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Invitae Sells $10M in Assets to Natera, But Can’t Shrink $1B Debt Before Ch. 11 Bankruptcy

The company will auction off the rest of its assets under court’s supervision.

The content and themes expressed within the article are that of the news. The advertiser does not have editorial control over the content of this article, and Inside Reproductive Health maintains full editorial independence. The views and opinions expressed in this article do not represent the views of the Advertiser or of Inside Reproductive Health.

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BY Rosemary Scott

On Feb. 13, genetic testing company Invitae Corporation announced it had filed for Chapter 11 bankruptcy protection in New Jersey. 

At the time of the filing, the company had assets worth $500 million to $1 billion and debts of $1 billion to $10 billion. Invitae stated in the filing it plans to auction its assets under the court’s supervision.

On Jan. 22, Invitae announced it had sold its reproductive health assets, which include carrier screening and non-invasive prenatal screening, to genetic testing company Natera for $10 million upfront and up to $42.5 million in milestone payments and litigation credits. Weeks later, on Feb. 5, the Wall Street Journal reported Invitae would likely file for bankruptcy soon, citing anonymous sources familiar with the matter. 

The same day the WSJ article was published, Invitae’s stock dropped over 75% to about $0.10 per share. 

From the time of its launch, Invitae’s stock remained steady for years, hitting a high of about $55 per share in December 2020. Ever since, the stock has been on the decline, trading for less than $1.00 a share since August 2023. This prompted a warning from the New York Stock Exchange in September that the company may soon be removed from the exchange. 

Invitae offered its line of genetic carrier screening tests in the following areas: oncology, women's health, pediatric & rare diseases, cardiology and neurology. According to Invitae’s Q3 2023 earnings report, the company served 4.4 million patients over the quarter, with oncology generating the most revenue ($62 million), followed by women’s health ($27 million). 

Was Invitae’s Business Model Too Good to be True?

Launched in 2018, Invitae stated the tests provide “affordable, accessible information on genetic changes that pose a risk for parents of having a child with an inherited genetic disorder.” 

David Sher, founder and CEO of global fertility agency Elite IVF, told Inside Reproductive Health that Invitae’s average test price was about $200, versus about $1000 per test from some competitors.

As a former customer of Invitae, Sher was disappointed to hear of Invitae’s bankruptcy filing. Sher said the company’s low price allowed genetic testing to be more accessible for his patients. Now that the company is no more, Sher believes the rise in cost could keep many of his patients from being able to afford the service. 

“Invitae changed the way the world looks at testing,” Sher said. “Testing became more standardized as a result of its accessibility, and I wonder what’s going to happen now.” 

The business model and price point drove millions in annual sales for Invitae–in its 2022 full year financial report, the company reported $516 million in revenue, a 12% increase from the year prior. Still, the revenue couldn’t keep up with the money Invitae was spending. Despite a restructuring effort put in place by a new CEO that included laying off over 1,000 employees in July 2022, it lost over $654.4 million between Q3 of 2022 and the year before due to its total expenses of $1.3 billion. 

Additionally, with more than $1 billion of debt, interest payments may have been too high to maintain, and a loan would likely share a similarly high interest rate, given the company’s income to debt ratio at the time of the filing.

“As a customer of theirs, I was astonished by their excellent offering and their service–it was amazing,” Sher said. “I thought it was almost too good to be true, and unfortunately, it seems like it was.”

The content and themes expressed within the article are that of the news. The advertiser does not have editorial control over the content of this article, and Inside Reproductive Health maintains full editorial independence. The views and opinions expressed in this article do not represent the views of the Advertiser or of Inside Reproductive Health.

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IVF centers moving from “pay per treatment” to “pay for baby” model

,

Fertility clinic pricing strategies enter a new era with assistance from AI company 

This News Digest Story is paid featured content. The advertiser has had editorial input and control over its creation. However, the views and opinions expressed in this article do not necessarily represent the views of Inside Reproductive Health. The sponsorship of this content does not imply an endorsement by Inside Reproductive Health.

This News Digest Is Paid Sponsored Content From
AIVF™

 
 

BY NATASHA SPENCER-JOLLIFFE

With the prominence of sophisticated artificial intelligence (AI) systems like AIVF’s EMA progressing the fertility industry from standardization to personalization, fertility clinics can shift to a “pay for baby model” over the traditional “pay per treatment” pricing structure.

