(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas, including biotech and pharma stocks reports on breaking news on INVO Bioscience, Inc. (Nasdaq: INVO), a healthcare services fertility company focused on expanding access to advanced treatment worldwide through the establishment and acquisition of fertility clinics, and with the intravaginal culture ("IVC") procedure enabled by its INVOcell® medical device is trading up on news.
The stock is trading at $2.5200, spiking $1.7400, up 223.0769%. The stock had a morning high of $3.50 on volume of over 181 Million shares. The average daily volume is just over 50,000 shares.
INVO Bioscience just announced financial results for the fourth quarter and fiscal year ended December 31, 2023 and provided a business update.
Q4 2023 Financial Highlights (all metrics compared to Q4 2022 unless otherwise noted)
Revenue was $1,381,754, an increase of 397% compared to $278,142.
Clinic revenue increased 519% to $1,362,938, compared to $220,253. All reported clinic revenue is derived from the Company's INVO Center in Atlanta, Georgia, and fertility clinic in Madison, Wisconsin which are consolidated in the Company's financial statements.
Revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was $1,634,912, an increase of 140% compared to $682,055.
Total operating expenses were $2.9 million, a $0.1 million decrease compared to $3.0 million. Included in the Q4 2023 operating expenses were approximately $250,000 pertaining to the definitive merger agreement with NAYA Biosciences, Inc. ("NAYA") to acquire NAYA in an all-stock transaction.
Net loss was $(2.0) million compared to $(2.8) million.
Adjusted EBITDA (see table included) was $(1.2) million, including transaction costs related to the potential merger, compared to $(2.2) million in the prior year.
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