INVO - Earnings call transcript Q3 2021

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Operator

Good day, and welcome to the INVO Bioscience Reports Third Quarter of Fiscal Year 2021 Financial Results Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I'd now like to turn the conference over to Robert Blum with Lytham Partners. ahead. go Please

Robert Blum

you thank thank INVO Jason. afternoon, call. Good third All all very for And conference results you XXXX today's joining everyone. quarter right, financial much, us Bioscience during

a call us company's prepared At Mike session. the Andrea the Officer question-and-answer Campbell; is Joining the Operating call we'll today’s INVO Chief open Chief Steve Chief Business Executive of VP today's Goren. company's conclusion remarks, Bioscience’s the and and of Shum; Officer, Development, for Officer, on Financial

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

Steve Shum

everyone. well. Andrea welcome and last quarter, Robert the you, Thank both Similar call on participating as and to our are Mike

recap Before a general third the we and provide update. quarter

the Let of and distribution address something created Ferring It me press termination our a we development was our recognized has in recent agreement. some take the to would most it to I approach week by what few release. U.S. emphasizing conveyed announced change we start last questions. the regarding we minutes the and

within have the whom we over to space. feel our ability experience the device business fertility years of the assembled, team the market. With in U.S. about of are service We commercialization confident entire have very many and many take

around keep provides years on occurred the of more are in further again, of along directors. all abstract to with which that market become amount real entire a positioned U.S. and peer-reviewed We've begin the validation the seen we enable data team great the to well technology, handling list usage clinical alike. outside and are available and control around adding for a papers a the regain forward. over the now, growing trained we've Many excited technology market been past board really has builds work will mind outcomes, A by so, on a and to and confidence of few U.S. opportunity key practitioners much We U.S. reflects well including points do tremendous which of A the patients moving the posters, have foundation practitioners to built to this, excellent and strong moving patient which forward. us INVOcell solid progress positions three

key the Of moving be we marketing will course, the the of logo, channels. Ferring of milestone commercial we this think opened expect INVOcell. respect be Center, also greater We impactful within as Ferring, it long-term but thank forward. effort which where branding their slower added control advancing company synchronize create off them INVO We for very decision and building we've We've market, overall believe kicking many and regain our shareholders can just to did within contributions physicians. for website and recently we not a also by the and all was towards our a has across awareness we the been was patients completed knew, resources focused progress help the process. Again, clinics, programs just primarily and I shortly and our first marketing very substantial is understood U.S. existing something referring to new IVF that INVOcell will messaging, really and

underway. additional now course, which and are laid strategies Of are why we've channel is the this we pursuing out

do market, remember the we process, transition smoothing We existing that out at important, channel anticipate However, from Also, the the and have clinics. planning product support purposes. part be for is market. this do we an have support few the see would a once our Ferring, the to time need of to we than revenue benefit orders IVF then activity, IVF selling that out which beneficial part rather the also large no of work will that IVF periods of directly this the or as clinic will will of the will begin add We occasional to to we complete and also not details point but we market. with clinics fully to resources important

that have at could additive the all with we three years, again, So over past these over frankly, stage. work regain to excited be quite this more the occurred foundational not U.S. and components control market

core quarter, patient progress made not patients running objectives, with the towards Center number pricing are our Birmingham INVO we months. third of their first a and the was we in It the promotional large a During September. program month of first couple of treating these especially during

clinics for However, note important of plan that the first to modeled ahead how it's very relative we've Birmingham our the month. ran expectations the and

operations as as exciting INVO up. be we whole we INVO Equally, as now So we if the well on the expected actually having to little pregnant team, pleased pace, INVOcell we year their and and ahead goals to thanks right on first number a consider have and ramp to for more not toward of have child, a and our Birmingham, the Center. new a partners our to patients in way are

seeing As Atlanta planned the are running we've up and are the our Bay opening. centers planned moving separate now Mexico and also Area and noted and in next patients we releases, as center

INVOcell greater the look our of As commercializing access we it the we in pursue market, which patient continue impact not recent the the view does U.S., will care. to open ahead, change and to and methods opportunity in

establishing objective it hasn't to additional We and changed. pursue have clear INVO actively intend Centers. a We

also this OB/GYN in expansion and expand and to such thinking support the Of to how of we of might utilization approach involve around the the again, community. that course, terms an existing can will within approach we our fully IVF improving we effort better now time, number centers potential And also best but look practices channel. over drive

on this few highlights activities as Mike will well. continue front. to progress a give international Our