Today’s fertility industry has struggled to keep up with treatment demands. In the US, clinics are only serving 20% of the need for IVF, leaving 80% of patients giving up on starting the process of having a child, Daniella Gilboa, CEO and co-founder of AIVF, conveyed. 

However, as AI-powered scoring systems, such as AIVF’s EMA, lower uncertainties, expedite embryo evaluation, and provide clear, accurate information, clinics now have the potential to meet this demand. Clinics utilizing AIVF’s software have seen a 30% increase in success rates, Gilboa said in a July 2023 New York post article.

Non-invasive AI systems analyze multiple parameters that, when put together, give much more predictive information about embryo development. 

The in-depth operating systems help doctors understand implantation failures and multiple failed cycles. 

“The timing of the cell divisions, the evenness of the cell divisions and the amount fragmentation of certain features will give us ideas as to the embryo’s true quality and genetic potential,” Dr Conor Harrity, Consultant Gynecologist and Subspecialist in Reproductive Medicine at Rotunda and Beaumont hospitals in Dublin, Ireland, told Inside Reproductive Health. 

Predictive power

Dr. Harrity sought a non-invasive tool that would provide more information on blastocysts than standard morphology. “AIVF stands out because it gives us much more information about the potential of the embryo without the need to biopsy the embryo with the extra risk of embryo damage or the extra cost involved with preimplantation genetic testing technology (PGT),” said Dr. Harrity.

“If the embryo is not good enough, you can modify and personalize the regime,” said Dr Harrity. Therefore, AIVF helps clinicians identify scenarios where good embryos haven’t worked, and they need to modify the transfer regime. With AI scoring, the tool also lets clinicians see that embryos they thought were good morphologically weren’t as good as they had thought. 

“AIVF gives more confidence to both the doctor and the patient about how to shorten their journey to either success or to knowing why it’s not working, and then changing tack and doing something that will help them succeed,” said Dr. David Walsh, Director of FirstIVF.

The use of AI and tools like AIVF indicate a move to a 'pay per baby' pricing model over a 'pay per treatment' model, Walsh confirmed. “The closer you can get to a higher probability of outcome and shared risk between the fertility clinic and patient, the more likely we are to see the move to a ‘pay per baby model”, Walsh said. 

Due to its expense, clinics cannot afford to return this cost to patients, Walsh said, if treatment does not result in pregnancy. “Anything that gets closer to the prediction of outcome allows clinics to make calculated outcomes, therefore increasing their predictive power”. 

Time-lapse capabilities 

Progressing beyond PGT, AIVF enables retrospective use by recording time-lapse videos. Over the past year, Dr. Harrity confirmed that the industry has started to see instances where it has been very useful to look retrospectively at embryos and learn more about previous failed transfers.

AIVF’s EMA uses time-lapse monitoring to understand an embryo’s development. Several cameras record the embryo to give a multi-dimensional view of the embryo’s growth. The system shows how the embryo divides from a single cell into multiple cells until it forms a blastocyst.

Rather than just using snapshots at certain points of development, embryologists continuously monitor the embryo’s growth over five to six days until it reaches the blastocyst stage, providing much more information.

Non-clinical benefits

EMA’s automated embryo evaluation and quality scoring modules (AIVF Day-3, AIVF Day-5 and AIVF Genetics) automate the embryo evaluation process, entirely replacing manual steps, such as visual inspections, morphokinetic and morphological annotations, and manual data recording and transfer into the electronic medical record (EMR). 

The integrated system directly transfers all embryo evaluations and scores from the time-lapse incubator to the EMR through the EMA platform, eliminating redundant data recording and transfer between multiple operating systems within the IVF laboratory. “It is documented in the patient’s information record, another data point,” said Walsh.

A 2023 research study found the average manual evaluation and recording time without and with EMA was 3.1 minutes versus 30.9 seconds per embryo, respectively. Overall, using AIVF reduces the average embryo evaluation time per cycle by 83%, a case study on efficiency revealed.

By utilizing EMA's automated messaging dashboard, IVF analytics tool, and laboratory documentation for performance monitoring and calculation, clinics can also lower administrative time for each cycle from 9.0 hours to just 5.58 hours, a 38% reduction. (1)

AIVF audits field transfers; offering information about embryos that did not implant.

Developers are adding features to AVIF’s time-lapsed five-minute videos to increase predictive power. Standing out in a way that isn’t true for all other non-invasive programmes, Walsh said, “AIVF is constantly learning, so it is getting better over time”.

