venture INVO Centers: