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INVO Bioscience Q1 revenue $258,571

Christian Fernsby ▼ | May 18, 2020
INVO Bioscience announced financial results for the quarter ended March 31, 2020.
INVO Bioscience
INVO Bioscience   Gross margin for the quarter ended March 31, 2020 was approximately 88%
Revenue for the quarter ended March 31, 2020 totaled $258,571 compared to $189,432 in Q1 2019, an increase of 36% from the comparable period in 2019. Revenue growth was driven by increased product sales in the U.S. related to the Company's U.S. commercialization partner, Ferring Pharmaceutical, and their ongoing marketing activities.

Topics: INVO Bioscience

Gross margin for the quarter ended March 31, 2020 was approximately 88% compared to approximately 94% in the quarter ended March 31, 2019.

Incurred a net loss of $(1,444,392) during the quarter ended March 31, 2020 compared to a net loss of $(458,570) during the quarter ended March 31, 2019, as a result of increased commercialization efforts, which included non-cash expenses totaling approximately $760,000.

The Company finished the quarter ended March 31, 2020 with a cash position of approximately $350,000. On May 15, 2020, the Company consummated a closing of its convertible note and unit purchase option offering, resulting in gross proceeds of $2.1 million.


 

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