“The big thing about non-invasive testing is that it can become universal,” said Walsh. It is accessible to everybody going through a fertility lab because it is relatively low cost, particularly compared to genetic testing. As long as the information is stored securely, non-invasive testing enables clinicians to look back in time and use it in the future. Clinicians can receive that information and run the data. “It’s eternal,” said Walsh.

While a move to subscription pricing models is uncertain at the moment, Walsh said, “clinics may justify this move based on confidence and outcomes”. He said confidence in AI technology like AIVF and its outcomes will help clinics move to different financial models, with ‘pay for baby’ treatment a permissible and viable alternative to the 'pay for baby' treatment option.

(1) Validated by AIVF partners. Internal data on file

This News Digest Story is paid featured content. The advertiser has had editorial input and control over its creation. However, the views and opinions expressed in this article do not necessarily represent the views of Inside Reproductive Health. The sponsorship of this content does not imply an endorsement by Inside Reproductive Health.

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Washington Post Describes Unbridled Price Hikes For Cryostorage

Industry Experts Predict Steadier Market

 

BY: MEG ST-ESPRIT

There is recent speculation in the media that cryostorage prices are rising. A May 2023 article in The Washington Post noted a 40 percent increase in storage prices in a single year, though they did not cite a source for the statistic.

Inside Reproductive Health was unable to independently verify that statistic. Patients interviewed for the article reported feeling “stuck” or forced to make decisions about storing their genetic material while concerned that the price of cryostorage in the United States will rise.

Within the reproductive health industry, there are less clear-cut answers on pricing trends. 

Are cryostorage prices in the United States actually rising?

Hard data about how much prices have risen remains scarce, though patients report receiving notifications of increases to their monthly or yearly storage bills. 

Eric Widra, chief medical officer at Shady Grove Fertility, was interviewed by the Post. He declined to comment on national pricing trends at this time. Other cryostorage facilities do not expect to raise their prices anytime soon. 

Pete Anevski, CEO of Progyny, expects costs to remain stable for patients. “We can confidently say that costs for our members will not be going up – this includes overall costs and the costs directly associated with tissue freezing and storage” he said in an email.

He added that their pricing structure does not vary depending on the genetic material being stored.

Inside Reproductive Health did reach out to Luis Fernandez, partner at Red Barn Equity Partners, the investor-operator of ReproTech, for commentary on cryostorage pricing trends. Mr. Fernandez did state he would provide commentary but did not respond by publication deadline.

At TMRW Life Sciences, Chief Impact Officer Linsday Beck said that while most of their business is providing B2B storage to fertility clinics, they do have a small sector of their business that offers direct-to-consumer storage options. In both their DTC and B2B sectors, Beck said TMRW Life Sciences has not increased prices in the last year.

She said for the clinics they work directly with they have also not instituted any significant change in pricing structure at this time. “We have not increased our pricing due to inflation, but it's sort of a different beast.” she said in an interview. “We're not an apples-to-apples [comparison] with fertility clinics.” 

What are the barriers to reducing cryostorage costs? 

Dr. Widra cited several reasons via email that clinics may be paying more to store eggs and embryos — a cost that could be passed down to consumers.

The price of hardware such as tanks and monitoring devices as well as square footage to store them in is subject to inflation, like any consumer good. Supplies such as liquid nitrogen as well as electronic monitoring equipment to reduce the risk of tank failure are also expensive, he says. “Liability insurance costs have risen in the wake of the recent tank failures,” he adds.

A 2021 settlement in California awarded patients $15 million in damages after a major storage failure destroyed thousands of samples of genetic material. 

Beck said Many clinics, she said, use a manual system. “It's handwritten labels; it's manually filling in the tag. There is manual inventory. Information is written down either in a binder or an Excel spreadsheet.” This process, she said, is very human-labor intensive.”

As the demand for cryostorage increases, Beck said the best way to keep storage affordable to patients is to automate it. Not only does it reduce labor costs for clinics, it reduces that risk of failure Widra cited. “Robots reduce potential points of failure by 94%. So it's a far better system for a similar price,” she said.” 

Beck noted that cryostorage is not marked up as much as other medical procedures, but due to lack of insurance coverage the cost is largely covered by patients — including unexpected increases.

Despite industry efforts to keep costs low, any increases are passed along to consumers. “So for the patient it does feel expensive,” said Beck. “I think there's a really important perspective to consider.”

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health.

