Invo Bioscience (NASDAQ:INVO) stock is rocketing higher on Wednesday alongside its earnings report for the fourth quarter of 2023.
The healthcare services fertility company reported a net loss of $2 million during the quarter. That’s an improvement over its net loss of $2.8 million from the same period of the year prior.
Invo Bioscience reported revenue of $1.38 million for Q4 2023, a massive 397% increase over its Q4 2022 revenue of $278,142.
Invo Bioscience CEO Steve Shum said the following in the earnings report:
“During 2023, our revenue increased to more than $3.0 million, a 267% increase from the previous year, and included approximately 4.5 months of revenue from our Wisconsin revenue. In total, revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was more than $4.3 million.”
What’s Next for INVO Stock?
Invo Bioscience doesn’t provide guidance in its latest earnings report, and for good reason. The company is preparing for a merger with NAYA Biosciences. This will see Invo Bioscience acquire NAYA Biosciences in an all-stock transaction. Following this, the combined company will operate as NAYA Biosciences.
INVO stock is up 84.6% as of Wednesday morning with more than 9.6 million shares traded. That’s well above its daily average trading volume of about 50,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
