INVO Fertility Announces 2024 Financial Results with 116% Annual Revenue Growth and Further Improvements in Adjusted EBITDA
INVO Fertility reported strong financial results for 2024, achieving a remarkable 116% annual revenue growth to $6.5 million. The company's Q4 2024 revenue reached $1.69 million, up 22% year-over-year.
Key highlights include a 125% increase in consolidated clinic revenue to $6.45 million and a 78% rise in total clinic revenue to $7.73 million. Despite these gains, the company recorded a net loss of $9.1 million, largely due to NAYA Therapeutics merger costs. However, Adjusted EBITDA improved significantly to $(2.2) million from $(4.9) million in 2023.
The company announced plans to divest its majority stake in NAYA Therapeutics to refocus on its core fertility operations. With three operating fertility centers in Wisconsin, Georgia, and Alabama, INVO aims to expand into additional markets, capitalizing on declining U.S. fertility rates and increasing demand for assisted reproductive technologies.
INVO Fertility ha riportato risultati finanziari solidi per il 2024, raggiungendo una straordinaria crescita annuale dei ricavi del 116% a 6,5 milioni di dollari. I ricavi del quarto trimestre 2024 hanno raggiunto 1,69 milioni di dollari, con un aumento del 22% rispetto allo stesso periodo dell'anno precedente.
I punti salienti includono un incremento del 125% dei ricavi consolidati delle cliniche a 6,45 milioni di dollari e una crescita del 78% dei ricavi totali delle cliniche a 7,73 milioni di dollari. Nonostante questi risultati, l'azienda ha registrato una perdita netta di 9,1 milioni di dollari, principalmente a causa dei costi legati alla fusione con NAYA Therapeutics. Tuttavia, l'EBITDA rettificato è migliorato significativamente, passando da (4,9) milioni a (2,2) milioni di dollari nel 2023.
L'azienda ha annunciato l'intenzione di cedere la sua quota di maggioranza in NAYA Therapeutics per concentrarsi nuovamente sulle sue attività principali nel settore della fertilità. Con tre centri di fertilità operativi in Wisconsin, Georgia e Alabama, INVO punta ad espandersi in nuovi mercati, sfruttando il calo dei tassi di fertilità negli Stati Uniti e la crescente domanda di tecnologie di riproduzione assistita.
INVO Fertility reportó sólidos resultados financieros para 2024, logrando un notable crecimiento anual de ingresos del 116% hasta 6.5 millones de dólares. Los ingresos del cuarto trimestre de 2024 alcanzaron 1.69 millones de dólares, un aumento del 22% interanual.
Los aspectos destacados incluyen un aumento del 125% en los ingresos consolidados de las clínicas hasta 6.45 millones de dólares y un incremento del 78% en los ingresos totales de las clínicas hasta 7.73 millones de dólares. A pesar de estas ganancias, la compañía registró una pérdida neta de 9.1 millones de dólares, debido principalmente a los costos de la fusión con NAYA Therapeutics. Sin embargo, el EBITDA ajustado mejoró significativamente, pasando de (4.9) millones a (2.2) millones en 2023.
La empresa anunció planes para vender su participación mayoritaria en NAYA Therapeutics y reenfocarse en sus operaciones principales de fertilidad. Con tres centros de fertilidad operativos en Wisconsin, Georgia y Alabama, INVO busca expandirse a nuevos mercados, aprovechando la disminución de las tasas de fertilidad en EE.UU. y la creciente demanda de tecnologías de reproducción asistida.
INVO Fertility는 2024년에 강력한 재무 성과를 보고하며, 연간 매출이 116% 증가하여 650만 달러를 기록했습니다. 2024년 4분기 매출은 전년 동기 대비 22% 증가한 169만 달러에 달했습니다.
주요 성과로는 통합 클리닉 매출이 125% 증가하여 645만 달러, 총 클리닉 매출은 78% 증가한 773만 달러를 기록했습니다. 이러한 성장에도 불구하고, 회사는 NAYA Therapeutics 합병 비용으로 인해 910만 달러의 순손실을 기록했습니다. 그러나 조정 EBITDA는 2023년 -490만 달러에서 -220만 달러로 크게 개선되었습니다.