 
 

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External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

Three New Fertility Network CEOs And What They Have Done In Their First Calendar Year

Francisco Lobbosco of Future Life, Beth Zoneraich of Pinnacle and Richard Jennings of US Fertility

 

BY: RON SHINKMAN


Since being named group CEO of FutureLife in April, Francisco Lobbosco has been visiting every clinic in the company’s network. There are 44 in all, including 16 in the Czech Republic, where FutureLife is based. Lobbosco says he is traveling two to three days a week to visit all the locations. They include company-owned sites in Slovakia, the United Kingdom, Ireland, Spain, Romania, the Netherlands and Italy, along with affiliated clinics in Finland and Estonia.

Lobbosco says in an email that the visits are part of a steep learning curve in his new job that has “allowed me to immerse myself in the unique dynamics of each clinic, gain firsthand insights into the challenges and opportunities they face, and develop a strong rapport with the dedicated teams.”

Lobbosco is one of three new CEOs named to major fertility companies in recent months. They also include Beth Zoneraich, named CEO of Florida-based Pinnacle Fertility in late March, and Richard Jennings, CEO of Maryland-based U.S. Fertility, in January.

All three companies are completely or mostly financed by venture capital firms. CVC Capital and Hartenberg Holding back FutureLife; Pinnacle is held by Webster Equity Partners and Amulet Capital backs US Fertility.

Francisco Lobbosco, FutureLife 

Of the three CEOs, Lobbosco had the most circuitous journey to the top job. An Argentinean by birth whose family relocated to Italy when he was an adolescent, Lobbosco was serving as chief operating officer for AniCura, a chain of veterinary hospitals and clinics, when he was contacted by a recruiter. Prior to AniCura, Lobbosco had been in senior positions with GrandVision and Vission Express, two European eyewear chains.

“The initial contact came as a surprise since I was content in my prior position,” Lobbosco says, but the top job resonated with him. He went through several rounds of interviews with the FutureLife board before being offered the position. He replaced Matěj Stejskal, who remains on the board of directors and is overseeing FutureLife’s mergers and acquisitions. Lobbosco relocated his family from the Netherlands to the Czech Republic for the new job.

He adds the experience in both the veterinary and vision worlds helped him with the transition.

“They provide a deep understanding of complex healthcare industries and regulatory compliance, which translate well into reproductive medicine,” he says.

Aside from visiting the various clinical sites, Lobbosco notes that the company is expanding. “We have been actively hiring more professionals to support our clinics and strengthen our team,” although he did not provide specific details on the new hires.

Beth Zoneraich, Pinnacle

Zoneraich joined Pinnacle as its chief operating officer in October 2021, after it acquired Advanced Fertility Care, the company she co-founded and served as CEO since 2005. She replaced Andrew Mintz, an executive whose primary expertise was in general medical group and hospital operations and was in the top job exactly a year. Mintz is now the CEO of a dental network.

Richard Groberg, who heads a consulting firm that works closely with companies in the fertility sector, says the changing of the guard at Pinnacle was sudden. He suggests that it likely took Zoneraich by surprise.

Zoneraich initially agreed to answer written questions, but had a change of heart after they were submitted. A spokesperson said Zoneraich was “finalizing a large partnership” and was unavailable.

Groberg says Zoneraich has been particularly aggressive regarding mergers and acquisitions since she became CEO.

“She’s made extraordinary progress in a very short period of time,” says Groberg, who represents several companies that have been in talks with Pinnacle. “I’ve had nothing but good experiences.” He adds that issues with absorbing some of Pinnacle’s acquisitions prior to Zoneraich’s elevation have also been resolved. 

Zoneraich recently worked out a deal with TMRW for Pinnacle’s frozen egg and embryo storage, according to a TMRW press release.

Richard Jennings

Jennings was eased into his new job. U.S. Fertility named him to its board of directors last September, and also announced that he would become CEO on Jan. 1. He replaced Mark Segal, who had guided U.S. Fertility’s largest practice group, Shady Grove Fertility, since the 1990s. Segal was promoted to chairman of the U.S. Fertility board. Jennings was previously CEO of Generate Life Sciences and a board member of Gallant Therapeutics. He also held the top job at California Cryobank Life Sciences and MediScan Diagnostics.

Groberg says the appointment of Jennings was due to its top leadership wanting to transition into less strenuous roles. 

Jennings and US Fertility have also been busy during his first five months at the reins. In March, the company agreed to acquire Ovation Fertility, a deal that was finalized late last month, creating a powerhouse with nearly 100 clinics and 28 laboratories. It also recently opened up its network of clinics to members of the Stork Club. And the company has also launched partnerships with two professional women soccer teams: Gotham FC and the Washington Spirit of the National Women’s Soccer League.

