INVO - Earnings call transcript Q1 2021

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Operator

Good afternoon and welcome to the INVO Bioscience reports First Quarter of Fiscal Year 2021 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Joe Diaz from Lytham Partners. Please go ahead.

Joe Diaz

everyone Bioscience’s us results. first thanks review for and INVO of quarter you for today joining a Thank XXXX financial

us the today Officer, call the call remarks, on Bioscience’s question-and-answer open Joining Executive session. a Chief we is will Steve of conclusion INVO At for today’s prepared Shum. the

the statements the of Litigation of submit regarding matters statements begin for of Act All objectives growth are of XXA made competitive estimate, is over well this include plan, Steve forward-looking on or said, Before and words Securities www.sec.gov. other INVO for Safe actual obligation discussed Securities amended those achievements Commission Officer whether plans, the opportunities, Securities such Reform XXXX in the flows, from at or anticipated events Act call that may the under are Steve, the statements to future performance its as maybe expressly call record Factors company’s beyond materially Act services, differ and I’d to that result and such statements. could, to Shum, meaning alter results expect, Securities any INVO update forward-looking operations, XXXX All expected with of as may results position, and otherwise. Harbor in strategies, which set to anticipate of may, statements actual at and XXE disclaims conference forth performance statements, to we statements provisions materially Executive information, management within forward-looking differ are With filings new the future believe, results, like of of the results, operations, The will event, amended, similar should, proceed. Bioscience. forward-looking forward-looking financial achievements. if, from the cash business company’s as uncertainties turn obligation positions, we Exchange control, such no expressions many by a Section statements of intend, cause as plans include involve of Bioscience those forward-looking future financing the Certain the or or following of and contingencies, statements. risks, Exchange the pursuant XXXX. the to Section cause and company's Chief the as company management of products of that as which Private the please

Steve Shum

Campbell, who Joe sure time. everyone this you, to meeting be Mike would Thank Operating Chief won’t and the the make sure to call. had will call, He today. welcome last normally Officer, and participate come joining call our on next be important listening on minute the up make an

Clinic agreements. been strategy in soon. agreement a both an U.S. signing first Mike a INVO starting note these that our noted to here of the to and the I and Chris Both advanced with and exciting year busy Most benefits. been early today, Mexico. Meyer in team. of and two on forward in the third necessary we one the U.S. people it’s feel very in expect to our and out As we important, market we opportunity advantage executing place worked the to for hard be put that in see have take resources our efforts moving the we to went would are the instrumental progress release and start We

follow-up process. our training VP materials along our substantially Medical of generally of Inger Affairs, the training including partners. have members, a And support activities. we multiple event and training the is Britt session is Carlson, proper success from It’s it’s with Q&A note to Scientific Advisory one of leadership not sessions, distributors team, important and critical our that the With Board to enhanced our with multiple

which this experienced activities a weekly increase and are training really have these support in notable We now. occurring year,

Of our team’s course, The those business indicator a the to of been our exciting want who this business this precursor INVOcell and critical efforts, also the important the this awareness growing most and as or revenue a also activity to leading it’s have pushing around and number activities for driving and of is is along reflection praise for expanding see level a see we on international future as us the distributors. benefit growth. frontlines I efforts. team supporting international these development to

procedures throughout reporting international very milestone with recycled INVOcell we seen to this we and forward consistent good as what the satisfaction with activities, recently and Malaysia. in very These seen rates, performed and of embryo well. to fertilization near activity of Another being look for Spain again, patient have proper INVOcell more important much We levels are locations And quality and is result training have this in positive a support. future.

