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Here are 1-3 brief analogies to describe INVO Fertility (IVF):

• The Invisalign for IVF: INVO Fertility, with its proprietary INVOcell technology, aims to make fertility treatments more accessible, patient-friendly, and potentially more affordable, similar to how Invisalign revolutionized orthodontics with clear aligners.
• The Southwest Airlines of fertility treatments: INVO Fertility seeks to make the often expensive and complex process of IVF more streamlined, cost-effective, and widely accessible, much like how Southwest Airlines democratized air travel.
• The Warby Parker of fertility: Offering a more accessible and potentially lower-cost alternative to traditional fertility services, INVO Fertility shares a disruptive model similar to Warby Parker's approach to eyewear.

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• INVOcell Device: A medical device designed for intravaginal culture (IVC) that facilitates fertilization and early embryo development within a woman's body, serving as an alternative to traditional in vitro fertilization (IVF).
• Fertility Treatment Services: INVO Fertility provides reproductive healthcare services by enabling and supporting clinics that utilize its INVOcell system, offering a potentially more accessible and cost-effective path to conception for patients.

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INVO Fertility (symbol: IVF) primarily operates on a Business-to-Business (B2B) model, selling its INVOcell medical device and related services to healthcare providers and partners involved in fertility treatment.

According to its filings with the U.S. Securities and Exchange Commission (specifically its 10-K report), no single customer accounted for 10% or more of INVO Fertility's total revenue for the years ended December 31, 2023, and 2022. This indicates that the company has a diversified customer base rather than relying on a few dominant major customers, and therefore, specific names of "major customer companies" with significant individual revenue contribution are not publicly disclosed.

However, INVO Fertility's customer base consists of the following categories of organizations that adopt and offer the INVOcell treatment:

• Fertility Clinics: These are independent fertility centers and clinics that are part of larger regional or national networks. They directly purchase the INVOcell device to offer Intravaginal Culture (IVC) to their patients as an alternative or complement to traditional IVF.
• Fertility Clinic Networks and Strategic Partners: INVO Fertility collaborates with and sells to networks and groups of clinics to expand the adoption of INVOcell. A notable strategic partnership for market expansion is with IVF Centers of America (IVFCA), which aims to facilitate the integration of INVOcell across its network of affiliated clinics. IVF Centers of America is not a public company.
• International Distribution Partners: For sales outside the United States, INVO Fertility works with various third-party distributors. These distributors then sell the INVOcell device to local fertility clinics and healthcare providers within their respective territories. The specific names of these distributors are typically not highlighted as major individual customers.

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• Polyzen, Inc. (Private Company)

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Steven M. Shum, Chief Executive Officer

Steven M. Shum was appointed CEO in October 2019 and has served as a director since October 2017. He previously held the roles of Interim Chief Executive Officer (May 2019 - October 2019) and Chief Financial Officer of Eastside Distilling (Nasdaq: ESDI) (October 2015 - August 2019). Mr. Shum also served as an Officer and Director of XZERES Corp, a publicly traded global renewable energy company, from October 2008 to April 2015, where his roles included Chief Operating Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Chief Executive Officer, and President. He is the managing principal of Core Fund Management, LP and Fund Manager of Core Fund, LP. Mr. Shum founded Revere Data LLC (now part of Factset Research Systems, Inc.) and served as its Executive Vice President. He spent six years as an investment research analyst and portfolio manager of D.N.B. Capital Management, Inc. He holds a B.S. in Finance and a B.S. in General Management from Portland State University. He currently serves as a director of Expion360 (Nasdaq XPON) and CalEthos Inc. (OTC: GEDC).

Andrea Goren, Chief Financial Officer

Andrea Goren was appointed CFO in June 2021. From 2003 until 2021, Mr. Goren served as Managing Director and CFO of Phoenix Group, a private equity firm. In this capacity, he was CFO and a board member of iSign Solutions Inc. (ticker: ISGN) from 2011 to 2021, and also served on the board of Xplore Technologies Corp. (ticker: XPLR), which was acquired by Zebra Technologies in 2018.

April McGhee, Chief Operating Officer

April McGhee joined INVO Fertility in September 2022, bringing over 20 years of experience in the medical industry. She has held various leadership roles, including Director of Clinical Operations for multiple urgent care clinics, and was instrumental in opening the first Pulmonary Urgent Care facility in Oklahoma.

Bojan (Bo) Mitrovic, Chief Strategic Officer

Bojan (Bo) Mitrovic serves as the Chief Strategic Officer for INVO Fertility.

J. Chris Jensen, VP of Engineering, Quality and Regulatory Affairs

J. Chris Jensen joined INVO in 2020 as the Vice President of Quality and Regulatory Affairs. He possesses over 35 years of experience in the Medical Device industry, focusing on engineering, product safety, and compliance. For 19 years, he worked at CooperSurgical Inc., serving on both the Engineering and Regulatory Affairs teams, most recently as their Sr. Director of Regulatory Affairs and Compliance. Mr. Jensen holds a BS in Electrical Engineering and an MS in Biomedical Engineering from Rutgers University.

