Full Press Release Details
Closes Acquisition of Wisconsin Fertility Institute
and accretive acquisition adds significant scale to INVO's current operations
over $5 million in incremental annual revenue as well as positive net income and cash flows
significant transaction establishing acquisitions as key aspect of INVO's commercial strategy, in addition to building new INVO Centers
Fla. and MADISON, Wis., August 11, 2023 - 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 it has closed the previously announced acquisition
of Wisconsin Fertility Institute. The acquisition provides operational scale, positive cash flow and complements the Company's
new-build INVO Center strategy.
Madison-based fertility center primarily offers conventional IVF procedures having generated approximately $5.1 million in revenue and
net income of $1.6 million for the trailing 12-month period ended March 31, 2023. INVO will look to further expand the center through
the introduction of the IVC procedure as an added service offering to patients.
Fertility Institute, led by internationally renowned and well-respected fertility expert, Dr. Elizabeth Pritts, is one of the state's
preeminent fertility centers, having helped to welcome over 5,000 babies since opening its doors in 2007 with approximately 550 conventional
IVF procedures completed in 2022.
acquisition of Wisconsin Fertility Institute accelerates the transformation of INVO to a healthcare services company, with an ability
to leverage our unique and innovative INVOcell device to help democratize the fertility industry," commented
Steve Shum, CEO of INVO. "The acquisition immediately adds scale and positive cash flow to our operations, with incremental growth
expected to be driven at the clinic through the synergistic introduction of our INVOcell solution. We are extremely excited to have now
closed this important acquisition and look forward to incorporating the clinic within our operations moving forward."
innovative device, the INVOcell, allows fertilization and early embryo development to occur in vivo within the woman's body. Wisconsin
Fertility Institute joins INVO's expanding list of fertility clinics, including operating clinics in Atlanta (Bloom Fertility), Birmingham
(Innovative Fertility Specialists) and Monterrey, Mexico (Positib Fertility), as well as future clinics under development.
Terms of Acquisition
purchase price of the acquisition is $10 million payable over a three-year period. There is an initial $2.15 million due in cash at closing
(net of a $350,000 holdback), with subsequent $2.5 million payments due annually for the following three years. At the discretion of
the sellers, subsequent payments may be paid in cash or in shares of INVO common stock. Wisconsin Fertility Institute becomes a wholly
owned subsidiary, and its financial statements will be consolidated with those of INVO.
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.
Bioscience: Steve Shum, CEO, 978-878-9505, sshum@invobio.com;
Contact: Lytham Partners, LLC, Robert Blum, 602-889-9700, INVO@lythampartners.com