On was the real-world the data front were know, as you ASRM this the further pleased last conference held month, we at posters most presented Society which four to reflected independent around American have Annual event, INVOcell Medicine, data on of separate Reproductive year of INVOcell. abstract

around partners well for we remarks, own stressed we and report further growing success. This It advantage it is to around cannot valuable with our [Technical times, around say the increasing work the is JV enough incredibly many that helps centers feel really we've to critical acceleration another Difficulty] play Centers, confidence in further building and data. with help how the my recap can a To INVO body technology build As with INVO cycle. to will this our of seeing in we INVOcell. have positioned and is role data we critical validation publish expect on

Our nicely. team, coming our key opinion leaders, all our partners, together and technology our are

excited are we this progress on expected, control capitalizing of market at we be it. not regaining to U.S. the time same to and look forward Although full has as the occurred,

This the access, focused driving massive remains untreated is care at those numbers our are toward and addressing multibillion treat add go today. that of large approach. need increase clear INVOcell that capacity, need we treat strategy unmet goals and a to imply there patients and sheer as medical very the the opportunity remain essence dollar and Our

progress evident in Centers and the of confident become momentum market results. with the ahead operating in improving and remain also terms growth We and quarters both occurring that will distribution revenue the activities INVO

fourth As we operating enter on have INVO three a horizon. now we specifically, the with quarter centers fourth this

now efforts. turn Mike? details commercialization Mike over this Let the to me additional some for around

Mike Campbell

Thanks Great. Steve.

So INVO forward. U.S. the market new in team the as moving opportunities truly Bioscience Steve is highlighted, is with excited

U.S. know, mentioned, in very, some the Steve you and team market. and strong as our extensive As very commercial experience and fertility clinical relationships may has

The the opportunities to various process the take are to best our coordinate additional evaluate community. into We our expanding determine better the pursue involve and to importantly, OB/GYN U.S. is and the cell planning expand great can more part here we now our in how in to utilization and well advantage approaches commercialization thinking goals

more patients something going the the segment is volume a needs treat As need see care. that if this to we way, do truly care of IVF dramatic to expanding in industry critical we're to

comprehensive very to in we approach. So strategic expect be our and

property JV Steve partner Daly a Area. Mexico south communities great cover Bay in partnership central to lease and California Life just up current our location of which in San all Birmingham, Regarding in mentioned on our as of a located of the Medical, Atlanta, a is Francisco running. the has City, many activities, and signed

the the layout. We finalizing the close development clinic process of and phase to are in now

and We get quickly XXXX. this will be QX online as facility pushing as the possible to schedule in plan

truly pregnancy data flow Carpenter as with and Innovative and in mentioned Bloom work Steve patient Birmingham at at is what the completed last initiated and and In we consists projections INVOcell the Our Atlanta, of we their two Dr. exceptional Sue are is her see our great extremely procedures batches in Fertility of ramping have dedication is doing which rates, overall team Specialists. well they grateful cycles Patient Fertility our set. and IVF have within the clinical team October initial November, for facility, week. treatment Ellen

few out how we up in and with but line there facility. patients mentioned, laid just As the ramp Steve generally in forecast were a batch, treatment first our this

to Atlanta to develop in have efforts product education. physician referral INVOcell help programs We doing been also some outreach targeted

have and launches, group For expansion and with critical has medical medical in function, strategic this partnered nationwide specialty market we initiatives. device communications the expertise marketing pharmaceutical MMGI. and MMGI

by the Atlanta We engaged highly have even the positive prospective early and urologists been as OB-GYNs consultations. started refer support response in been encouraged of a patients number have centers to for of and have and INVO opening

this our considering each INVO are these awareness. expand centers referral and to initiatives of for model We help of build networks further scope broadening the

INVO So center as expansion our existing adoption channel several IVS U.S.-based for stated Steve plan network. now we to through We support of technology. earlier, have the opportunities market and the

advanced here markets fertility the have great demographics for XX ideal center We to pursue several XX on also concept would and viable based U.S.-based to we top the be have ability actively INVO our now lack the opportunities. services, is which that of identified

a The within touches of IBC facility. begin XX of Americas year. procedures patient here. I call to last compare highlights and in up note Chris sector our QX to help the significant to hospital In Regarding the with and to few since trial some Monterey we we will engaged training be finishing the Mexico our world and will are our public this Business week the within markets, next with INVO been some progress The expect has And and onboarding finishing of trial a made Malaysia, next we have are we staff. rest the we begun have and Development center completed physicians in expect was completed Manager in the weeks. last this finalize the that Myer, we IVF. of partners patient consultations, on early