board on strategic recently block something with is the addition with Chamberlain member as absolutely efforts team Another our as an expertise to of added We internal important expanded a as year we Director marketing both Lynn this building new member necessary marketing. and commercialization supporting that our Marketing. of is Meryle well

recent intend also call, with and to last demonstrates further INVOcell data As publication SART we continues This outcomes confidence publications. retrospective planned advance activities. year highlighted which these peer-reviewed provides impactful data this be additional the We published commercialization solution. the activities the in our helps on Ferring further additional data, validates with outcomes for quality our to and with INVOcell further expanded technology

we the ASRM activities will we located Life U.S. recently a further San in progress our held partnership on on I to earlier minutes second just made Mike announced Francisco our expand investor INVO call. Bay for to be clinic INVOcell last year. sure Medical few solid on the In take of the commercialization which agreement we since the a commercial when activities wanted as highlighted March to Conference executed make fact, In end with abstracts the upcoming for Area. submitted everyone. The few this later for were have

begin finalize split. planning U.S. build wise, expect we We but have venture out the will partner phase. a joint meetings agreement, other and that in eager and economics different of terms they have started with profit our Structure little we are our than location similar it’s to

the this On be X Clinic, weeks. progress in We expected we are space making to permits Birmingham and towards construction out the opening. begins initiate is XX completed to to the which received build week

but equipment is are opening order a required date more July-August we All any can feeling that say start there are specific delays no not timeframe. the in ready yet, that of share to can confident be patients the and clinic have the We ready do of obtaining foreseeable on we seeing products. to we just in

X become acceleration critical we year, Ferring’s updates this at as demonstrated will and begin again, model work clinic. remaining our partner a and our Partners begin to success with specific cleared U.S. INVO clinics already remain INVO and active Birmingham, patient local point. available. with distribution they continues is Austin well, and with in clinical clinical the have Arredondo is provides a to to and I as well clinicians their around within pace tremendous Dr. know licensing, joint local X INVO The Antonio really location Monterey provide expect In implementing the existing an dates additional to Canada product as This has in lead build is these Birmingham have as Clinics huge of We Ferring and venture to help from a here bring Also, partners clinic central San expand continuing been in be create time. at our developments on and this success and confidence promoting will this timeframe timeframe are We patients. we business of strategy process selling IVF through benefit and accelerated to creating ordered The to through us marketing completed. in we with to Ramirez in operational out February soon. more some in times, a and September-October the finalized targeting awareness, which an number the here the They in INVOcell that is hospital. to compliment well. we again successfully and working highlighted July We was Mexico, as which market regarding be Arredondo technology noting reminder, will focus practice. adopter targeting report patient in will has a similar located within provide add the the of and are equipment are as operational efforts. registration construction implement believe of need how early treating the City a there awareness this standpoint They our site a approximate some into Lab on potential an are INVOcell worth Dr. a complete practice. but they we it’s process is to once a But steps. fertility working for a versed do his of to Dr. started activities. such and weeks the as

in sales be few this began As that other clearance In the Spain. the year, of earlier product reported another sold reminder, we the initial and into can world, already marketplace. a has parts Canadian clinics we to

more and they a We performing of recently, initial sessions clinics began with have number procedures. hosted training

a it’s In While important a sessions for have within INVOcell, is new of this with a milestone patients training our Malaysia, market. treating distributor. we start just number it very conducted

registration player and of as activities we and training a aggressive process recently their the Malaysia. have local some training great through INVOcell and distribution they work local and partner their initiate to to agreement encouraging. is and We the team local are resources Similar more of what and this markets that other they experience an expect expanding building the markets confidence the part side to procedures real recently a as anticipate preliminary in and recently note, would with also of Spain, has within the built a and request product entered distributor in The We is important strong have initial have these Malaysia. our which leaders these something They in to treating a good also recruiting will country are regions. patients initial we are begun leave Thailand. also within key One way, inquired soon. outside goals devoted these in distribution By confidence reflects see. evaluation as into hospitals can do on procedures. our Malaysia patient we market, begin the started for about They clinicians for world within and be territory that the of opinion distributor are set very time as of that helping and process outcomes local

updates market. We additional will steps initial look forward in to that we as complete

we volume, dominant very previously, of July They of are of aggressive and leader. this remains market really a They too noted timeframe in to potential eager and market their start have fertility hope growth. around clinicians been of a a interesting player market our small annual audience industry in active training for Pharma the the bringing have Galaxy more share completed the significant we sessions. patient As one partner, Pakistan it’s network product partners the registrations to large large year. to And of in procedure been with potential training terms there very is and our currently is while opportunity,