Jennings did not respond to a request for an interview. 

Different Jobs, Different Situations

Groberg notes that although three major players in the fertility field have changed out their leadership in just a span of four months this year, it is not an indication of greater turmoil in the sector as a whole.

“These are three jobs – and three very different situations,” he says.


The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health.

Amplification

Amplification from Three New Fertility Network CEOs And What They Have Done In Their First Calendar Year on 6/15/2023,

Original sentence:

Richard Groberg, who heads a consulting firm that works closely with companies in the fertility sector, says the changing of the guard at Pinnacle was sudden. He suggests that it likely took Zoneraich by surprise.

Amplification: The quote that the sentence referred to was 

"When they first bought her practice, my understanding is that she was going to have a role, but there was no intention of her being CEO, nor did she intend to be CEO, but I don't know the inner details about what happened".

 
 

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External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

How Spring Fertility Became a Bi-Coastal IVF Player in Seven Years

It started with 13 employees in 2016. Now it has 300.

 

BY: RON SHINKMAN

In just seven years, Spring Fertility grew from a partnership of two physicians to a bicoastal business with seven clinics and hundreds of employees.

The San Francisco-based Spring Fertility’s two co-founders –

Nam Tran, M.D. and Peter Klatsky, M.D. were its only doctors when the practice opened in 2016. Despite their geographical separation – Klatsky began working from Spring’s offices in midtown New York City in 2019 while Tran’s office remained in the Bay Area – they have been extremely successful in continuing to grow their practice. Spring Fertility started with 13 employees just seven years ago. It just hit the 300-employee mark, according to Vice President of Marketing Meghan Dwyer.

Tran and Klatsky met during their residencies at the University of California at San Francisco in the mid-aughts and became fast friends, often sharing hotel rooms at academic conferences.

“We both wanted to make a difference in the field. We thought that the best way to do that initially was being in academic medicine,” Klatsky recalls of that time. Tran was unavailable for an interview.

But sometime after Tran and Klatsky joined the faculties at UCSF and the Albert Einstein College of Medicine in New York City, respectively, they realized they were on the outside looking in.

“Once we were out of our fellowships and in academic roles, we noticed that the big changes in our field were coming from the private sector, and that’s where the best fertility centers were as well,” Klatsky says. “And when it came to patient experience and what we would want if we were patients, there were so many things we wanted to do differently. And at those larger academic medical centers, we didn’t have the flexibility to do that.

“We went through every step and thought about what was necessary and what would bother us if we were patients," Klatsky adds. "And we asked how can we achieve the same or better outcomes and minimize (patient) discomfort and annoyance.”

That included offering evening and weekend consultations with patients, extended hours for monitoring and other ways to streamline the care experience, according to Klatsky.

The pair have combined this focus on patient needs with innovation – Spring Fertility developed the first process to ensure that eggs and embryos weren’t exposed to air during the harvesting and fertilization cycles – with growth. Last year, Spring Fertility performed 4,500 egg retrievals, either for immediate use in IVF or to freeze for a future procedure. That’s up from 3,400 in 2021 and just 2,000 cycles in 2020. Spring Fertility opened up new labs and clinics in the East Bay and Silicon Valley in early 2021 that helps explain the increase, according to Dwyer.

Currently, Spring Fertility operates seven clinics, six in the Bay Area (including two in San Francisco) and one in New York City. It also operates labs at its sites in New York, its clinic in the Pacific Heights neighborhood of San Francisco, Oakland, and Sunnyvale, Calif. Tran travels to each clinic on a monthly basis in his role as Spring Fertility’s chief medical officer, according to Klatsky.

Spring Fertility currently has 13 physicians on staff, of which 10 are board certified in reproductive endocrinology and infertility. The other three doctors are in the process of obtaining their certifications, Dwyer says. Spring also has four nurse practitioners and 22 embryologists on staff.

A basic IVF package at Spring Fertility runs $15,900 at its New York clinic, and about $100 less at its California locations. A more advanced package of services that includes ICSI and embryo transfer costs $18,700 in New York and $19,600 in California. The American Society of Reproductive Medicine estimates that the average IVF cycle in the U.S. costs about $12,400, but it can run significantly higher in urban areas.

Newsweek recently ranked Spring Fertility 23rd of the 100 best reproductive medicine clinics in the U.S. It’s ranked higher on the list than a number of fertility clinics operated by academic medical centers, including the University of Pennsylvania and UCLA.