Europe, fertility to has that centers is lab have in in INVO evaluation largest market some INVO labs a and and INVO meeting expect We network. session mobile and medical within in society equipment the This Inger with total nine as of experience procedures. continues them service year. Carlsson, the INVO engaged by our on of to would their XXXX. transport also completed support to joint In the for establish their In Britt physicians out Medical East private as This discussions regional mobile Malaysia an discussions well venture Currently medical the concept. practices Pakistan, this end partner IVF to a direct expansion and perform Africa, where Xrd operational to program economical Affairs of help we they they Dubai. have region’s two to are of fertility our meeting well. plan to the initial Galaxy sector And five private the scientific drive Medical to patients center technology operational They with December success in option the results, centers. operational XX it news groups we will great INVO provider consumer with attended VP be Society that Fertility their in have help with add lastly, be presenting plan with the labs Spain fertility at really group centers exciting we’re to Middle is to

live markets still is sessions product our Ethiopia in and have Nigeria, registration we registrations Although been in-country early have for for Sudan, scheduled process in three and all training on February. hands for completed

expect to about XXX related including participants, healthcare fertility and embryologist physicians, nurses, practitioners We participate. other

extremely an in be to and pipeline opportunities some world venture other distribution I of able to addition these, for distribution you to markets agreements, have both So current soon. joint partnerships we active information international and in this and hope our share with

in active on were and commercialization are of are which we We the branding rolled logo our pieces activities out recently as initial Steve ramping the up we website, that in now just stage, company Lastly, program. the new mentioned. marketing

the expect some We help all to create direct in for and for of networks to media programs INVO campaigns consumer business patient build to awareness business help additional to our add and to centers. social procedure INVO referral

want today Steve. So call send I’ll support. back you for it I you, and your with to that, thank continuous the And to for joining

Steve Shum

just to going then I’m Mike. remaining it Thanks, over financials. turn Andrea? briefly Great. to to And back Andrea conclude I’ll some review remarks. right

Andrea Goren

million in $X.X prior loss net totaled the year Thank $XXX,XXX, which you, year, excluding to Steve. charges recorded compared the Hello period. to to for million the mainly compares non-cash everybody. We quarter Revenue prior a $XXX,XXX equity in of $X.X related based compensation.

last was Our $XXX,XXX joint compared loss attributable $XXX,XXX to our to $X.X adjusted EBITDA million million loss an EBITDA adjusted The $X.X for included ventures. year. loss EBITDA quarter of the

comparison stated level compared $X.X the of consistent $XXX,XXX an expenses quarter So be corporate goals. current operational apples This company to our apples to with in million last internal year. is would

September. our approximately The labor and was a interest. starting does $XXX,XXX During the of expense in operating INVO pre-revenue center startup quarter loss revenue It totalling income Expenses two generated of centers impacted $XX,XXX net level INVO as of the non-controlling In our consolidated include $XXX,XXX our mentioned and expenses. financial statements. Birmingham, in in statement. $XXX,XXX

in which an was which the me, is eliminated, Our our receivable, in Atlanta was sheet. reflected on a and receivable million center, Atlanta a balance operational transaction weeks has note excuse intercompany currently The from the INVO is balance for from $X.XX the $XXX,XXX outstanding note not as few – only reflected due consolidation on as quarter.

joint venture. had invested the was To approximately In in during third $X And At we in the we $XXX,XXX center end the of made to INVO be the contribution recognized. note, deferred not our operational quarter. license million addition to date $XX,XXX quarter, located joint revenue we Mexico this in have to Monterey, equity also the venture.

the the move We and for liability in we’ll a process We remaining are to being the of balance do amount. on equity still analyzing precise timing our recognition that treatment sheet. from expect

an to expect of INVO support development by the October, activity corporate quarter million Ferring. end sufficient avoidance portion approximately early additional does million excuse to cash. XXXX. center deferred INVO a with believe this least at through is of $X.X this $X of we the In with month. our not closed revenue million to the and We me, approx in level $X offering cash the For of on need any that close to return – and We ended expenses doubt,

to investment our As operating development track debt and generate in INVO believe centers INVO centers that financing on available an refinance to new record, open will our centers. INVO be we us terms of reasonable support to the

estimate, While to will threshold repay the make three and INVO flow loans distributions centers and to all reach that to precise point equity centers breakeven our timing reasonably difficult INVO start remains XXXX. are of we certain our that cash during

cash together debt be from meet sufficient needs. that expect current and our near-term to operations center our business resources, will We with development sources liquidity INVO

As of price with $X.XX outstanding. of today, we share, $XXX,XXX per warrants common stock a have million shares debt approximately $XXX,XXX of XX.X in and convertible fixed conversion

our financial deliver the in fertility Looking to to to you, It add those resources to Back an expect and we time to growing our Steve. across and is activities efforts exciting need. globe be effective INVO. with involved treatments to forward, support affordable