회사는 핵심 난임 사업에 집중하기 위해 NAYA Therapeutics의 지분 다수를 매각할 계획을 발표했습니다. 위스콘신, 조지아, 앨라배마에 운영 중인 세 개의 난임 센터를 보유한 INVO는 미국의 출산율 감소와 보조생식기술 수요 증가를 활용하여 추가 시장으로 확장할 계획입니다.
INVO Fertility a annoncé de solides résultats financiers pour 2024, avec une croissance annuelle remarquable des revenus de 116% atteignant 6,5 millions de dollars. Le chiffre d'affaires du quatrième trimestre 2024 a atteint 1,69 million de dollars, en hausse de 22 % par rapport à l'année précédente.
Les points clés incluent une augmentation de 125 % des revenus consolidés des cliniques à 6,45 millions de dollars et une hausse de 78 % des revenus totaux des cliniques à 7,73 millions de dollars. Malgré ces progrès, la société a enregistré une perte nette de 9,1 millions de dollars, principalement en raison des coûts liés à la fusion avec NAYA Therapeutics. Toutefois, l'EBITDA ajusté s'est nettement amélioré, passant de (4,9) millions à (2,2) millions de dollars en 2023.
La société a annoncé son intention de céder sa participation majoritaire dans NAYA Therapeutics pour se recentrer sur ses activités principales en fertilité. Avec trois centres de fertilité opérationnels dans le Wisconsin, la Géorgie et l'Alabama, INVO vise à s'étendre sur de nouveaux marchés, profitant de la baisse des taux de fertilité aux États-Unis et de la demande croissante en technologies de procréation assistée.
INVO Fertility meldete starke Finanzergebnisse für 2024 und erzielte ein bemerkenswertes jährliches Umsatzwachstum von 116% auf 6,5 Millionen US-Dollar. Der Umsatz im vierten Quartal 2024 erreichte 1,69 Millionen US-Dollar, was einem Anstieg von 22 % gegenüber dem Vorjahr entspricht.
Zu den Highlights gehören ein Anstieg der konsolidierten Klinikumsätze um 125 % auf 6,45 Millionen US-Dollar und ein Anstieg der gesamten Klinikumsätze um 78 % auf 7,73 Millionen US-Dollar. Trotz dieser Zuwächse verzeichnete das Unternehmen einen Nettoverlust von 9,1 Millionen US-Dollar, hauptsächlich aufgrund von Fusionskosten mit NAYA Therapeutics. Das bereinigte EBITDA verbesserte sich jedoch deutlich von (4,9) Millionen auf (2,2) Millionen US-Dollar im Jahr 2023.
Das Unternehmen kündigte Pläne an, seine Mehrheitsbeteiligung an NAYA Therapeutics zu veräußern, um sich wieder auf das Kerngeschäft im Bereich Fertilität zu konzentrieren. Mit drei betriebenen Fertilitätszentren in Wisconsin, Georgia und Alabama plant INVO, in weitere Märkte zu expandieren und dabei von sinkenden Fruchtbarkeitsraten in den USA sowie der steigenden Nachfrage nach assistierten Reproduktionstechnologien zu profitieren.
- Revenue grew 116% to $6.5M in 2024 vs 2023
- Q4 2024 consolidated clinic revenue increased 24% to $1.69M
- Q4 2024 Adjusted EBITDA improved by $570K compared to Q4 2023
- Operating across three fertility centers in Wisconsin, Georgia and Alabama
- Company plans expansion into additional markets
- Net loss increased to $9.1M in 2024 from $8.0M in 2023
- Q4 2024 net loss widened to $3.6M from $2.0M in Q4 2023
- Still operating at negative Adjusted EBITDA of $(2.2M) in 2024
- Divesting majority stake in NAYA Therapeutics division
Insights
INVO posts 116% annual revenue growth with improving operational metrics while streamlining through NAYA TX divestiture, but net losses continue.