However, Spring Fertility’s future is likely to include working with medical academia. Klatsky says plans are in the works to open a clinic in a new “major metropolitan area” in 2024 that would include a “strong academic affiliation,” although he declined to disclose any other details.

Such a collaboration “will allow us to further promote both education and research, which are things we’ve really been touching on” at Spring Fertility, Klatsky says.

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health.

 
 

All external links active as of 5/18/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

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20 Years After Toft Report, Most Fertility Centers Have Yet to Automate

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90% OF Fertility Centers Still Doing Manual Witnessing, Exec Says

 

BY: NATASHA SPENCER-JOLLIFFE

A boom in demand for fertility treatment means more embryologists are turning to management to invest and implement processes and systems to modernize fertility care through implementing automated technologies.

“As the UK regulator of fertility treatments, we expect clinics to have robust systems in place to ensure eggs, sperm, and embryos are safely stored for patients,” Rachel Cutting, Embryologist and Director of Compliance & Information at the Human Fertilisation & Embryology Authority (HFEA) told Inside Reproductive Health.  

Long-standing, antiquated, manual tools have traditionally been the process of choice, despite the risks associated with being prone to human error and inconsistencies that subsequently compromise the standard of care. 

However, some fertility managers and embryologists are changing their approaches to embrace automation and ensure they continue to deliver a standard of care to patients that provide cell transparency and safety. For example, managers want to automate the tracking and storage of frozen eggs and embryos.

Swapping antiquated for automated

Regarding IVF laboratories, the main problem with automation and artificial intelligence (AI) is “a lack of standardization”, Danilo Cimadomo, Science and Research Manager of GeneraLife IVF, told Inside Reproductive Health. 

While there is a “very good concordance and reliability”, among people working within the same IVF center, the same is not true across different centers. “When it comes to the procedures as well as to the assessments that we make, there is not very much concordance between embryologists,” says Cimadomo.

Global managers are exploring automation in response to the estimated over 300 million anticipated to be born from IVF by 2100. Automation enables them to continue to provide cell transparency and safety – while ensuring compliance. 

“Advances in technology have meant greater success for patients using cryopreserved eggs and embryos and therefore, more patients are storing them for treatment or to preserve their fertility,” Cutting shares.  

“Even now, around more than 90% of fertility centers around the world are still not using any form of electronic witnessing,” says Matt Pettit, Chief Scientific Officer at IMT International, responsible for developing and implementing Matcher, an electronic witnessing and quality management system. Many fertility centers still handwrite Petri dishes, test tubes, and items.

“It is still a problem within the industry, still a change that needs to take place,” says Pettit. Serious adverse events are still happening, he continues. There are still reported incidents, year after year, where incorrect sample handling means babies are born to the wrong parents or embryos have been discarded.

As a result, today, we are seeing “a paradigm shift towards the use of electronic systems”, Pettit notes, continuing, “we are seeing a big wave now where there has been a very rapid 
adoption of electronic systems”. “Covid has expedited that realization,” Pettit adds.

Despite the release of the Toft Report almost two decades ago, implementing new automation-led processes and systems to support the fertility sector has been slow to adopt. Yet, increasingly, managers are conducting audits to recognize risks in manual systems and seeking tech to reduce the risks of these existing systems. 

Managers are exploring tech with specific features to improve digital tracking, robotic automation, and 24/7 remote monitoring to take the burden off of manual staff procedures and overcome identified risks. They see the benefits of automating embryo tracking and storage to reduce errors and ensure their infrastructure is robust to meet patient demand. 

Advancing tech encourages acceptance and adoption

Electronic tech innovations are entering the reproductive health space and finding acceptance in the wider healthcare sphere, helping to foster trust and uptake among managers of fertility centers and donor banks. 

With a focus on automation, transparency, and standardization, the tech connects to the company’s software, which assigns a unique identifier for each specimen and captures real-time information. It aims to reduce most manual inputs that risk failure in the existing cryogenic process.  

“Systems such as electronic witnessing systems and other automated technologies are becoming more commonly used, and clinics will use these to ensure security and safety is optimized,” Cutting details. 

Electronic witnessing systems are currently “the easiest and most effective way” for fertility centers to embrace automation and AI, Cimadomo says, describing it as “one of the most impactful automation tools” he has seen implemented in his clinic.

Fertility centers and donor bank managers are implementing automated patient tracking information to reduce errors, like Matcher IVF electronic witnessing technology. Described as a double-checking system, IMT’s Matcher tech is a barcode-based electronic witnessing, labeling, scheduling, traceability, and data insights system.