Steve Shum

we day you, continuing complete are those to Thank of clinical our requirements. On efforts, five aggressively Andrea. course

quarter, submitting Board, data our including this team, our key our Advisory expressing wrapping the our just remarks needed an We and I partners team, our month. be prepared will should remaining we internal entire and to up Board, to to are just conclude our appreciation FDA by last Scientific operating Similar consultants.

ahead go and for us front more excited here even Moderator, of the up We we now. are work so in open of but U.S., and the let’s questions lot and have a challenge. in for up

Operator

comes Securities. go Please Colliers [Operator first from question Instructions] Bauser from you. ahead. Our Thank Kyle

Kyle Bauser

updates and thanks you today. for Thank all the

rights It’s INVOcell. you regained commercialization. U.S. that those with start I’ll great for maybe So

were had hurdles any or of function INVOcell INVOcell curious, centers in was a with efforts? of there termination getting the of just agreement adoption difficulties of their sales perhaps kind and the that versus any while opening advantage kind Just of or traction clear dynamics Ferring selling the changing

Steve Shum

making don’t the process made decision inference clinics. traction again, could slower for very factor why – and on to clinics, was Well, as to existing want in speculate we decision. most not in the Certainly the their inside has busy necessarily mentioned that that we’re we they all privy been of have they occurring a don’t Ferring been Remember clinics evaluation. are IVF we seeing

takes to and procedure. and it so process adopt time And

One we on of is patient, the isn’t care an existing items the that traditional clinic. other, the targeted seeking believe early often IVF identified we underserved that to patient or

on So something on, front the patient work to into especially want awareness go year. as we next that we that’s

we’re the So over market. whole excited to take

servicing work the IVF excited We’re to on clinics.

helping You’ve about to equally the build pursuing us think We help that market. of the last existing will We we’re channel number clinics. the the attraction in awareness stayed IVF heard and be will additional over overall those quarters, excited effective opportunities. at quite think within certainly

we’re yes, Maybe here. what that. we focused we further move see we and do on if from to it want as Mike, forward that’s add of to anything – again, any how just So want now to you

Mike Campbell

No, Steve.

And myself, many with for of in that’s And these as and at And Myer, and experience all pursuing both And we’re think who all lastly, ball opportunities. pick ton are we run these we think sudden mentioned, just Carlsson and look actively Chris to we up commercialization years, it. market know certainly I pretty Britt get just the the on going three strategy. we accounts a again, Steve decision really are. accurate. fertility Steve Inger roads and mentioned, throwing have as our I from can here, all

Kyle Bauser

be I or this. in number assumptions update for U.S. agreed. That’s goals No, opening missed INVO helpful. And might XXXX Any of the internal the for in if given But have kind great. the terms of centers new up and how changed sorry ones your Sure. would only of plans

Steve Shum

again, the phases of we the a beyond I market. thinking some brought current approach at just Well, ideal the would have mean, on but limitations. think certainly done analysis always expanding to worry a ability don’t Agreement Ferring about the now reevaluating number expand demographics to I can some we’re in have level, to care. identified but say we we’ve on. we of the once done and are we’ve early first of based we operational, seven already. And that across we’re under our we still seven felt We’ve of high – We this level up and fertility looking would market, – plans, the locations we our and early potential

say eager we to who. and opportunities. some those we at approach little the aggressively how activities final creative – we may would and we’re as partnering also of I additional pursue be And a So more with

forward along more to we’re thinking certainly and a perhaps plan. So expanding our lines those aggressive look rollout

Kyle Bauser

if Got to it. may, you’ll enhancement label some your five lastly, additional you said that. Appreciate then think to I month. And data I submit support day this

curious types submit And your Just interactions of for you. decision? you you the kind had Thank timeline once FDA? what that expected with a of what’s

Steve Shum

day is and goal somewhere the we’re and from longer, that our XX think and any which back timeframe From said, we’ll that taken to I Like submit has would additional a collection prepare of data, to between come to try review that the for there, month. look close XX this questions and wrap I but be Yes. pretty FDA. up to

have they had hopeful additional that addressed could certainly asked questions. for. But we everything be there We’re

Kyle Bauser

it. Got

so the Thanks updates. much for Okay. all

Steve Shum

Thank you, Kyle.