INVO Fertility delivered strong revenue growth in both Q4 and full-year 2024 results. Q4 revenue reached
Despite the revenue growth, bottom-line challenges persist. Q4 net loss widened to
The operational picture shows improvement, with Q4 Adjusted EBITDA of
The announced divestiture of a majority stake in NAYA TX represents a strategic shift to streamline operations, with CEO Steve Shum stating this will help "dramatically streamline and improve our fertility-based operating structure to move the Company towards positive cash flow." The retained minority position in NAYA TX could provide potential upside value assuming successful clinical development of their bifunctional antibodies.
INVO's strategic refocus on fertility operations addresses market opportunity in growing reproductive health sector while eliminating merger-related losses.
INVO Fertility's decision to divest a majority stake in NAYA TX marks a strategic refocus on its core fertility clinic business. This restructuring allows the company to concentrate resources on an expanding fertility services market while maintaining potential upside through a minority stake in NAYA's clinical development programs.
The fertility clinic operations demonstrate strength, with consolidated clinic revenue increasing
This strategic realignment coincides with favorable fertility market trends cited in the release. CDC data shows ART-conceived births increased
The separation will create distinct operational structures: INVO Fertility will remain publicly traded under current management, while NAYA TX returns to private company status with its own leadership team. This clean separation allows each entity to pursue specialized objectives without the operational and financial complexities of maintaining diverse business lines under one corporate umbrella.
SARASOTA, Fla., April 30, 2025 (GLOBE NEWSWIRE) -- INVO Fertility, Inc. (Nasdaq: IVF) (“INVO Fertility” or the “Company”), a healthcare services fertility company focused on expanding access to advanced treatment through the establishment, acquisition and operation of fertility clinics, today announced fourth quarter and full year 2024 financial results.
Q4 2024 Financial Highlights (all metrics compared to Q4 2023 unless otherwise noted)
- Revenue was
$1,685,966 , an increase of22% compared to$1,381,754. - Consolidated clinic revenue from the Company's INVO Center in Atlanta, Georgia, and fertility clinic in Madison, Wisconsin increased
24% to$1,687,300 , compared to$1,362,938. - Revenue from all clinics, including both consolidated and equity method clinics, was
$2,034,332 , an increase of24% compared to$1,634,912. - Net loss increased to
$(3.6) million compared to$(2.0) million as a result of the addition of NAYA Therapeutics during the period and the corresponding merger costs. - Adjusted EBITDA (see table included) was
$(450,908) compared to$(1.0) million in the prior year. Adjusted EBITDA does not include the loss from NAYA Therapeutics, Inc. (“NAYA TX”) or corresponding merger related costs, which, as recently announced, the Company is in the process of divesting a majority stake in.
2024 Financial Highlights (all metrics compared to 2023 unless otherwise noted)
- Revenue was
$6,532,000 , an increase of116% compared to$3,020,575. - Consolidated clinic revenue increased
125% to$6,450,431 , compared to$2,862,574. - Revenue from all clinics was
$7,731,177 , including both consolidated and equity method clinics, an increase of78% compared to$4,346,933. - Net loss increased to
$(9.1) million compared to$(8.0) million as a result of the addition of NAYA Therapeutics and corresponding merger costs. - Adjusted EBITDA (see table included) was
$(2.2) compared to$(4.9) million .
Management Commentary
“We achieved record revenue during 2024 of
“Following our announcement to divest a majority stake in NAYA TX, we have refocused our efforts towards being a fertility company to continue capitalizing on the favorable market trends and recent policy developments that underscore the importance of fertility care. Leveraging the success of our existing three operating fertility centers in Wisconsin, Georgia and Alabama, we are actively pursuing expansion into additional markets. Our planned expansion comes at a pivotal moment given the further declines in the U.S. fertility rate and rising public demand for solutions which are aligned with our objective to expand access to care for patients in need.”
