INVO Fertility, Inc.

What they do

The company acquires, establishes, and operates fertility clinics in the United States; as of the latest 10-Q it had four fertility clinics. Its clinics offer in vitro fertilization (IVF) and the intravaginal culture (IVC) procedure enabled by INVOcell, which allows fertilization and early embryo development to occur in vivo. It also continues selling and distributing INVOcell to third-party owned fertility clinics and says it intends to license or acquire additional fertility-focused technologies. Clinic administration is largely centralized at the corporate level, while manufacturing, sterilization, and logistics for the device are contracted to third parties.

Revenue drivers

• Fertility clinic operations — The primary revenue source, comprising revenue from clinics such as Wisconsin Fertility Institute (acquired August 2023), Family Beginnings in Indiana (acquired February 18, 2026), and the Georgia and Alabama clinics. Consolidated clinic revenue was $2,167,785 in Q2 2026, about 99.6% of total Q2 2026 revenue of $2,175,485.
• INVOcell device sales and distribution — Sales of the INVOcell device to third-party owned and operated fertility clinics. The 10-Q states the device remains part of company efforts but that strategy has expanded to focus more broadly on ART services through clinic operations.
• Geographic clinic base — Revenue is generated across the U.S. clinic footprint, including Indiana, Wisconsin, Alabama, and Georgia. The company described first-half 2026 revenue as reflecting a full-quarter contribution from Family Beginnings plus organic growth initiatives at Wisconsin Fertility Institute and the Georgia clinic.

Recent performance

Q2 2026 revenue was $2,175,485, up 17% from $1,863,654 in Q2 2025, with consolidated clinic revenue up 18% to $2,167,785. Net income was $0.9 million versus a net loss of $(3.6) million a year earlier; the current period included approximately $2.5 million of gain on remeasurement related to the Birmingham acquisition, while the prior-year period included approximately $2.1 million of losses from discontinued operations related to NAYA Therapeutics. Adjusted EBITDA was $(1.0) million compared with $(0.6) million, and clinic-level Adjusted EBITDA before corporate operating and public company expenses was approximately $333,000, versus approximately $164,000 in Q1 2026 and approximately $951,000 for full-year 2025. Cash was $3.7 million at June 30, 2026, and shares outstanding were 2,506,969 as of August 14, 2026. Quarterly revenue has risen sequentially across the four most recent periods shown, from $1.8M (2025-09-30) to $1.6M (2025-12-31) to $2.0M (2026-03-31) to $2.2M (2026-06-30).

Strategy

INVO's stated principal commercial strategy is to acquire, establish, and operate fertility clinics and related businesses and technologies, with an acquisition focus on U.S.-based, profitable fertility clinics. The company frames growth around two avenues: organic growth within the existing clinic base and disciplined acquisitions of established fertility practices. In June 2026 it acquired the remaining ownership interests in its Birmingham, Alabama clinic, converting that joint venture into a wholly owned subsidiary with 100% participation in future economics. It says it continues to build operations, human resources, and finance capabilities to support a larger clinic network and integrate future acquisitions. Management also says it maintains a pipeline of U.S.-based, established, profitable fertility clinics under evaluation.

Risks

• Dependence on acquisitions — Growth is tied to acquiring profitable U.S. fertility clinics, and the strategy depends on identifying, closing, and integrating such practices.
• Operating cash burn — Operating cash flow was negative $7.0M in 2025 and negative in every year shown from 2021 through 2025, despite revenue growth.
• GAAP results driven by non-operating gains — Q2 2026 net income of $0.9 million included approximately $2.5 million of gain on remeasurement related to the Birmingham acquisition, while Adjusted EBITDA was $(1.0) million.
• Restatement and internal control history — The company's 8-K event list includes a 2026-06-02 item that previously issued financials are not reliable, and the 10-K/A was filed to supply Part III information after no proxy statement was filed within 120 days of fiscal year end.

Outlook

Management said the second quarter continued the progress demonstrated in the first quarter and provided further validation of the strategy, with revenue up 17% on the first full-quarter contribution from Family Beginnings and continued growth initiatives. The company says it continues to evaluate a pipeline of U.S.-based, established, profitable fertility clinics and is investing in operations, human resources, and finance to support a larger clinic network. It expects those investments to drive greater scalability and improved consolidated Adjusted EBITDA as the platform grows.