Operator

from The Point. next Please question Platinum from ahead. go comes Proctor Scott

Scott Proctor

shift question here. guess, I business the going exciting I the – just in a country? know in Atlanta. INVO. of I do of kind there on a established INVO. you’ve about little relative how a Atlanta? what of do in going are things you congrats guys Steve time things at place there’s bit an are How Hey, kind to How a about Certainly for uptake the how of feel strategy head more the was start hot as Alabama that with already area seen for the have

Steve Shum

him give that. on you and pass that I’ll I some one let to Mike color think

Mike Campbell

right Mike expected. Yes. what along we Campbell. Yes, Scott, it’s

were in course, of Specialists in at is already procedures. Fertility Ham the Innovative INVO Karen the group So

quickly. a facility Sue together. off that just So more consultations long ago. patient is we the and thing put recruitment started And not and this took little team Carpenter a Alabama too Ellen

our of going it’s some it’s up. with And take ramp So expectations. course, in for facility time line that to to

no really there. surprises So

Steve Shum

in Scott as to pleasantly Mike some and say, was in would that I think prepared surprised do that. addition, mentioned his And a feedback to positions and we area. referring occurring the too, too, with around in outreach implemented positive remarks I everyone program the engagement that’s been

it’s I For often that unable the to a they’re always us, patients, think which it at to conventional we’ve around location the market, to there stranded a lot are assessed everything IVF speaks of – – progress OB-GYN a getting terrific. there’s and There’s of said, practices that I has a population the early on been big And And patients. in feedback think I like are number those seeing feedback Atlanta. the center. a really

Scott Proctor

guys been earlier are clinics have the past, prepared kind really the impact going measuring byproducts heard I that just saw in than in way any the How kind generally the for do the doing I you these think have they success exciting a what And have or you just I of of Certainly brand versus how do to INVO INVO within debt the channels? additional – you good. the XX more that through that thinking up you individual a more you aggressive you remarks, really marketing through about about as success guys where I that Thanks clinics. you’re is development. guess, distributor Excellent. on stories strategy grown of financing versus only all distributor of right identified cities sounds mentioned, believe INVO traditional just color. open guys characteristics channel? of guess, approach, just cases through potentially guys

Steve Shum

your of in the early the is in awareness top it you’re still And – will. on referring effect I even the But pile, very it that lends few though really adds any really had it’s just front, it it has we has at which engagement really every also we good that we physicians And if about cumulative more if even a on a what itself where was much Well, – data. even seen a a data bringing all that of up spoke to talk you fair Atlanta, amount. terrific have of you lot time additional And especially validation dynamic we’ve think confidence are with a INVOcell. had building. been familiarity potential overall point,

we INVO some again, at as tends in think is we that accelerating early, an down clear there centers And and the again, the I big knowledge it you on So I And I a that to been you see the and continue but as in of more have think more in of and signs awareness can that front. effect see start and I believe it’s to, progress boost would marketplace, it the – as also growing has it build look that. moment. timeline that it’ll to – accelerate there’s early build even marketplace evidence

Mike Campbell

really creating awareness. just Yes. And more that’s Steve, I just which want that, on comment is one critical. to throw

Steve is physician and as aware can typically not of lot right these patients INVO – center. refer only primary care of conversation their a their So the technology, you now are we to mentioned, an with

to So technology very And high going direct and we on the want available. initially just our create list. to awareness consumer campaigns to this we’re that creating And is awareness are alternative putting together to to recent expanded expanding events. market center our been at the we’re But programs our look And throughout has due this thinking target markets. now. again, INVO entire the

Scott Proctor

have you prior you these clinics I question of market will for know the Great. of initially But than INVO on for or been coming models you wondering, end me. or could guys fast. so from That’s like operate? in quick, kind million a Ferring. have any clinics you in mentioned I’m Where real Is like anything that that. update like issue terms amazing. revenue that better quarterly just be to indication standpoint, million don’t of the like all like or sounds just out anticipate guess, last I potential That’s more the my earlier guidance if agreement pretty a centers where you on area? top under XXXX. three could sometime guys with to of wise, capacity in basis, thought open breakeven I current clinics just it these that to $X like think, revenue do $X

Steve Shum

what XX that’s in our them to But the XXX be we’ve the Yes, that, and breakeven. but and We patients period focus we’ll Scott, near-term – to annualized probably clinic to have approximately mean, they’ll objective. bring I and per kind to even continue neighborhood XXX state greater within than objective, that’s should our is to of month stated year XX patient that a is immediate volume. believe of capacity patient XXX approximately

on based be the costs, to you’d in probably $X procedure $X million million range. patient average So

Scott Proctor

Congrats Appreciate it the Great. I’ll Thanks. story. following guys. again and forward looking

Steve Shum

Thank you, Scott.

Operator

next Our from Instructions] from Please question comes Rodney Paulson Baber ahead. [Operator go Investments.