Return to Focus on Fertility Operations
On April 14, 2025, the Company announced its decision to divest a majority stake in NAYA TX. The retained minority position is expected to provide value upside for the Company, assuming the successful clinical development of NAYA TX’s bifunctional antibodies. The revised corporate structure is intended to enable both businesses to focus on their respective opportunities and operations, with the existing management team and board of directors set to lead the INVO Fertility, Inc. public company moving forward. NAYA TX will return to being a privately held biotechnology company led by its management team and board. The final separation is subject to completing definitive transaction documents and key closing conditions, including receipt of necessary approvals.
The global fertility services market is projected to grow driven by rising infertility rates, delayed parenthood, and increasing acceptance of assisted reproductive technologies (ART). In the U.S., the Centers for Disease Control and Prevention reported a
Use of Non-GAAP Measure
Included in this press release is a reconciliation of Adjusted EBITDA, which does not include the loss from NAYA TX or corresponding merger related costs. Additional financial tables are included in the Company’s 10-K, which can be found on the Company’s website at https://www.invofertility.com/sec-filings/ or at https://www.sec.gov/.
Adjusted 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.
About INVO Fertility
We are a healthcare services fertility company dedicated to expanding assisted reproductive technology (”ART”) care to patients in need. Our principal commercial strategy is focused on building, acquiring and operating fertility clinics, including “INVO Centers” dedicated primarily to offering the intravaginal culture (“IVC”) procedure enabled by our INVOcell® medical device (“INVOcell”) and US-based, profitable in vitro fertilization (“IVF”) clinics. We have two operational INVO Centers in the United States and one IVF clinic. We also continue to engage in the sale and distribution of our INVOcell technology solution into third-party owned and operated fertility clinics. The INVOcell is a proprietary and revolutionary medical device, and the first to allow fertilization and early embryo development to take place in vivo within the woman's body. The IVC procedure provides patients with a more natural, intimate, and 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.invofertility.com.
Safe Harbor Statement
This 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.
For more information, please contact:
INVO Fertility, Inc.
Steve Shum, CEO
978-878-9505
sshum@invobio.com
Investor Contact
Lytham Partners, LLC
Robert Blum
602-889-9700
INVO@lythampartners.com
| INVO FERTILITY, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Clinic revenue | $ | 1,687,300 | $ | 1,362,938 | $ | 6,450,431 | $ | 2,862,574 | ||||||||
| Product revenue | (1,334 | ) | 18,816 | 81,569 | 158,001 | |||||||||||
| Total revenue | 1,685,966 | 1,381,754 | 6,532,000 | 3,020,575 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenue | 957,419 | 886,750 | 3,657,766 | 1,934,437 | ||||||||||||
| Selling, general and administrative | 3,476,101 | 1,855,967 | 9,078,804 | 7,486,454 | ||||||||||||
| Research and development | 484,780 | 5,907 | 489,660 | 165,945 | ||||||||||||
| Loss on disposal of fixed assets | - | - | 511,663 | - | ||||||||||||
| Depreciation and amortization | 231,810 | 141,598 | 919,603 | 200,894 | ||||||||||||
| Total operating expenses | 5,150,110 | 2,890,222 | 14,657,496 | 9,787,730 | ||||||||||||
