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.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueClinic-based ART services including INVO Centers, IVF, IVC and IUI treatments.
Revenue from acquired profitable IVF clinics, including the Wisconsin Fertility Institute.
Direct sale and distribution of the INVOcell device to third-party fertility clinics.
Products
Reported · share of revenue- Clinic Revenue98.2 %
- Products1.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves fertility patients seeking assisted reproductive technology, especially in markets where traditional IVF access is limited or costly. Its direct buyers also include fertility clinics that purchase INVOcell to offer IVC as an alternative treatment pathway.
Patients purchasing clinic-based ART services such as IVF, IVC and IUI, often seeking more affordable or accessible care.
Clinics that buy INVOcell to offer the IVC procedure and expand treatment options for their patients.
Patients served through owned IVF clinics such as Wisconsin Fertility Institute.
Strategy
The company is prioritizing clinic ownership and acquisition over pure device distribution, with the goal of building scale, improving cash flow and reaching profitability. It also plans to keep expanding INVOcell distribution where it can support profitable growth, while focusing on underserved secondary markets and operational efficiency.
Adds immediate scale, positive cash flow and a larger patient base.
Builds a clinic network around the INVOcell-enabled IVC model and broadens access.
Preserves a device revenue stream and supports adoption of the IVC procedure.
Geography
INVO Fertility’s current commercial footprint is concentrated in the United States, where its INVO Centers and acquired IVF clinic are located. The company says it has limited proactive international marketing for INVOcell after weaker traction abroad, while remaining open to foreign markets that can produce profitable incremental revenue.
Risks
The business depends on successful clinic execution, patient volumes and integration of acquired practices, so operational missteps can quickly affect margins and cash flow. It also faces industry risks tied to reimbursement, competition from established IVF providers, and the challenge of proving that INVOcell and IVC can scale economically in a market dominated by conventional IVF.
Revenue is increasingly tied to owned clinics, so downtime, procedure mix or staffing issues can hurt results.
Exposure: INVO Centers and acquired IVF clinics
Growth depends on acquiring profitable clinics and integrating them without disrupting operations.
Exposure: Future IVF clinic acquisitions
Patient demand and clinic economics are sensitive to insurance coverage and out-of-pocket affordability.
Exposure: ART services and IVF/IVC pricing
Device sales depend on third-party clinics choosing to offer IVC instead of standard IVF.
Exposure: Direct device distribution
Accounting
Judgemental itemsClinic services and device sales likely have different timing and margin characteristics, affecting comparability.
Impact: Reported revenue mix and gross margin
The company consolidates certain entities where it is the primary beneficiary, affecting revenue, assets and liabilities.
Impact: Balance sheet size and operating results
Clinic acquisitions can create goodwill and intangible assets that may later require impairment testing.
Impact: Non-cash charges and book value
Equity awards can be a meaningful expense for a small growth-stage healthcare company.
Impact: Operating expenses and net loss
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Last updated: 24/09/2026