23% revenue growth, elimination of all Series C-2 Preferred Stock and warrant liabilities, and a strengthened balance sheet Growth reflects both organic clinic initiatives and acquisition contribution from Family Beginnings, reinforcing INVO's two primary growth avenues SARASOTA, Fla., June 22, 2026 (GLOBE NEWSWIRE) -- INVO Fertility, Inc. (Nasdaq: IVF) ("INVO Fertility" or the "Company"), a healthcare fertility company focused on the establishment, acquisition, and operation of fertility clinics and related businesses and technologies, today announced financial results for the first quarter ended March 31, 2026. Q1 2026 Financial Highlights (all metrics compared to Q1 2025 unless otherwise noted) Revenue was $2,015,225, an increase of 23% compared to $1,637,185. Consolidated clinic revenue increased 22% to $1,982,233, compared to $1,621,553. Net loss from continuing operations was $(5.5) million compared to $(1.5) million. The 2026 period included a $3.8 million non-cash loss on changes in fair value related to liability-classified warrants that were reclassified to equity during the quarter. Net loss was $(5.5) million compared to $(17.4) million. The prior-year period included a $15.9 million loss from discontinued operations related to NAYA Therapeutics. Adjusted EBITDA (see table included) was $(1.26) million compared to $(0.6) million, reflecting recent investments made in advance to support additional clinic expansion and overall future growth. Capital Structure and Balance Sheet Highlights Key balance sheet improvements: As of March 31, 2026, all Series C-2 Preferred Stock had been converted or retired, and warrant liabilities were eliminated. The Company ended the quarter with $0 of Series C-2 Preferred Stock and $0 of warrant liabilities, compared to $2.4 million and $1.9 million, respectively, at December 31, 2025. Substantially strengthened equity base: Stockholders' equity increased 108% to $15.0 million, or $9.16 per share, at March 31, 2026, compared to $7.2 million at December 31, 2025. Improved liquidity: Cash increased to $4.9 million at March 31, 2026, compared to $2.1 million at December 31, 2025 and $0.8 million at March 31, 2025. Reduced liabilities: Total liabilities decreased 26% to $9.6 million at March 31, 2026, compared to $13.0 million at December 31, 2025, while current liabilities decreased 39% to $6.4 million. Financing support for growth strategy: During Q1 2026, the Company received net proceeds of approximately $7.1 million from warrant exercises, a portion of which was used to satisfy approximately $2.0 million of deferred acquisition consideration related to the Wisconsin Fertility Institute acquisition and reduce debt. Share count clarity: As of June 22, 2026, the Company had 1,786,035 shares of common stock outstanding. Assuming the full exercise of all outstanding cash-exercisable warrants and options, and the conversion of all convertible debt, the Company’s fully diluted common shares outstanding would be approximately 4.85 million shares. Recent Highlights Revenue Growth Across the Clinic Platform: Q1 2026 revenue growth was driven by both organic clinic growth initiatives and the partial-quarter contribution from the acquisition of Family Beginnings P.C., underscoring INVO Fertility's two core growth pillars: expanding revenue within existing clinics and acquiring established fertility practices. Indiana Expansion: The Company completed the acquisition of Family Beginnings in February 2026, adding a fourth operational fertility clinic in the United States and expanding INVO Fertility's Midwest presence. Family Beginnings offers a comprehensive range of fertility services, including IVF and IVC, and was an early adopter of the Company's INVOcell solution. Operational Investments to Support Growth: During Q1 2026, the Company added personnel across operations, human resources, and finance intended to support further expansion of its fertility operations in 2026 through both organic growth and acquisitions. These investments had an impact on Q1 2026 Adjusted EBITDA, but are expected to support and drive future growth, operational improvements and greater scalability, which management believes can contribute to Adjusted EBITDA improvements throughout the year. Focused Fertility Strategy: Following the 2025 divestiture of a majority interest in NAYA Therapeutics, the first quarter of 2026 reflects a cleaner reporting period without losses from discontinued operations, providing investors with a clearer view of the Company's fertility-focused operating platform. Expanded Operating Platform: With four fertility clinics in the United States and ongoing INVOcell commercialization through third-party clinics, INVO Fertility remains focused on building scale in fertility services while continuing to pursue innovative technologies that can benefit patients and enhance clinic operations. Strategic Outlook The first quarter of 2026 represented an important inflection point for I