They try there. up further as we running year, we remains over partner a to and by center but bring very working first know still occur. India difficult updates they challenged Our currently challenge and are situation and this provide it’s the the will COVID

in All Turkey on update executed a Africa, been impacted other distribution have COVID. earlier Jordan. severely these quick few a by and agreements Just markets we

partners to We in have programs these marketing and training and are the local completed begin promoting markets. our selling prepared

will progress this and areas begin we contributing team later We are year. Overall, together performing commercial some forward and feel seeing these the has well. come believe

effort. validation and critical data for profile has vastly Our the commercial is improved, which

honed marketing is our support training together have proficiency our coming to now activities. really these quickly and We

activities a partner an more We and develop accelerated our pipeline and pace. have to continue at distributor increasing

bringing to for realize prove to to I believe additional stressing minute, Turning activity serves understand. transformative but to the an just for business. We Clinic as INVO Clinics business keep this back is everyone method which will the an new be a activities, really important this marketplace the the for INVO to INVOcell we point

allow and us IVF the expect a practice. adoption highlight We which clinics also their And will will awareness help these in we economics will greater overall technology, turn drive to basis. INVOcell greater INVO Clinics and accelerate clinics within offer as on volumes the the participate of that of part per-procedure believe existing in

to running to stated X in We initial second clinics are of half and X year. goal the have this up original the our keeping

Turning to the prior for to the loss million of compared a loss a in a in prior revenues period. $X.X the to which financial $XXX,XXX few We totaled quarter highlights, net of million year. record $XXX,XXX, year $X.X compared

However, and of the Clinic of expenses excluding approximately an to EBITDA with an had associated $XXX,XXX discount, in we We additional equity-based year. to non-cash charges amortization related convertible loss to activities. $XXX,XXX of debt adjusted INVO quarter the EBITDA this year’s first loss related had approximately $XXX,XXX last compared cost

closed in quarter much million Subsequent over view see receivables. necessary increase related was over the $XXX,XXX added cash cash impact of actual business cash. collected We approximately we which quarter the the to the in to again also those start we we year to $X.X So, efforts, with end, added from last revenue efforts. the of as before just

quarter, outstanding the our of convertible into During common had convert $X.X million we debt shares.

end, just convertible period remaining $XXX,XXX at we in debt. have a So

As per a share. reminder, is that of at convertible remaining a $X.XX fixed debt price

over approximately XXX,XXX of part quarter, the also a and cashless to remain had warrants have convert on just during basis warrants over our part outstanding. we We outstanding cash half

XX.X Our current at million. outstanding approximately shares stand

On just updates to remains Also, the enhancement U.S. reported the of X-day our clinical set U.S. for any process updates market, have X-day side, effort have and That this a and market. do is have we reminder, as as the provide yet. active we we a with the very not just label we a respect completing the labeling goal them. year for will

highlight our significant base X-day. world press many the by Our There very based on and already care patient and treat that often capacity CE And solutions add in is prepared simply underserved Mark overall releases infertility. our those to conclude infrastructure. challenges all to the is some respect need, I of will a what of efficient to effective updates. from remarks restating around with enough in and suffering terms ones in are real there providing affordable, can we

All believe address. of we which are that can INVOcell issues

impact leveraging of on are and balance and have We the this and excited I forward that look results. the we progress are forward making our will beyond the we XXXX for believe up now to open operating questions. will for

Operator

ROTH question today Instructions] from comes Henry Capital. ahead. Please [Operator you. go first Scott with Thank The

Scott Henry

afternoon. good and you Thank

expect they they first, quarter see sense cadence orders come Just a – the will throughout of couple we again fourth of we model questions. in in get and kind it? give may the be us of to be I just of guess you in. trying where chunky obviously second of a third that from should boluses sense year or Could depending Ferring, and can orders it of a what kind