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Key Risks to INVO Fertility (IVF)

1. Significant Financial Risks: INVO Fertility faces substantial financial risks, including considerable indebtedness, accumulated net losses, and concerns about its ability to continue as a going concern. The company has reported a significant net loss and negative profitability ratios, indicating financial strain. There are ongoing challenges in generating sufficient cash flow and a consistent need for additional financing to meet liquidity needs and execute its business strategy.
2. Challenges with Acquisitions and Strategic Integration: The company has encountered difficulties with its acquisition strategies, notably with NAYA Therapeutics. This acquisition led to a significant non-cash impairment charge and a subsequent decision to divest a majority interest in NAYA to refocus on core fertility services. These events highlight risks associated with integrating acquired businesses, realizing expected benefits from strategic initiatives, and potential unanticipated liabilities.
3. Competitive and Regulatory Landscape: INVO Fertility operates in a highly competitive fertility market and is subject to stringent regulatory oversight. The complexities and costs associated with the FDA regulatory process for medical devices, along with adherence to healthcare fraud and abuse laws, pose ongoing risks. Additionally, changes in healthcare industry regulations and broader economic conditions could negatively impact the company's market position and revenue streams.

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INVO Fertility (Nasdaq: IVF) is strategically positioning itself for future revenue growth over the next 2-3 years through a multi-faceted approach, focusing on expanding its core fertility services and optimizing operations. Key drivers include:

1. Expansion through Acquisitions of Fertility Clinics: INVO Fertility views the acquisition of established, profitable fertility clinic operations as a primary growth strategy and the "fastest pathway to bring our overall operation to a profitable state." The successful integration of clinics, such as the Wisconsin Fertility Institute, has demonstrated a positive impact on both revenue and adjusted EBITDA, and the company remains "hyperfocused" on identifying additional acquisition targets.
2. Organic Growth at Existing Clinics: The company is actively implementing strategies and marketing programs to stimulate additional growth within its current clinic network. Management has indicated a commitment to accelerating organic growth at existing clinics, recognizing that facilities like the Wisconsin clinic still possess additional capacity.
3. Expansion of Service Offerings: INVO Fertility is diversifying its patient care services to attract a broader clientele and increase revenue per patient. Recent examples include the launch of telehealth capabilities and the introduction of Platelet-Rich Plasma (PRP) therapy at its Wisconsin clinic.
4. Leveraging Growing Demand for Assisted Reproductive Technologies (ART): The company anticipates benefiting from the increasing overall demand for fertility solutions and favorable policy shifts within the assisted reproductive technologies market. This macro trend is expected to drive industry growth, from which INVO Fertility aims to capitalize.
5. Strategic Focus on Core Fertility Operations: Following the divestiture of a majority stake in NAYA Therapeutics, INVO Fertility has reaffirmed its commitment to exclusively focusing on its core fertility operations. This strategic streamlining is intended to enhance operational efficiency and concentrate resources on the company's primary business, thereby supporting future revenue expansion.

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Share Repurchases

No significant share repurchases or authorizations were identified for INVO Fertility (IVF) over the last 3-5 years.

Share Issuance

• A 1-for-3 reverse stock split became effective on July 21, 2025, to meet Nasdaq's minimum bid price requirement, resulting in approximately 928,272 issued and outstanding common shares and 1,388,888 authorized shares.
• In July 2025, INVO Fertility issued Series C-2 Preferred Stock with a total stated value of $1.8 million as a result of inducement agreements, along with 630 new unregistered Series C-2 Preferred shares.
• An S-1 filing on October 14, 2025, registered up to 8,345,774 shares of common stock for resale by a major holder, with the company potentially receiving up to $344,000 if an Inducement Warrant is exercised, but not from the reseller transactions themselves.

Outbound Investments

• In October 2024, the company acquired a 100% interest in NAYA Therapeutics, Inc. (NTI), a clinical-stage oncology and autoimmune technology company.
• In May 2025, INVO Fertility divested an 80.1% ownership interest in NAYA Therapeutics to refocus exclusively on the fertility marketplace.
• On August 10, 2023, INVO Fertility completed the acquisition of the Wisconsin Fertility Institute (WFI), an existing IVF clinic.

Capital Expenditures

• A primary focus of capital expenditures has been on establishing, acquiring, and operating fertility clinics, including the acquisition of the Wisconsin Fertility Institute in August 2023 and the development of INVO Centers.
• Capital is also directed towards the sale and distribution of its INVOcell technology solution and its ongoing enhancement.
• Recent initiatives, such as the introduction of telehealth capabilities and Platelet-Rich Plasma therapy services in Wisconsin, were undertaken to expand market reach without requiring significant capital investment.