INVO Fertility Shakes Up Leadership to Fuel Aggressive Growth Strategy

SARASOTA, Fla. – December 30, 2025 – INVO Fertility, Inc. announced a significant realignment of its executive team today, a strategic move designed to accelerate its expansion in the rapidly consolidating fertility services market. The Nasdaq-listed company (IVF) is sharpening its focus on acquiring and establishing new fertility clinics, betting on a new leadership structure to drive growth and steer it toward profitability.

In a key change, the company has appointed Terah Krigsvold, its controller since 2020, as the new chief financial officer. She replaces Andrea Goren, who transitions into the newly created roles of chief business officer and chief executive officer of INVO Centers LLC, the company's clinic-focused subsidiary. This shuffle places a seasoned executive with a history of complex transactions directly in charge of the company's primary growth engine: mergers and acquisitions.

A Strategic Pivot for Growth

The leadership restructuring is anything but a routine shuffle. It represents a deliberate effort to align executive expertise with the company's core strategic pillars. By promoting Krigsvold, an internal financial leader, INVO ensures continuity in its accounting and financial reporting. Simultaneously, it frees up Goren to concentrate exclusively on expanding the company’s physical footprint.

INVO CEO Steve Shum framed the move as a direct consequence of the executives' proven track records. “As we continue to grow our presence in the fertility sector and based on Terah and Andrea’s commitment, hard work and growth over the past five years, this realignment of roles strengthens our ability to execute our plan to grow the business and reach profitability,” Shum stated in the official announcement.

He emphasized Krigsvold’s readiness for the CFO role, noting, “This promotion is very well deserved and ensures continuity, as well as keeping our finance and accounting functions in a strong pair of hands.”

Shum highlighted Goren's extensive background in finance and acquisitions, which includes working on approximately $1 billion in transactions over her career, as the critical qualification for her new role. “Andrea is now able to focus more of his time on leading the execution of our primary growth strategy, acquisitions, and, in due course, new clinic launches,” Shum added. “Andrea is ideally suited to manage the negotiations and complex legal and diligence aspects of our acquisition and new clinic efforts.”

Navigating the Fertility Gold Rush

INVO's strategic pivot comes amid a period of intense activity and consolidation within the global assisted reproductive technology (ART) market. Valued at over $29 billion in 2024 and projected to grow at a compound annual rate of over 8%, the sector has become a hotbed for investment and M&A activity. Private equity firms and larger healthcare networks are increasingly acquiring smaller, independent clinics to achieve economies of scale, expand their geographic reach, and standardize care protocols.

This “fertility gold rush” is fueled by a confluence of factors, including rising infertility rates, a societal trend of delayed parenthood, and rapid technological advancements. INVO's strategy to build, acquire, and operate a network of clinics places it directly in the center of this competitive arena. By dedicating a C-suite executive solely to this task, the company signals its aggressive intent to become a significant player in the consolidation trend, rather than a target.

The company currently operates two of its flagship “INVO Centers” and one traditional in vitro fertilization (IVF) clinic in the United States. Goren's new mandate is to rapidly expand this portfolio, building a national brand in a fragmented market.

The Financial Tightrope of Expansion

While the market opportunity is significant, INVO's ambitious growth plan is set against a challenging financial backdrop. The company has demonstrated impressive top-line growth, with revenue increasing 116% in 2024 and organic growth hitting 23% in the third quarter of 2025. This growth has been driven by increased patient flow at its existing clinics in Georgia and Wisconsin.

However, this expansion has come at a cost. The company continues to operate at a net loss, which widened to $(2.6) million in Q3 2025 from $(1.6) million in the prior-year period. Furthermore, recent audit reports have included a “going concern” notice, a formal statement indicating substantial doubt about a company's ability to continue operations without securing additional funding or achieving profitability. This financial pressure underscores the critical importance of Goren's mission. The success of the acquisition strategy is not merely about growth; it is fundamental to the company’s long-term financial stability. Each acquisition must be accretive, contributing positively to the bottom line and moving the company closer to the profitability that has so far remained elusive.

A Bid to Democratize Care with INVOcell

Beyond its acquisition strategy, INVO Fertility’s other key differentiator is its proprietary INVOcell medical device. This technology enables intravaginal culture (IVC), a procedure where fertilization and early embryo development occur inside the woman’s body rather than in a laboratory incubator. The company markets this as a more connected, intimate, and—crucially—more affordable alternative to traditional IVF.

This focus on affordability directly targets a major barrier to care. With the cost of a single traditional IVF cycle often running into tens of thousands of dollars, many prospective parents are priced out of the market. By offering a potentially more cost-effective solution, INVO aims to tap into a vast, underserved patient population. The strategy appears to be gaining traction, with revenue from INVOcell device sales to third-party clinics growing 130% year-over-year in the most recent quarter. A recently allowed patent extension, protecting the technology through 2040, further strengthens its market position.

This dual approach—acquiring profitable traditional IVF clinics while also establishing INVO Centers dedicated to its unique, lower-cost technology—forms the crux of the company's plan. The executive realignment is the latest and most decisive step in executing this complex strategy, putting the pieces in place to simultaneously compete in the high-stakes M&A game and carve out a new niche in the market for accessible fertility care.