Steve Shum

know, the Sure. annual as you Thanks, Scott. purchase Yes, are requirements requirements.

further be and So, we the Ferring will volatility we INVOcell quarter to continue assume in market. until there to establish quarter

market. for As U.S. the is efforts adding Ferring marketing additional I year this mentioned,

how to see their through such that that place they to ready stocks order. existing will will work quickly volumes be we So next helps accelerate

So again, anticipate we still some still volatility in are would that. we quarter-to-quarter –

Scott Henry

Okay.

near-term, the I quarter the So QX? would mean, that are guess? if in my any I to know I actually in steady a be revenues there happened QX order wouldn’t well, first, I product second big anything in then probably interpretation first but expect those and I until ton state that quarter, get know were you don’t o-U.S. And gears, shifting in went guess given I

Steve Shum

there a side for that speak. Again, the important and on a small, was we to But in bit it’s us, are yes, was rolling getting the it see but QX. start little so it’s starting small, to ball what international Yes. are very

Scott Henry

great. Okay,

Steve Shum

build expect we move we before, we through year. the to as mentioned And would that as

Scott Henry

that Okay, know great. analysis that will do analysis, was product? within clarity on retrospective whether retrospective And hope do there on could I then do have you you the able be the label, any to it X-day perhaps on you

Steve Shum

Yes, little what dig can for has We have is have bit achieve to data. have quite we the still a deeper. looking FDA utilizing actually retrospective us to required confidence. the a of do It

is give the to supportive support have dataset available of really Some data but some clinics that have are SART that willing us we to access need friendly, within database, we fortunate to deeper submission. that been the not that readily to

high do So, like utilizing actually I have of data. said, can at we a we confidence objective the level, a fair amount the retrospective achieve

Scott Henry

$X clinics, Okay, XXXX. that was great. or will that but to And the I of the final in higher pull question, continue clinics, think you build-out back? SG&A expect do stay I of guess should you through the SG&A that around build of you mentioned quarter, Should million to out lot sort was level through

Steve Shum

would costs as which in we equipment terms facility the are note activities that want costs in through were costs part and of our those were of – on appear I we purchase, not the assets specific primarily of to sheet Well, expensed balance period the agreements. specific working and our JV would legal which incurred and some that some a the build-out

like of So, saw they activities, those bit, will be coming than think that course, in of would your still to occurring, think these be reflected will Scott. quarter. would at but the the first dissipate a will But there And a might maybe rather we in I through the point, some little be we but anticipate, to not P&L. making investments we level those differently we

Scott Henry

questions. the Okay, you the clarity and for perfect. you for Well, thank taking thank

Steve Shum

Appreciate it. Scott. Thanks,

Operator

Kyle next Bauser go The Please with question ahead. from Instructions] comes [Operator Securities. Colliers

Kyle Bauser

Steve. the all update. for Thanks thanks. Great, Hey,

Steve Shum

Kyle. Hi,

Kyle Bauser

economics or And IVF? per a is pretty just from traditional kind am it some highlight kind per favorable the how that this takeaways of data. start review? to of anyways I just just kind that compares nice maybe on peer-reviewed the of and alternative outcome like looked outcomes the wondering was will publication, the I pregnancy cycle the INVOcell of given you could transfer Maybe key and of clinical that the rate conclusion peer start

Steve Shum

at Yes. fairly mean, data. from and equivalent to comparison. are we procedure, the in proper look here on vantage get leading other We think even our it high-quality at we what points in And view doing of more often But see achieving we what some especially peer-review most those a say and really economical that like when see our say a higher the we when we have you way again, percentage we in outcome we seen it’s as markets of you from that In apples-to-apples is are few within solutions so think cost a where price, U.S. outcomes we in that, comparable. having I point, an the this affordable cost you reflected to high-quality of IVF,

Kyle Bauser

period it. your and I Got X-day the that cases the And confidence XX% of appreciate study think could incubation that about potentially use retrospective comments the we in data. use on

your months curious, incubation using that can’t X-day in of over doing has field it XX Has just rate Just market what’s trended the are you of I gone maybe the or for guess X-day so? their curious sense a past off-label it kind of sites the the know, the I own? for, out on up? in percentage how U.S., but X-day

Steve Shum

done of using that I probably not by for transfers INVOcell would saying the if to at X-day conservative U.S. least see we say at being even XX% higher Yes, cycles be continue market.

