Revenue growth remains highly inconsistent, ranging from a 6.1% contraction in 2025Q4 to a 47.0% expansion in 2024Q3, while operating margins have consistently failed to reach profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 7.22M | 6.84M | 6.53M | 3.02M | 822.2K | 4.16M | 1.04M | 1.48M | 494.38K | 282.14K | 50.9K | 11.69K | 16.59K | 27.06K | 56.38K | 71.5K | 67.65K | 63.2K | 37.99K | 0 | 0 |
| Revenue Growth % | 9.5% | 4.73% | 116.25% | 267.38% | -80.24% | 301.06% | -29.92% | 199.41% | 75.22% | 454.3% | 335.46% | -29.53% | -38.71% | -52% | -21.15% | 5.7% | 7.03% | 66.35% | - | - | - |
| Cost of Goods Sold | 4.56M | 4.31M | 3.66M | 1.93M | 850.77K | 145.05K | 88.76K | 139.67K | 90.37K | 51.95K | 15.09K | 7.81K | 7.68K | 10.58K | 20.88K | 17.91K | 21.83K | 41.39K | 10.09K | 6.15K | 0 |
| COGS % of Revenue | - | 63.04% | 56% | 64.04% | 103.48% | 3.49% | 8.56% | 9.44% | 18.28% | 18.41% | 29.65% | 66.81% | 46.31% | 39.11% | 37.04% | 25.05% | 32.27% | 65.49% | 26.55% | - | - |
| Gross Profit | 2.66M | 2.53M | 2.87M | 1.09M | -28.57K | 4.02M | 948.53K | 1.34M | 404.01K | 230.19K | 35.81K | 3.88K | 8.91K | 16.48K | 35.5K | 53.59K | 45.82K | 21.81K | 27.91K | -6.15K | 0 |
| Gross Margin % | 36.9% | 36.96% | 44% | 35.96% | -3.48% | 96.51% | 91.44% | 90.56% | 81.72% | 81.59% | 70.35% | 33.18% | 53.69% | 60.89% | 62.96% | 74.95% | 67.73% | 34.51% | 73.45% | - | - |
| Gross Profit Growth % | - | -12.03% | 164.63% | 3901.14% | -100.71% | 323.3% | -29.24% | 231.81% | 75.51% | 542.87% | 823.1% | -56.45% | -45.96% | -53.58% | -33.76% | 16.96% | 110.07% | -21.84% | 553.62% | - | - |
| Operating Expenses | 8.9M | 8.37M | 11M | 7.65M | 10.6M | 9.23M | 6.46M | 3.13M | 3.04M | 870.61K | 2.15M | 598.95K | 1.69M | 621.71K | 587.8K | 756.72K | 1.56M | 1.86M | 1.89M | 204.37K | 7.6K |
| OpEx % of Revenue | - | 122.32% | 168.4% | 253.34% | 1288.98% | 221.91% | 623.12% | 211.36% | 614.53% | 308.57% | 4216.46% | 5124.07% | 10184.97% | 2297.28% | 1042.62% | 1058.3% | 2307.83% | 2950.1% | 4972.67% | - | - |
| Selling, General & Admin | 8.31M | 7.69M | 9.08M | 7.49M | 9.98M | 9.02M | 6.07M | 3.13M | 3.04M | 870.61K | 2.15M | 598.95K | 1.69M | 621.71K | 587.8K | 756.72K | 1.56M | 1.86M | 1.84M | 171.02K | 7.6K |
| SG&A % of Revenue | - | 112.42% | 138.99% | 247.85% | 1213.4% | 216.7% | 584.71% | 211.36% | 614.53% | 308.57% | 4216.46% | 5124.07% | 10184.97% | 2297.28% | 1042.62% | 1058.3% | 2307.83% | 2938% | 4836.44% | - | - |
| Research & Development | 0 | 0 | 489.66K | 165.94K | 544.04K | 216.43K | 398.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.65K | 51.76K | 33.35K | 0 |
| R&D % of Revenue | - | - | 7.5% | 5.49% | 66.17% | 5.2% | 38.41% | - | - | - | - | - | - | - | - | - | - | 12.1% | 136.23% | - | - |
| Other Operating Expenses | 585.6K | 677.36K | 1.43M | 200.89K | 77.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.23M | -5.84M | -8.13M | -6.77M | -10.63M | -5.22M | -5.51M | -1.79M | -2.63M | -640.42K | -2.11M | -595.07K | -1.68M | -605.23K | -552.3K | -703.13K | -1.52M | -1.84M | -1.86M | -210.52K | -7.6K |
| Operating Margin % | -86.32% | -85.36% | -124.4% | -224.04% | -1292.45% | -125.39% | -531.67% | -120.8% | -532.81% | -226.98% | -4146.12% | -5090.89% | -10131.28% | -2236.39% | -979.65% | -983.35% | -2240.1% | -2915.59% | -4899.22% | - | - |
| Operating Income Growth % | - | 28.13% | -20.07% | 36.32% | -103.71% | 5.41% | -208.43% | 32.12% | -311.3% | 69.65% | -254.65% | 64.59% | -177.67% | -9.58% | 21.45% | 53.6% | 17.76% | 1.01% | -784.22% | -2669.27% | - |
| EBITDA | -5.65M | -5.16M | -7.21M | -6.57M | -10.55M | -5.05M | -5.48M | -1.76M | -2.63M | -637.61K | -2.11M | -589.44K | -1.67M | -593.72K | -540.79K | -681.77K | -1.5M | -1.83M | -1.85M | -204.37K | -7.39K |
| EBITDA Margin % | -78.2% | -75.46% | -110.32% | -217.38% | -1283.05% | -121.4% | -528.35% | -119.09% | -531.76% | -225.99% | -4142.43% | -5042.7% | -10067.79% | -2193.86% | -959.24% | -953.49% | -2219.34% | -2893.37% | -4879.46% | - | - |
