INVO Bioscience acquires Wisconsin Fertility Institute to expand INVOcell solution footprint
Healthcare fertility giant, INVO Bioscience, Inc. (Nasdaq: INVO), known for its revolutionary INVOcell medical device and accompanying intravaginal culture (IVC) procedure, has confirmed the acquisition of the esteemed Wisconsin Fertility Institute. This strategic acquisition aligns with INVO’s ambitious vision, boosting its operational scale and cash flow while complementing the Company’s progressive INVO Center strategy.
The Wisconsin Fertility Institute, based in Madison, reported a substantial revenue of $5.1 million and a net income of $1.6 million for the year ending March 31, 2023. With its primary focus on conventional IVF procedures, INVO anticipates enriching the center’s offerings by introducing its proprietary IVC procedure.
Esteemed for its commendable contribution in the fertility arena, Wisconsin Fertility Institute, under the leadership of globally acclaimed fertility expert Dr. Elizabeth Pritts, boasts of over 5,000 successful IVF births since its 2007 inauguration. In 2022 alone, the institute performed an impressive 550 conventional IVF procedures.
Steve Shum, CEO of INVO, remarked, “This acquisition signifies a pivotal evolution for INVO into a comprehensive healthcare services entity. The INVOcell device is at the core of our mission to democratize the fertility industry. We envision significant growth driven by the INVOcell solution at the clinic, and we eagerly anticipate the integration of this renowned institute into our operations.”
INVO’s INVOcell device stands out for enabling fertilization and early embryo growth within the woman’s body, further establishing its innovative stance in the fertility landscape. The Wisconsin Fertility Institute joins INVO’s burgeoning family of fertility clinics, like Bloom Fertility in Atlanta, Innovative Fertility Specialists in Birmingham, and Positib Fertility in Monterrey, Mexico, with more clinics under planning.
Delving into the financials of this acquisition, INVO’s investment stands at $10 million, payable over three years. The initial payment consists of $2.15 million cash, after accounting for a $350,000 holdback. The ensuing annual payments, amounting to $2.5 million each for the next three years, could be made in cash or INVO common stock, as preferred by the sellers. The Wisconsin Fertility Institute will now function as a wholly-owned INVO subsidiary, with their financial statements merging with INVO’s.