We a see high continues couple sites tend X-day. that rate. to to at do of a very be only still that sometimes So,

Kyle Bauser

San running, later of think sense. in to INVOcell September-October think In we timeframe in it up I the by was Clinics I terms I year. X and and mention Did like, for in there? X am makes clinic on timing seeing July-August having patients the Yes, this appreciate Francisco it. will color said you on timing timeframe. curious you Got start And Mexico Alabama,

Steve Shum

did. We

We them. are process in some as with not the deep of planning

started and two and that’s the on San and Francisco. So we facilities just conversations planning the equipment other those some into getting are in – and little. still a little deeper a leases We of make space

little it the a end. as So maybe would the even year of hope towards in that the result, we right to get anticipate later course, a

really what So, farther are one with reason exactly Birmingham just that along that we those that with didn’t other did much give clarity two. on Mexico we as as we and for

Kyle Bauser

great. Okay,

Steve Shum

even that you Francisco say, timetable end San that, caught are close been agreement. done would one, potentially not that so earlier that I might that pre-work a move if to has we am there the on Kyle, some could operation. And feel up comment, as I than sure being we well, another And up

just So tuned. stay

we will to have ready. more as report that We are on

Kyle Bauser

Interesting.

Okay. questions on the for here. my taking all congrats progress thanks and Well,

Steve Shum

Thanks, Kyle. Appreciate it.

Operator

next comes Partners. Please [Operator Instructions] ahead. question John from with The Heerdink Vista go

John Heerdink

they venture get partner? speak seeing the Birmingham I was doors revenue of very to practice? then There clinic open. dedicated ideas you that of Thanks speak the clinics way. Congratulations scaling again had at for taking Steve. first with and now sort layering that difference in once as INVOcell. Dr. that one business these Could the doctors at to to in you what think you the that the of two reference that and our distributor had has about of you that plus like and the she with on LLC look afternoon, Birmingham you deal mean? a to numbers partnered looking moving to believe three between doctor being one And of And today. out were versus the now a this you advancing have, great of you in I Hammond was my there to partnership, I what bit little only the you forward, might the prior partners that out questions are Good especially joint I Can cycles kind And Could it a success all and at manner opposed of there? period short in in believe is lead XXX of believe XX:XX the the there model of one time. did the model with really

Steve Shum

Sure.

they of practice, practice handle and reminder, capacity – and very previous Lisa a was part etcetera. a that year of as time could a were Karen standpoint, had figured part upwards embryologist a cycles they and So XXXish the from a in small

So that what simply practice. done conventional within bit IVF quite a volume doing have capability was – could and actually from higher a that than been

pretty So, success, a capable just little and in bit What basis had you good a building Birmingham were as we they they good on doing run-rate a that as be that footprint going are little bigger, backdrop, a of bit are practice. small right, pretty in volume is to very added resources.

So, what we before what and to have happen. have further up capable doing couple say, thousand to expansion estimated I team of have a would of it’s any Mike is estimated cycles would

time We in those of of running ramp it’s out anticipating some these those going within kind clinic marketing practices. we are this immediately back into also is up get the not the volume will build some to operations help importance numbers ties bringing And suggesting to take resources of that that to up. to brought to and

they doing will on per what expect practice that similar is in were $X,XXX basis per the the Birmingham, cycle. a previous procedure roughly $X,XXX to around which there in We be to practice

and per be at So, the are joint would sort that venture practice. XX:XX in revenue of procedure that approximately we

John Heerdink

Okay.

