On Tuesday, INVO Bioscience, Inc. (OTCQB: IVOB) stock soared 4.59% and closed at 0.51. The stock opened the session at $0.49 and touched its highest price point at $0.52. Its recent trading capacity is 6650 shares versus to its average trading volume of 24368 shares. The company’s stock’s lowest price point for the session stood at $0.49.IVOB traded as low as $ 0.08 in the past 52 weeks, and shares hit its peak level to $0.77.
INVO Bioscience, Inc. (OTCQB: IVOB), a medical device company who was granted FDA clearance for the first Intravaginal Culture System, INVOcell™, today reported its Q2 2018 financial results for the quarter ended June 30, 2018 and recent highlights.
Financial Results and Recent Highlights:
Revenue for Q2 2018 was $110,210, an increase of 37% compared to $80,330 for the same period a year ago;
Gross margins improved during Q2 2018 to 85% compared to 83% in Q2 2017;
Excluding a one-time non-cash based expense relating to pre and post FDA clinical services, net loss was $(335,000) during Q2 2018 compared to $(136,974) in Q2 2017;
5 new clinics signed up offering or referring the INVOcell device and procedure since the last quarter, including two clinics in Texas, one in Hawaii, and two in Alabama;
Uplisting of IVOB stock to the OTCQB Venture Stock Market;
Raised approximately $1 million in new capital, allowing us to begin expanding our marketing and training efforts; and
The company continues to garner significant media attention, including mentions in:
- Fox 6 Tuscaloosa
- WRAL-TV Raleigh
- CBS Norfolk
- Philly Voice
- NewsChannel 3 Norfolk WTKR
Q2 2018 Financial Results
Net sales and revenues for quarter ended June 30, 2018 were $110,210 compared to $80,330 for the same three-month period ended June 30, 2017.
Cost of goods sold for the three months ended June 30, 2018 were $16,710 or approximately 15% of revenues compared to $14,194 or approximately 17% of revenues for the quarter ended June 30, 2017. The improvement in gross margin was related primarily to the 2018 price increase on reorders compared to our 2017 introductory sales promotion.
Selling, general and administrative (SG&A) expenses for the three months ended June 30, 2018were $1.9 million as compared to $199,000 for the three months ended June 30, 2017. Included in SG&A during the second quarter of 2018 was $1.5 million of non-cash common stock compensation in consideration for services performed both pre and post FDA clearance for clinical guidance and support by our Medical Director.
Adjusted EBITDA, which is a non-GAAP measure of operating performance, was $(208,000) during Q2 2018, compared to $(204,000) during Q2 2017. The company’s executive management team continued to defer salaries and other expenses were kept to a minimum.
Net loss for the quarter was $(1,865,128), or $(0.01) per share, compared with $(136,974), or $(0.00)per share a year ago. Excluding the one-time non-cash based expense relating to pre and post FDA clinical services, net loss would have been $(335,000), or $(0.00) per share during Q2 2018.
The Company ended the quarter with $720,000 in cash compared to $35,000 on March 31, 2018.
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