NAYA Biosciences, Inc. (formerly INVO Bioscience, Inc.) reported significant financial developments in its latest 10-Q filing for the third quarter of 2024. The company, which specializes in life sciences with a focus on oncology, autoimmune diseases, and fertility treatments, experienced a notable increase in revenue primarily due to its acquisition of the Wisconsin Fertility Institute (WFI) in August 2023.
For the third quarter of 2024, total revenue reached approximately $1.4 million, a 47% increase from $974,894 in the same period of 2023. Year-to-date revenue for the first nine months of 2024 was approximately $4.8 million, up 196% from $1.6 million in the prior year, largely attributed to the WFI acquisition, which significantly expanded the company’s operational scale and revenue base.
Despite the revenue growth, NAYA reported a net loss of approximately $1.6 million for Q3 2024, compared to a loss of $1.2 million in Q3 2023. Year-to-date net losses decreased to approximately $5.5 million from $6.0 million in the same period last year. The company’s operating expenses also rose, totaling approximately $2.7 million for Q3 2024, up from $1.9 million in Q3 2023, reflecting the full integration of WFI's operations.
NAYA's total assets as of September 30, 2024, were approximately $17.0 million, down from $18.5 million at the end of 2023. Total liabilities decreased to approximately $17.0 million from $17.6 million, while total current liabilities increased to approximately $8.7 million from $8.0 million. The company reported a negative stockholders' equity of approximately $23,000, a decline from positive equity of approximately $892,000 at the end of 2023.
Cash and cash equivalents at the end of Q3 2024 were approximately $471,591, a decrease from $1.1 million a year earlier. The company utilized approximately $2.4 million in operating activities during the first nine months of 2024, a reduction from $4.0 million in the same period of 2023. Financing activities generated approximately $2.6 million in net proceeds, significantly lower than the $7.5 million raised in the first nine months of 2023.
Strategically, NAYA aims to expand its fertility services through additional acquisitions of established IVF clinics, leveraging its proprietary INVOcell technology, which offers a cost-effective alternative to traditional IVF. The company also completed a merger with Legacy NAYA on October 11, 2024, enhancing its focus on oncology and autoimmune diseases while maintaining its fertility services. This merger is expected to further strengthen NAYA's market position and operational capabilities.
About NAYA Biosciences, Inc.
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