Steve Shum

looking the cover points you forward, I John? main are Did

John Heerdink

I Yes, that it. hits think

clinic. X,XXX it procedures if And the a would call be Max, and greater it So something end that. more at $X low was he million successful, if double year on as could be as if you out that of I to bit and X,XXX, that’s are he half pulling a a weren’t successful

small, it up? like of to seems you are and can building right. the it’s of that sort like you So, these in again, that These that clinics, speak relatively what just footprints footprint, looks

Steve Shum

require is a footage. XXX obviously is a two Yes. there I square lab. the then feet. couple of the exact square footprint, And remember receptionist It area. don’t and huge rooms doesn’t There procedure

but So recall certainly square huge. again, at the high level say overall would don’t facility, the exact a not it’s yes, I footage, I

John Heerdink

of in and conservative. could it’s amount of that be dollars outlay have to – lab tens of some we an situations. And millions in that IVF comparison No the

to to back So, right? have a efficient leg coming of from you the in other of Life see other model. of and starts again, And one it Mexico the new you in U.S., build seems the year one that relationships possibly, only and again, today, me these here year-after-year. Medical, this pretty really that’s and reoccurring not here, on it’s this here as revenue theme take hold mentioned of sort Once in reoccurring that’s to this the you Birmingham, distributor but horizon half start nature

missed the Can You I little in that? about on? in of – or call Thailand. a apologize just relationship am not of – mentioned I today was way the bit I in I was speak something release you aware you more I came that’s that? sorry, so along that a it if new the And Can here?

Steve Shum

we have out think underserved to over you this equally Clinics INVO INVOcell’s be within initial the of up didn’t right. that bringing effort presence Yes. these to needs We on we build overall care. important why going it’s to very a additive there U.S. enthusiasm market running. way, do access are more how It’s a exactly greater separate see. the first, That’s help patient the or – by even And and side, importantly We large to lot market. the

So, like efforts very I for to said we are excited underway. get these

distributors, executed would a underway. to have particular distribution market, to partner As objectives business number didn’t with a I get that at great are said have news different I that. separate training brought and markets partner as is fairly, on some active what that like They was talking for for of to provided recently. we folks active have ones. of on potential new fairly that development here is before but release aggressive our encouraging very They that which We do we couple been wanting in a this again, – market. And and Thailand, distributor a far goals our see team say

think I with looking to add Malaysian territories. same partly distributor it’s that

the a training sessions going requested these to and market. on totality leads busier of last clinicians. the definitely awareness look greater presence of growing All this And number for us at with Inger of indications INVOcell several the When a and is of the of she distributors is it Britt over from effort. days on, that active sessions the Carlson lot you months

distributors new additional distributors. look for You looking at territory,

to in these we for itself that’s revenues awareness business. a leading the momentum minds of and and manifest driving operating indication around profitability our business are results precursor of a And of build that again to of ultimately it starting think the in the INVOcell. All be will actual indicator is the in things growth

but So pipeline of it their year. for to generate through time impacted we of us, activity partners, exciting It’s year all last Obviously what takes get see agreements development head go cultivate sessions. on. for team their certainly this paying training attention, COVID, above through was leads, and business shoulders with it’s last and saw by get part going people to a very

All of the a very we and this last progress. great over concerted year effort has been think I making are

John Heerdink

of my product creating just market. activity guess I and all in this naturally the you are, Yes. say a from awareness itself this perspective, underserved it’s I organically would with of massively

member, like that without pretty Chamberlain. at Meryle marketing fertility you more I and up in releases there with ventures just sort you opportunity etcetera, help bring treatment awareness XX% as to there to that currently Director through think it that guys you opening practices? and your are the help trust the of up though, this team seems in distributors, think sort ramping into something inquiries too the there these it’s of those each doing into couples than you go guys efforts partners awareness. to up you new lift and also Is board new are to fill challenge clinics, care, Is need we shocking. working these is partners leading push some press think put global that you and and on? the addition in excitement be up are year to support and least new Is are your is to of some these in what inform potentially It both of to I brought of this Around you are it’s in Lynn up brain Rebecca joint emphasis really manners are exciting. going gap your and to Marketing, is as plans ramping I