| EBITDA Growth % | 35.21% | 28.36% | -9.74% | 37.76% | -108.88% | 7.85% | -210.91% | 32.95% | -312.3% | 69.76% | -257.72% | 64.71% | -181.28% | -9.79% | 20.68% | 54.59% | 17.9% | 1.36% | -807.16% | -2666.96% | - |
| D&A (Non-Cash Add-back) | 585.6K | 677.36K | 919.6K | 200.89K | 77.3K | 166.08K | 34.48K | 25.35K | 5.19K | 2.81K | 1.88K | 5.63K | 10.53K | 11.51K | 11.51K | 21.35K | 14.04K | 14.04K | 7.51K | 6.15K | 216 |
| EBIT | -8.36M | -4.18M | -8.06M | -7.08M | -10.83M | -5.38M | -5.51M | -1.79M | -2.63M | -681.29K | -2.11M | -4.93M | -1.68M | -708.78K | -573.54K | -641.75K | 309.57K | -1.34M | -1.86M | -210.52K | -7.39K |
| Net Interest Income | -1.17M | -1.3M | -1.06M | -925.91K | -59.14K | -1.26M | -2.83M | -379.02K | -442.03K | -20.87K | -13.84K | -32.02K | -51.9K | -51.9K | -92.91K | -155.72K | -463K | -3.33M | -11.95K | -3.57K | 216 |
| Interest Income | 0 | 0 | 0 | 0 | 308 | 3.66K | 4.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216 |
| Interest Expense | 1.17M | 1.3M | 1.06M | 925.91K | 59.45K | 1.27M | 2.84M | 379.02K | 442.03K | 20.87K | 13.84K | 32.02K | 51.9K | 51.9K | 92.91K | 155.72K | 463K | 3.33M | 11.95K | 3.57K | 0 |
| Other Income/Expense | -3.3M | 353.66K | -993.25K | -1.24M | -263.16K | -1.43M | -2.83M | -379.02K | -442.03K | -61.74K | -13.84K | -4.36M | -51.9K | -155.45K | -114.16K | -94.34K | 1.36M | -2.82M | -11.95K | -3.57K | 216 |
| Pretax Income | -9.53M | -5.49M | -9.12M | -8.01M | -10.89M | -6.65M | -8.35M | -2.17M | -3.08M | -702.16K | -2.12M | -4.96M | -1.73M | -760.68K | -666.45K | -797.47K | -153.43K | -4.66M | -1.87M | -214.09K | -7.39K |
| Pretax Margin % | -132.05% | -80.2% | -139.6% | -265.08% | -1324.46% | -159.86% | -804.72% | -146.41% | -622.22% | -248.87% | -4173.3% | -42426.61% | -10444.13% | -2810.77% | -1182.14% | -1115.3% | -226.81% | -7375.39% | -4930.66% | - | - |
| Income Tax | -150.37K | -150.37K | -22.91K | 27.79K | 2.87K | 4.76K | 36 | 433 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 1.58% | 2.74% | 0.25% | -0.35% | -0.03% | -0.07% | -0% | -0.02% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -11.46M | -23.32M | -9.1M | -8.03M | -10.89M | -6.65M | -8.35M | -2.17M | -3.08M | -702.16K | -2.12M | -4.96M | -1.73M | -760.68K | -666.45K | -797.47K | -153.43K | -4.66M | -1.87M | -214.09K | -7.39K |
| Net Margin % | -158.72% | -340.92% | -139.25% | -266% | -1324.81% | -159.97% | -804.73% | -146.43% | -622.22% | -248.87% | -4173.3% | -42426.61% | -10444.13% | -2810.77% | -1182.14% | -1115.3% | -226.81% | -7375.39% | -4930.66% | - | - |
| Net Income Growth % | 53.99% | -156.41% | -13.21% | 26.24% | -63.68% | 20.27% | -285.1% | 29.54% | -338.09% | 66.95% | 57.17% | -186.25% | -127.75% | -14.14% | 16.43% | -419.76% | 96.71% | -148.82% | -775.06% | -2798.58% | - |
| Net Income (Continuing) | -9.38M | -5.34M | -9.1M | -8.03M | -10.89M | -6.65M | -8.35M | -2.17M | -3.08M | -702.16K | -2.12M | -4.96M | -1.73M | -760.68K | -666.45K | -797.47K | -153.43K | -4.66M | -1.87M | -214.09K | -7.39K |
| Discontinued Operations | -1000K | -17.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.00 | -66.11 | -219.56 | -489.96 | -1570.91 | -1099.64 | -9.21 | -2.69 | -3.87 | -0.96 | -2.93 | -7.02 | -4.05 | -1.78 | -1.55 | -1.86 | -4.65 | -16.48 | -9.70 | 0.00 | 0.00 |
| EPS Growth % | 87.14% | 69.89% | 55.19% | 68.81% | -42.86% | -11836.84% | -242.73% | 30.49% | -303.8% | 67.32% | 58.23% | -73.41% | -127.82% | -14.23% | 16.45% | 60.03% | 71.76% | -70% | - | - | - |
| EPS (Basic) | - | -214.64 | -219.56 | -489.96 | -1570.91 | -1099.64 | -9.21 | -2.69 | -3.87 | -0.96 | -2.93 | -7.02 | -4.05 | -1.78 | -1.55 | -1.86 | -0.39 | -16.48 | -9.70 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 1.64M | 117.08K | 42.56K | 16.4K | 6.94K | 6.09K | 905.8K | 806K | 795.57K | 732.87K | 724.95K | 706.85K | 428.36K | 428.36K | 428.36K | 428.36K | 327.42K | 282.23K | 189.19K | 22.19K | 15.86K |
| Basic Shares Outstanding | 1.64M | 117.08K | 42.56K | 16.4K | 6.94K | 6.09K | 905.8K | 806K | 795.57K | 732.87K | 724.95K | 706.85K | 428.36K | 428.36K | 428.36K | 428.36K | 327.42K | 282.23K | 189.19K | 22.19K | 15.86K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unsustainable cash burn rate
