INVO Bioscience has announced the company’s Q1 2020 financial results that are ended on March 31, 2020. The company has recorded the total revenue of $258,571 in the Q1 2020 financial results, which is a 36% increase from the previous quarter of $189,432 ended on March 31, 2020.
The gross margin of the company stood at 88% in the Q1 2020 from the 94% in the previous quarter ended on March 31, 2019. The company bear the net loss of 1,444,392 in the Q1 2020 as compared to 458,570 in the previous quarter ended on March 31, 2019. The company recorded the cash position of approx. $350,000. The company’s ticker symbol was changed to “INVO” to align the public market symbol with corporate names.
Chief Executive Officer of INVO Bioscience, Steve Shum said, “Although the industry has been impacted by COVID-19 and the cadence in product ordering activity has been affected, we believe our annual goals remain achievable with a shift to the second half of the year. We also continue to advance a number of key initiatives aimed at increasing the adoption of INVOcell in the U.S. and around the world.”
“One critical advancement over the past few weeks was the April 2020 publishing of outcomes data by the Society for Assisted Reproductive Technology, or SART, which reflected the increased usage of INVOcell (IVC) and clinical pregnancy success rates for 5-day incubation. We are pleased to see the increased adoption along with the further validation of the overall success rates using our technology,” Company’s CEO Steve Shum added.
“We also continue to ramp our commercialization efforts with the appointment of highly successful industry professionals covering key geographies and functions, which we believe will help to expand our international opportunities,” Steve Shum continued.