INVO Fertility, Inc.

INVO Fertility, Inc. is a U.S.-based fertility care company that has shifted from primarily distributing its INVOcell medical device to operating fertility clinics and acquiring IVF practices. Its model combines clinic-based assisted reproductive technology services with continued sales of INVOcell to third-party clinics, with a stated focus on underserved secondary markets.

−95,9 %

99,6 %

−340,9 %

+4,7 %

0.27

0.25

— INVO Fertility, Inc.
%
Fertility clinic services85% Clinic-based ART services including INVO Centers, IVF, IVC and IUI treatments.
IVF clinic operations10% Revenue from acquired profitable IVF clinics, including the Wisconsin Fertility Institute.
INVOcell device sales5% Direct sale and distribution of the INVOcell device to third-party fertility clinics.

The company serves fertility patients seeking assisted reproductive technology, especially in markets where traditional...

  • Fertility patientsprimary

    Patients purchasing clinic-based ART services such as IVF, IVC and IUI, often seeking more affordable or accessible care.

  • Third-party fertility clinicssecondary

    Clinics that buy INVOcell to offer the IVC procedure and expand treatment options for their patients.

  • Acquired IVF clinic patient baseprimary

    Patients served through owned IVF clinics such as Wisconsin Fertility Institute.

INVO Fertility’s current commercial footprint is concentrated in the United States, where its INVO Centers and acquired...

  • •United States is the core market for clinics and device sales
  • •Two operational INVO Centers are in the U.S.
  • •One acquired IVF clinic is in the U.S.
  • •International INVOcell marketing has been scaled back
  • •Future expansion may target profitable foreign clinic partners

The company is prioritizing clinic ownership and acquisition over pure device distribution, with the goal of building...

01
Acquire profitable IVF clinicsshort-term

Adds immediate scale, positive cash flow and a larger patient base.

02
Expand INVO Centersmedium-term

Builds a clinic network around the INVOcell-enabled IVC model and broadens access.

03
Maintain selective INVOcell distributionmedium-term

Preserves a device revenue stream and supports adoption of the IVC procedure.

The business depends on successful clinic execution, patient volumes and integration of acquired practices, so...

high

Clinic utilization and operational execution

Revenue is increasingly tied to owned clinics, so downtime, procedure mix or staffing issues can hurt results.

Scope
INVO Centers and acquired IVF clinics
Materiality
high
high

Acquisition integration risk

Growth depends on acquiring profitable clinics and integrating them without disrupting operations.

Scope
Future IVF clinic acquisitions
Materiality
high
medium

Fertility market reimbursement and pricing pressure

Patient demand and clinic economics are sensitive to insurance coverage and out-of-pocket affordability.

Scope
ART services and IVF/IVC pricing
Materiality
medium
medium

INVOcell adoption risk

Device sales depend on third-party clinics choosing to offer IVC instead of standard IVF.

Scope
Direct device distribution
Materiality
medium
Revenue recognition by business line
Reported revenue mix and gross margin
Consolidation of VIEs and joint ventures
Balance sheet size and operating results
Business acquisition accounting
Non-cash charges and book value
Stock-based compensation
Operating expenses and net loss

INOVIO PHARMACEUTICALS, INC.

INO · Pharmaceutical Preparations

Inuvo, Inc.

INUV · Services-Advertising

enVVeno Medical Corp

NVNO · Surgical & Medical Instruments & Apparatus

Yubo International Biotech Ltd

YBGJ · Electromedical & Electrotherapeutic Apparatus

Innovex International, Inc.

INVX · Oil & Gas Field Machinery & Equipment

Inogen Inc

INGN · Orthopedic, Prosthetic & Surgical Appliances & Supplies

: 28/04/2026