Teaming up with academia to provide education on the potential of automation in IVF is a priority for fertility researchers, clinicians, and embryologists. The electronic witnessing system’s upgrade is in response to an increasing number of treatments that require labeling, identifying, selecting, and matching a specific embryo for a predetermined fate, such as biopsy, transfer, cryopreservation, or disposal.

In an MIT Technology Review, researchers found almost three-quarters of health professionals (72%) show significant interest in implementing AI in their work. Embracing the technology appears more likely as professionals perceive it to be an extension rather than an extinction of professional capacity in health care. Research has found that the number of AI publications in medicine and health has also grown, with 61.6% of the papers dated between 2008 and 2017.

Encouraging change through embracing convenience 

Sharing information between databases is a powerful tool. It enables centers to cross-reference data across different systems and use that to effectively help drive further efficiencies, mitigate error, and for root cause analysis. 

Describing this realization as “probably the tipping point”, Pettit continues, it means people will “very rapidly adopt these types of technologies because it is more about the collection of data and that knowledge is power than it is about the prospective error prevention”, says Pettit. 

“The real advantage of automation will be for smaller centers that do not get the same experience as centers that are managing large volumes in terms of procedures,” says Cimadomo. However, cost-effectiveness remains a barrier to implementation. “That perhaps is the reason why we still do not have any automatic tool in the IVF laboratory, you need an investment in terms of money that should be justified from the volumes you have,” Cimadomo adds.

The use of technology and its specific applications varies from lab to lab. Research labs, for example, may require automatic timing and sanitation, whereas a lab engaging in clinical activities may not need this data. Therefore, the technology and the strategies need to be framed for the country, the regulations applied, the population of patients, and the specific center’s needs. 

“There is not really any effective automatic tool in the lab, it is still very manual the activity that we do, but that doesn't mean that there's no research,” says Cimadomo.

Automation

However, researchers have found that the answer does not have to lie in automation. Scientists developed an embryo tracking system (ETS) with six control steps to see if it increased the safety, efficacy, and scalability of massively parallel sequencing-based preimplantation genetic testing (PGT). The researchers found that the ETS approach precluded error-prone manual checks and did not impact preimplantation embryos’ genomic landscape.

Yet, increasingly, the benefits of automation in assisted reproduction technology (ART) are being recognized. Researchers of the review, Paving the Way for the Future of Infertility Treatment, said in August 2022 that implementing novel technologies to automate ART “will soon become a reality”. 

On 13th May 2023, the Italian Society of Embryologists Reproduction (SIERR) is dedicating its 2023 event to understanding the role of AI in IVF, demonstrating the growing interest in the possibilities of automation in fertility. Understanding how AI applications in embryology and reproductive medicine work and defining the state of the art is the goal of the 2023 event.

“We thought it was about time to talk about AI because there are lots of companies commercializing tools and are approaching us in the laboratories, and there are people who do not know what AI is”, says Cimadomo, a member of the Italian Society of Embryologists at Production and Research.

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health, nor of the Advertiser

 
 

All external links active as of 5/11/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

CNY Fertility triples IVF cycles since 2017 with no investor funding

Independently owned fertility center reports more than 7,300 IVF cycles in 2022

 

BY: RON SHINKMAN

Robert Kiltz, M.D., is a Los Angeles native who mostly studied and trained within California. Buffeted by the civil unrest and major earthquake that struck the city in the first half of the 1990s, he decided to move his family to the Finger Lakes region of New York. combined, the population of the region’s biggest cities, Rochester and Syracuse, have less than one-tenth the population of L.A. However, the region was still welcoming enough newborns to support Kiltz’s obstetrics practice.

Back in the mid-1990s, Kiltz received about $2,000 for a delivery. “When I started (offering) IVF, that sounded like a reasonable price,” he said. “I don’t have to deliver a baby at two in the morning and it’s a lot less work.”

Since CNY Fertility’s founding in 1997, Kiltz’s original single-site practice has steadily grown. It now operates nine clinics in upstate New York, Georgia, Pennsylvania, Colorado and Florida. That includes clinics that opened in Colorado Springs last year and Sarasota, Fla. this year. Companywide, CNY Fertility employs nearly 500 workers. That includes 15 physicians and osteopaths and 33 practitioners in total. Eight of the doctors are board certified in reproductive endocrinology and fertility (REI), with a ninth currently obtaining their certification, according to Kiltz.