Rodney Baber

good us and just this lot ways number have now It’s hear fun to got right ask because all helpful most spend so at been opportunities you really your when doing? might company ask go of all about want different I because trying you time, thinking good A a it. the this questions of forward have thinking. the to about the are job to looking how you’re with may background you’ve and and your be to your you the you These skillset of asked seeing that how question I’m And that. give and in Mike, to out. just Steve, but this. play exciting times, something

after you a an you. You or can go distribution clinic, available other new to or you have go channels open can group, OB-GYN

seen? forward? be a were you now? you about be happier the move looking that do now bring a right different in you you flow not Do for do open back decided What And priorities in think it you do have three you managed and was think can from way? that this possibly if year, could next how were what I you provide would’ve have OB-GYN we this year I’m a And that think done we a what produced? would do other your you be? up where how setting What’s what you you another would while? or on I’m on after mean, different priorities you’ve need and a in do how this they clinics? with four In day. because to them? view you’ve Would groups take how if so only could could we saying, execute thinking that projection, words, your through and do much these going you for just a So now you got asking How and

Mike Campbell

because problems question, Yes. channel a these Rodney. Yes. have do That’s And are opportunities. great multiple we great

procedures available clinically I’ll think numbers in that people or on treatment. fertility need the just there, I capacity to enough by human there again, based current are specialists capacity saying handle U.S., stop that the the isn’t infertile

really indicators to that all existing and need that utilization not we point expand it’s So the IVF centers possible. through the

So we have to point. expand that

it’s providers. we that the but it’s And So a equation. means And it’s think been this something that to just element opportunity is perfect need tested, that great tried, add again, more not the been test. OB-GYN it’s we into that just to network, not

you, we’re roads IVF to three all to on going centers. the going to tell get service So we’re and I’m going

We’re whole this think difficulty of practice. I because And that’s adoption integrating help think utilization integration, the They’ve I that’s going sense of of key them and trained the with is. and and been the technology, on not really account to lot there of the where win utilization. a

So I possible. think that’s

lot So problems. of yes, we got a good

going IVF Steve I patients. have a the IVF from get you’re bit to of plan. now see centers Hopefully little of And then, it. going the the develop of then embryo element the the on here all Andrea adoption. think OB-GYN would will year everything to we’ll a best not say only somewhere through going out, centers. And their build the going table. and or add all so we’re We the centers that’s company, another benefit strategies but together half dozen sort and team, to in myself, that’s forward increase and community and the put somehow Hopefully this a and the

Rodney Baber

OB-GYN the sector second. to go a let’s Well, for

that wanting would your And hundreds running number doctors and his success six a in put there way them you’ve of the would in Atlanta people and were you you’ve some he’s understand, center business, would with groups of involved. with you that X give a center in your run be they what that your groups, would develop? him terrific. – there. to that OB-GYN So used that you’re got can have How center, do the or us color? clinic and account doctors install Can area I get XXX to somewhere got in centers this the the out come had patients real are you’ve work? use that be use. INVO got I and got and this you mean, Let’s little rolling. those you rolling feed guy’s through in you reference you that clinic do How more he’s you that clinic – say

Mike Campbell

and just with awareness way exists. to now outreach Atlanta that's the is mentioned technology create this you working that that Well, program

their of they to the ability patient for or refer them. there's to INVO now patient to Atlanta. have So that is the our option center, go fertility to option the Center, road OB/GYN, at with end the an If in has an can't which another IVF

you don’t your services INVO typically that's install I going to that but embryology we Is the additional are how question, if programs? is, know, with what question mean? your So,

Rodney Baber

groups could many Yes, the thousand? treatment the perspective less. that there a Is opportunity that give a the mean, Are area? us what's for more of or your Atlanta XX And for or that. Yes. the I size there services on are how in use OB/GYNs channel? it

Mike Campbell

I'm to program. Yes, not that close

company answer contracted. right numbers again, a that outreach question facilities arriving. program managed I they those being now, have So I by know but we an that we the couldn't that's into don't

that you. So number don't I just have for

Rodney Baber

kinks Got couple the you. queue and the and wondering, had minute. just patients or back to tranches what you've just I'm of jump to impression, me you of out let You've does but XX for I’ll the somebody Under your grow Birmingham Steve, XX awareness is your It see a larger come ask, maturity? months to you XX pull through providing or and be continue to do patients is of to of size there, the you people gets program that pipeline else to couple each, done pool a program outreach now it coming a back a center out let going rapidly? and and as pipeline to like? work through as look something that going

Steve Shum

now patients certainly what to that's pull do right are to yes, doing we Well, efforts Karen team is, in. their own and want

like working what haven't with efforts Birmingham. efforts, even identified mile their do the Mike we're support we're we of XXX OB/GYNs come about basically info, XXX because I in in Atlanta? didn't we'd additional to so had Atlanta with a doing really but the to as And within group Just follow-up about believe have radius

probably even Atlanta imagine area. So would I in it's bigger

So good like enough patients in to all the outreach there's and to begin procedures an pool clinic area. out the program a run and that. flow had of their of working start couple with, months first through Karen to things

patients. XXX% XXX% additional of aligned theirs So team aligned to of help flow wanting drive consistent with I start to apply there. said, with clinic our and I having they're That's are objectives Like ramp with consistent efforts terms think up a They're a goals she increasing of of to patients. that in us supportive us to top on and that.