As reported in recent financial filings, INVO Fertility's quarterly revenue growth has fluctuated significantly, ranging from a 6.1% contraction in 2025Q4 to a 47.0% expansion in 2024Q3, suggesting that the company's top-line performance remains highly sensitive to episodic clinical throughput rather than consistent, scalable organic demand.
The volatility in revenue growth highlights the challenges of relying on a hybrid model of medical device sales and direct clinical services. Investors should monitor whether the recent expansion into oncology assets is intended to diversify these revenue streams or if it merely introduces further unpredictability into the top-line trajectory.
Based on the company's reported figures, gross margins have remained trapped in a narrow 31.0% to 53.1% range, which appears insufficient to cover the high fixed-cost base required to operate specialized fertility centers while simultaneously funding early-stage research and development initiatives.
The inability to consistently expand gross margins suggests that the cost of clinical labor and specialized consumables is scaling linearly with revenue, preventing the realization of meaningful operating leverage. This margin profile warrants further investigation into whether the company's core fertility business can ever achieve the economies of scale necessary for profitability.
According to the provided income statement data, operating losses have persisted across all ten observed quarters, with operating margins frequently dipping below -80%, indicating that the company has yet to demonstrate the ability to scale its revenue base faster than its underlying operating expenses.
The persistent gap between gross profit and operating income suggests that SG&A expenses are disproportionately high relative to the current revenue volume. This structure implies that the company is currently operating in a state of negative operating leverage, where every incremental dollar of revenue is insufficient to offset the fixed overhead of its clinical footprint.
As evidenced by the extreme swings in net income, including a 126.9% net margin in 2025Q4 followed by a -150.5% margin in 2025Q3, the company's bottom-line results appear heavily influenced by non-operating items and potentially volatile accounting adjustments rather than core operational performance.
The presence of significant stock-based compensation, which reached as high as $1.1M in a single quarter, suggests that reported EPS figures may not accurately reflect the cash-generating capacity of the business. Investors should be cautious of these non-cash charges, as they may be masking the true extent of the company's ongoing cash burn.
Based on the reported financial statements, the company's net margin of -340.92% highlights a severe misalignment between current revenue generation and the capital required to sustain its dual-focus strategy, raising significant questions regarding the long-term viability of the current business model without further dilutive financing.
Short-term observers may focus on the risk that the company's pivot into oncology and autoimmune assets will accelerate cash depletion before the core fertility business reaches a breakeven point. This strategy appears to increase the company's risk profile, as it requires simultaneous execution in two distinct and capital-intensive medical sectors.
Quick answers to the most common questions about buying IVF stock.
For fiscal year 2025, INVO Fertility, Inc. (IVF) reported total revenue of $6.8M.
INVO Fertility, Inc. (IVF) reported a net loss of $23.3M for the fiscal year ending 2025.
INVO Fertility, Inc. (IVF) reported an operating income of $-5.8M, resulting in an operating profit margin of -85.4%. This margin reflects the operational efficiency of the business before interest and taxes.
INVO Fertility, Inc. (IVF) generated $2.5M in gross profit for the year, representing a gross profit margin of 37.0%. This demonstrates the company's core pricing power and production efficiency.