| Loss from operations | (3,464,144 | ) | (1,508,468 | ) | (8,125,496 | ) | (6,767,155 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Gain (loss) from equity method investment | 18,467 | (28,160 | ) | 9,045 | (60,270 | ) | ||||||||||
| Impairment from equity method joint ventures | - | (89,794 | ) | - | (89,794 | ) | ||||||||||
| Gain on lease termination | - | - | 94,551 | - | ||||||||||||
| Loss from debt extinguishment | - | (163,278 | ) | (40,491 | ) | (163,278 | ) | |||||||||
| Interest expense | (231,824 | ) | (182,043 | ) | (1,056,360 | ) | (925,909 | ) | ||||||||
| Foreign currency exchange loss | - | (4 | ) | - | (420 | ) | ||||||||||
| Total other income (expense) | (213,357 | ) | (463,279 | ) | (993,255 | ) | (1,239,671 | ) | ||||||||
| Loss before income taxes | (3,677,501 | ) | (1,971,747 | ) | (9,118,751 | ) | (8,006,826 | ) | ||||||||
| Income taxes | (54,008 | ) | 23,035 | (22,913 | ) | 27,786 | ||||||||||
| Net loss attributable to INVO Fertility, Inc. | $ | (3,623,493 | ) | $ | (1,994,782 | ) | (9,095,838 | ) | $ | (8,034,612 | ) | |||||
| Common stock warrants deemed dividends | - | - | (250,635 | ) | - | |||||||||||
| Net loss attributable to common shareholders | (3,623,493 | ) | (1,994,782 | ) | (9,346,473 | ) | (8,034,612 | ) | ||||||||
| Net loss per common share: | ||||||||||||||||
| Basic | $ | (9.04 | ) | $ | (9.65 | ) | $ | (30.19 | ) | $ | (67.37 | ) | ||||
| Diluted | $ | (9.04 | ) | $ | (9.65 | ) | $ | (30.19 | ) | $ | (67.37 | ) | ||||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic | 401,011 | 206,761 | 309,539 | 119,264 | ||||||||||||
| Diluted | 401,011 | 206,761 | 309,539 | 119,264 | ||||||||||||
| INVO FERTILITY, INC. | |||||||||||||||||
| ADJUSTED EBITDA | |||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31 | December 31 | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net loss attributable to INVO Fertility, Inc. | $ | (3,623,493 | ) | $ | (1,994,782 | ) | $ | (9,095,838 | ) | $ | (8,034,612 | ) | |||||
| Interest expense | 145,200 | 74,174 | 434,077 | 205,781 | |||||||||||||
| Amortization of debt discount | 86,624 | 107,869 | 622,283 | 720,128 | |||||||||||||
| Tax expense (benefit) | (54,008 | ) | 23,035 | (22,913 | ) | 27,786 | |||||||||||
| Stock-based compensation | 36,010 | 34,727 | 1,246,918 | 344,386 | |||||||||||||
| Stock option expense | 133,357 | 144,804 | 342,728 | 1,049,109 | |||||||||||||
| Non cash compensation for services | 45,000 | 45,000 | 180,000 | 180,000 | |||||||||||||
| Reserve on other assets receivable | 498,592 | - | 498,592 | - | |||||||||||||
| Foreign currency exchange loss | - | 4 | - | 420 | |||||||||||||
| Loss on disposal of fixed assets | - | - | 511,663 | - | |||||||||||||
| Gain on lease termination | - | - | (94,551 | ) | - | ||||||||||||
| Loss from debt extinguishment | - | 163,278 | 40,491 | 163,278 | |||||||||||||
| Impairment on equity method JV | - | 89,794 | 89,794 | ||||||||||||||
| Depreciation and amortization | 231,810 | 141,598 | 919,603 | 200,894 | |||||||||||||
| Adjusted EBITDA | $ | (2,500,908 | ) | $ | (1,170,499 | ) | $ | (4,416,947 | ) | $ | (5,053,036 | ) | |||||
| NAYA Therapeutics loss | $ | 1,519,000 | $ | - | $ | 1,519,000 | $ | - | |||||||||
| Merger-related costs | $ | 531,000 | $ | 150,000 | $ | 671,000 | $ | 150,000 | |||||||||
| Adjusted EBITDA for fertility business | $ | (450,908 | ) | $ | (1,020,499 | ) | $ | (2,226,947 | ) | $ | (4,903,036 | ) | |||||
FAQ
How much did INVO Fertility (IVF) revenue grow in 2024?
What is INVO Fertility's (IVF) plan for NAYA Therapeutics in 2025?
How did INVO Fertility's (IVF) Adjusted EBITDA perform in Q4 2024?
What is INVO Fertility's (IVF) clinic revenue performance in 2024?
Why did INVO Fertility (IVF) report higher net losses in 2024?
