INVO Bioscience, Inc. announced on March 20 that it acquired Wisconsin Fertility Institute, a three-physician practice in Middleton, Wisconsin, for $10 million. The deal is expected to close during the second quarter of 2023.
The purchase price will be payable over a three-year period. There will be an initial $2.5 million due in cash at closing, with subsequent $2.5 million payments due annually for the following three years. Subsequent payments may be paid in cash or in shares of INVO common stock valued at $6.25, $9.09 and $14.29, for the second, third and final payments, respectively.
Wisconsin Fertility Institute primarily offers conventional IVF procedures. It generated approximately $5.5 million in revenue and net income of approximately $1.9 million for the trailing 12-month period ended September 30, 2022.
INVO Bioscience is a medical device company focused on commercializing the world’s only in vivo culture system, INVOcell, an affordable and effective infertility treatment. It was founded in 2007.
According to data captured in the LevinPro HC database, this acquisition marks the 112th Physician Medical Groups and the sixth OB/GYN transaction of the year. This transaction also marks INVO Bioscience’s first acquisition since it purchased a Canadian medical device company in 2021.
