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| Statement |
|---|
| We believe our efforts along with our technology put us in a unique position |
| We are excited about Tampa, which we believe in a large interactive market, we have assembled an excellent team to operate the practice, with that team well into training and planning phases in preparation for the opening |
| As highlighted, we believe the recent events in progress has substantially improved the company's operations on a go forward basis |
| With the inclusion of Wisconsin, along with a recent expense reductions Steve mentioned, we expect to achieve further improvements in our EBITDA performance moving forward |
| On that note in connection with our transition to a healthcare services company, we have implemented further corporate expense reductions, which when combined with the profitable acquisition, the ongoing improvements in our existing INVO Centers and the 510(k) cost reductions significantly improves our operating picture and will lead us to a shorter timeframe to reach an overall adjusted EBITDA profit which again we are targeting in 2024 |
| The results demonstrate and validate the improved patient outcomes with longer incubation time, which we believe will help build further credibility in the market around the solution |
| This ability to capture greater revenue and profitability scandal, while also expanding the use of INVOcell and the IVC procedure is why we are – we remain excited by the progress being made and as the key driver behind the transition |
| First, the clinic has an excellent reputation not only in the local community, but nationally is one of the top Fertility Centers in America, having helped to welcome over 5000 babies since offer opening its doors in 2007 and with approximately 550 conventional IVF procedures completed in 2022 |
| A significant accomplishment just more than a year since operations with incremental growth expected at these clinics in the future and high contribution margins in here are not in this model |
| We expected, we expect strong profitability in the years to come |
| Revenue from all clinics during the quarter improved nicely compared to last year |
| With a fantastic team in place a long established track record in the local market, a shared vision and of course, the highly profitable nature of the operations |
| Second, the profitability of the clinic substantially improves our overall operating performance |
| We expect our enhanced commercial approach will also naturally increase the utilization and grow in INVOcell and the IVC treatment process within the market |
| So, now, our own centers and our physicians within those centers can do more proactive marketing to patients and we think that could be very instrumental in helping to attract further build awareness around the technology and bring a higher volume of patients into the clinic |
| Taking a step back to our existing operations, as I mentioned at the onset, our existing clinics continue to make solid progress |
| Which brings us back to the acquisition of Wisconsin fertility, which is not only highly profitable, but we believe there are added growth opportunities available as we look to integrate the INVO Cell solution within those existing operations |
| And to remind everyone why this transition is important, it provides us the ability to capture a greater portion of the revenue and profit opportunity associated with treatment in general and with the treatment solution that INVOcell provides |
| We concluded our FDA clinical efforts with a very successful outcome that further validates this success of INVOcell, and we can now eliminate those costs moving forward |
| So, being able to, again, do bigger picture marketing that can demonstrate those results more proactively, we think could be a very significant driver again in bringing more traffic and more patient volume into the clinics |
| Further, we have also gained significant experience and insight from these initial centers, which we believe we can apply to future centers to more quickly ramp-down |
| And we have set the foundation from which we believe we can drive shareholder value |
| So, the advantage of having gone through that multi-year process is that now we can better reflect our technology that we have long known, has a better outcome rate similar to IVF, then you can incubate for a longer period of time |
| We finalized and closed a major acquisition adding meaningful revenue and operating profits |
| Our existing centers are becoming self-sustaining and we expect further growth |
| Because obviously, for patients, a successful outcome is one of the most important drivers in their minds, of course, their ability to afford the treatment is important too, but they want to, as we always say, internally, and the most important thing is having a successful outcome and having a baby |
| And so in our minds, it really helps to equalize the playing field in the marketplace |
| Importantly, with that effort now successfully completed, we have now been able to eliminate the prior costs associated with this effort on a go forward basis |
| In addition to our clinics, we continue to support service and expand in INVOcell craft existing IVF clinics, to that end product revenue increased 82% during the second quarter |
| We are excited to be on the call today just a few days after completing and announcing what we believe is one of the most important developments in the company’s history, and one that we also believe targets the company for operating cash flow breakeven in 2024 |
| Statement |
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| Just briefly, Michael, I mean we are at a significant disadvantage competitively because our competitors, who are the IVF clinics are telling their patients that the INVO cell technology is only 29% successful and their outcomes with conventional IVF 50% plus |
| And so there is a misconception in the market, that our technology is significantly inferior, when in fact, it isn’t |
| Well, as a reminder, everyone, our original clearance for the device was for a three-day incubation period, which is similar to IVF has lower outcomes, patient outcomes success rates |
| So, we are not trying to be too aggressive there |
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