So just of as we the up. new say, and logo new heard and website I went completed both Mike and some our and recently marketing you messaging

some the support phase now programs of that, start of – in we'll Karen those I we're and wish to Birmingham. next clinic will is So the additional which be preparing

Rodney Baber

are jump the centers of patients Okay. the it neck woods? the that to have fertility I'm One fair to OB/GYNs second, that sending guys those issues say for the to in going XXX a Atlanta, out question, is that in IVF

Steve Shum

– around in area the actually. Yes, but that number Birmingham was – the surrounding what was

you I would tell So yes, Mike this. think

when what a to [Technical potential is think patient. at I failed the patient the options available has the often happens Difficulty]

And what yes, think I happens. so, often

Rodney Baber

For you far me a going were kind for some reason out, of second. as going out you're as hearing you, there

You're couldn't really – hear me, know going that. if I just I'm it's don't grainy, I but

Steve Shum

me. that No, would be

Rodney Baber

to area, let number minute clinics don't up you get people fun program, see a handle could are but number would with but outreach have the going flow share know from and now, I'm would kind thank me you mean – what just what a trying handy, take be to any what else basically anyway, your Birmingham the jump because out that, on that IVF and the probably comes you. market that'd for those XXX of how there the if OB/GYNs on to a stats versus was IVFs of around many that

Steve Shum

Thanks, Rodney.

Operator

Our Please from John next from question Vista Partners, go comes ahead. Heerdink LLC.

John Heerdink

now quarter XXX were to when was I or last verify see it you forward just you're what excited I'm innovative. you, she longer, the $XX Karen if that? you that believe is did your at plucked case, to little U.S. she of you a year to on initially joint in example speed the venture sort looking John And numbers there, averaging that's as Could a follow sort on of on math confidence being XX around you going of guys puts which and this if her close growing to confirmation to in outfit. speak there about progress a gives sense with this And sort own sites can done Hammond, two, the Because made, XX% go or Hi here you model some cycle, what go where $X believe these and about of $X,XXX full and And my business other between before great She $XXX a her and to the gentlemen, Quick the with if Congratulations are before on at things and I a and doing you're see this at created had this Dr. to where cycles. regards million to right. Heerdink. deeper is that. a that? headed. I of up get one questions, that Birmingham what and are her million. looking in somewhere about as million was these Is

Steve Shum

dropping year, COVID was clear a they patients per don't that they around certainly was and months doing volatility a on of that in But every COVID they – be point it they the patients XX doing where because she they with, fact Karen it team had would a Well, of XXX year capable like patients and felt the consistently some concerns believe of of anywhere small travel is bigger plus had footprint did associated off because yes, her I I months, because just were month, practice, prior think and in and practice, and treat, they individual from that month. things pretty to clinic. in plus that the be were that.

the to us was fortunate give one us the confidence. dedicated with of the That's first built practice. we in of physical to data one. bigger It And convince points footprint. the to probably it amount do a key that INVO gave us and Birmingham that Karen team people up first terms whole confidence does pursue so to the resources little both tremendous effort specifically of building We a And Centers. were of the

the programs even to capability what patient consistent clinics flow market, to of that's a you've is do into drive physician to need is fact as But going patient in definitely focus marketplace. the just from more course, forward can Birmingham, of we pretty here doing of drive important we both to move clinic. And in as be volume. practice it what of the as than not So well referring all do the previous awareness, capable as was heard, that terms in her again, but develop for

John Heerdink

is this think? and U.S. states That thinking? is makes what or target – across up, some it's not Is Ferring I the of they're in And relationship that? which an have the there over this have a there market. of that sites at beyond XXX think clinics, making is dent as you to it servicing restricted realistic you sense. now out beyond scales looked point in XXX sort point necessary? I mean, by is necessary? guess the moving not guess, IVF Is think not forward. the Is in you I XX it this have that underserved Do you've here initial you. plus I these we grander thrown you're XX at Thank – exciting one

of to So portion It see wrong that? you three the XX, that the here take like it or just that's market possibly small service How and correct? going I got four although might up seems what and exciting am would way. this a you is to on in massive this U.S., that's just scaled really – seeing address