Steve Shum

working have team say, and driving and with and message absolutely the center awareness of Absolutely. about patients Mike are bringing and I front focus is would marketing to Lynn the clinics. It’s strategy. all I into mean, that’s and Meryle cohesive closely a

we I mean, marketing focus recently absolutely So, more is something that’s and yes, that added. the

the to online. and to activities INVO business are marketing Clinics – so and it’s come fast and go with feverishly as online So, catch make working distributors as up activity development is speak to support ready are that they we sure to the coming

John Heerdink

Got it.

headcount the everything pretty are as in, as add at plays Bioscience. INVO far to much is not this so And same you looking

through organization this not going you to you and these number, would changed to in or keeping suppose, based today partners has with still told your and is that to You things? are on see again therefore what able consistent that plan, the add that the significantly, being way leverage costs anything I us have

Steve Shum

set on fixed for sure. are our we pretty feel infrastructure We Yes.

got have pieces key the in place We point. your to

up We have X.X. the last built over

We felt not big time, are a not are the said but important. have we we filled are, like the same we key in areas team, at were a we but – we

our the keep much added mentioned grow we yes, incremental be as fixed as costs. And costs than but certainly call, some see I some any from here increases costs, faster As revenues business we on the be structure to said but grows, grow, this I here. move stable there and as grows, think will there variable we business will are like will as end shooting year forward certainly add some would our from look to try we then the to fairly I revenues

John Heerdink

Got these doctors let each add in into You coming world? distributors, each new Thank are relationships, get learn new reaching let do coming you potential of trained, seeing us on these And OB/GYN Are Are say? one you you the sense you out partners, seeing joint those this calling are now ventures, a any it. you last doctor? each saying, thing now you. is of is more, us increasing awareness, what the out? anything hey, additional this you one out, that are as of then etcetera,

Steve Shum

partners. it’s the and saying seeing that we with as keep data of and are known helpful I adds that because incredibly more certainly the inbound. keeps getting distribution one marketplace we are attracting reasons making but use clinical to understood. easier, efforts, commercial say Yes, and think it validation real wouldn’t we progress has retrospective it’s potential I becoming certainly clinicians market is confidence coming new easy, partners out the more into been And

coming increasing inbound we so And us. yes, of inquiries levels are seeing into

I the coming it’s regular last starting while volume, higher. relative a year, see or distributors I other you asking huge website are do to I a to prospective INVOcell. partners to if potential we significantly with in day, mentioned think not about And on it’s more comparison our e-mails

John Heerdink

these this the sense. needle with a side. INVO confirmed I ongoing to at which stage you you the the product in has here product, again And create on that this your take is as for model margin multi-legged makes doesn’t clinics That think high the high range this lot whole roll it XX% margins have revenue business move underlying out and

and thanks for So on and line the had step again I in the I again. Congratulations questions thanks back answering will today. quarter

Steve Shum

Thanks, John.

Operator

Larry [ph] line from Associates. Please Udall, with go Mr. comes question next The ahead. open. [ph] Udall your Udall is

Steve Shum

dropped I off. maybe think Larry

Operator

Difficulty] [Technical

Steve Shum

Never mind. ahead. Go go ahead,

Operator

any back closing Shum Thank for call like to remarks. would We the to Steve you. over turn

Steve Shum

reach today. you Thank listening. to Okay, everyone call for out should thank we have great. you and that any Again, again joined do additional not appreciate the Please hesitate questions you.

Operator

you today’s Thank for now attending presentation. conference This has concluded.

disconnect. You may now

NAYA Biosciences (NAYA) 18 May 212021 Q1 Earnings call transcript