Steve Shum

the require this XX Yes, our in goals or achieve market we and it be with if how would XX order but centers, it's serve may may involvement there this more more community. point, Mike's evolve of opening I likely up the in over to to than properly the would certainly of OB/GYN market, in use INVOcell, say time, to involve trying

existing like a market. be team did with that as up embryology may that and necessarily patient to – technology, care a we we to up That the with there really And Birmingham, helping in efficient transaction could ultimately practices. building than to provide services center, highly rather volume could access be underserved be open primary INVOcell and open way so address up to think OB/GYN opportunities what

John Heerdink

day-to-day are patient extraordinary option and working afford what's even sort industries, market OB/GYNs, and of it happened about the think most that without It's potential that and is similar informed today. marketing how And had corner me see what Marketing right. Head I amount those model she's that, the way? et your a to powerful Direct, otherwise how and plus control greater power formerly, in this helping than table And sense be control having years member, board, Barbara months Can taking guess, out the Dr. now, real know is how that you've some with guide guess, now and Barbara you XX I the really attractive XX who plays be forward some and those I in you business seems helping you existing physicians me to really come forward, build cetera, a at had Smile in are board companies, very two involved more Global at and the were women, particular and might who's affordable three very both market, a of as before what on even having company exciting Uber. out few more and also of Levy Ryan, this this and on makes to speak I populations your to affairs. And of basis a Clinical the of biotech me. speaking years women's in Former but plus that interesting which there I of going that Global to another women excites in very a INVO’s to also to patients, health hired to and is who distributors very That to has think would still scalability Head to been and on Rebecca in many going Street then Coca-Cola in with Wall

Steve Shum

partners in the the key leaders, wheelhouse that are Chris of as as experts other on highlighting Well, goes board. value that even people team their field as Campbell our Because Myer our across it you're members, the the all opinion just board of highlight of or are team. why deeper our well, partners excellent well always that. or our our it's Carlsson, Mike Inger we than

that fantastic her. to and person, some is something materials marketing really part what Levy, our build here strategies and of accomplish to awareness our patients to is Mike internal one marketing with marketing front, figure works need this. the through in the closely practitioners mission. soon And to table. bring care on us that because of out new take and OB/GYN very help they're put order And active valuable think advantage would that she's able the some Dr. because and really needed takes they to what's some to created together working need great leverage activities unveiling Chamberlain, with of care. like This volume Rebecca our INVO I new work be to of all the be the to front has to the in say team a of Lynn has community, we're really believe going very think initiative the big been of we've that done going things really to some it our people to network helping bring we're a be I I that of and we Meryle able

can't I verse chapter that very are that you have as how I'm tools company. have to relationships excited her. now deep we think point to enough work highly So really But to And well, our all speak again, all have effect Mike, have let and Mike starting of space cumulative about could excited I to leverage the now have this said, he effect add give will I INVO an in to practitioners, in And we're that's sure you I to increasingly internal have her. think we standalone other the even and want sorry is accelerating even people the else INVO. everything, Centers the to there? great more we've as thing, I ramble. experts as that that notice progress our here. from and moved do to field, to of to more because in become patients starting aware you'd wanted of take a forward – with anything

Mike Campbell

to Steve, some head, nail Barbara Again, of to do say expert But expertise there's is again, And we and strategy. and need and industry here she's an we're process need table help. No, putting John, the here, things yes, all certainly the lot help together were capital. her brings a to help of I us. in and and simple I Levy that human is this key. brought the the on can't the everybody think the hit have she's certain the help enough is you a here. patients about folks again, why guiding key that a the That's not

the the solution What we technology is figure best how I best have and And them to to think masses? to have be, that's strategy? just we're whatever great to for channels, out, we access do explore we out that and we’re have the channels and different have what What this is get turns do. going route market them that again, we going all. to a

company be think to a XX going it's see months. exciting I next year you And year. are next So different an yes, to the in going

John Heerdink

future. line and I'll Thank you, gentlemen, look to forward progress the and congratulations back step the on in here.

Steve Shum

Thanks, John.

Operator

turn question-and-answer closing This I'd over conference to concludes like session. for Shum to back our any remarks. the Steve

Steve Shum

not We appreciate you any reach everyone ourselves that interest hesitate of your support, us. Thank in. happy out you. any for again Thank available do you follow-up as have listened to if We'd and to always, to and as questions, make needed.

Operator

for conference you The concluded. Thank attending now today's presentation. has

You may now disconnect.

NAYA Biosciences (NAYA) 16 Nov 212021 Q3 Earnings call transcript