CNY Fertility’s IVF cycle numbers have grown rapidly in recent years. It performed more than 7,300 cycles last year, triple the 2,429 performed in 2017. Just a decade ago in 2013, it performed fewer than 1,800.

Kiltz is the sole owner of CNY Fertility, and he has financed its expansion primarily through loans, he said. The company has accepted no venture capital or private equity investments.

Despite possessing the singular ambition to steadily grow CNY Fertility over the years into a national player, Kiltz said he didn’t do it to become rich.

“I went into medicine to help people and to make a reasonable living doing it. But I never did it for the money,” he said.

Low Price Points, Direct-to-patient Marketing

One of the keys to CNY’s growth has been its low price point, which it has maintained over the decades and is prominently advertised on the homepage of its website. That $2,000 IVF cycle in 1997 is now $4,275, or $4,720 including remote monitoring. Add a frozen transfer, remote monitoring, and a one-year embryo storage and the cost is just over $10,000. By comparison, the National Conference of State Legislatures estimates that the average IVF cycle costs between $12,000 and $17,000, not including medication. CNY Fertility also promotes travel programs where patients can undergo bloodwork and cycle monitoring by a local doctor before traveling to one of its clinics for a procedure. 

Kiltz said that prices are kept low through aggressive negotiations with all its suppliers, including medications. About 60% of CNY Fertility’s patients pay cash, with the rest paying through insurance, in line with recent data about payer mix in the reproductive medicine space.

Aside from aggressive pricing, CNY Fertility is also quite active on social media. Kiltz’s nephew, William Kiltz, directs its marketing and business development full-time.

CNY Fertility’s TikTok page, for example, has 55,000 followers. A few individual fertility doctors have similar or higher numbers, but the handful of fertility clinics using TikTok do not come close to that, based on searches on the TikTok application. CNY Fertility’s feed includes dozens of videos on subjects ranging from the egg retrieval process, TSH levels and employee and patient testimonials. Most are produced and edited and often include multiple camera angles and graphical overlays.

Kiltz, sporting a short black t-shirt, jeans and a thick silver chain, narrated one video on immunologic issues and IVF that has drawn thousands of views.

CNY has also trademarked various slogans for marketing purposes, including “Making Priceless Affordable.” Another slogan, “Miracles by CNY” was used to brand clinic merchandise, including a baby bag that made the “Today Show’s” list of top baby bags in 2021. 

Meanwhile, Kiltz is focused on continuing to grow CNY Fertility. He plans to add about 50 employees over the next year, including three to five new physicians and practitioners for the New York, Colorado and Florida sites. Plans are also on the drawing board to expand into Orlando, Fla., Texas and Kiltz’s old stomping grounds of Southern California. And Kiltz suggested his expansion strategy may soon no longer be a solo venture.

“If we’re going to open up three to five new centers in the next couple of years, then we’re certainly up to other joint partners to help CNY Fertility grow,” he said.

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health, nor of the Advertiser

 
 

All external links active as of 4/27/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

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Fight for Families: RESOLVE’s 2023 Initiatives in a post Roe world

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This News Digest Is Donated Sponsored Content From RESOLVE

 
 
 

BY: MELANIE KALMAR

When the Supreme Court overturned Roe v. Wade last year, one organization renewed its focus on access to care for patients battling infertility.

Since 1974, RESOLVE: The National Infertility Association  has provided education, advocacy and emotional support to people nationwide who are trying to build families. The 501c3 is funded by individuals, corporations, fertility clinics, and individual professionals/experts in the field. 

A majority of the work RESOLVE does involves ensuring patients have access to emotional support and all family building options, no matter their zip code. This work includes, —support groups, federal and state advocacy, a program to encourage employers to include IVF coverage in benefits packages, public awareness campaigns and patient education, explained Barbara Collura, CEO of RESOLVE.

In FY 2022, RESOLVE helped 1.4 million people gain new or improved family building benefits through its access to care initiatives. According to Collura, the non-profit’s three big initiatives for 2023 include: protecting access to IVF services, opening access to it in California, Minnesota, Oregon and Washington State (four states that don’t have IVF insurance mandates) and increasing emotional support by returning to in-person support groups. RESOLVE offers peer-led support groups in 30 states and Washington, D.C. (42 in-person; 78 virtual; and 31 professionally led).

Protecting access

In response to the Supreme Court overturning Roe v. Wade, a move that could restrict access to IVF and people’s rights over their embryos, RESOLVE launched a new campaign: Fight for Families. Its goal is to amplify the non-profit’s existing state advocacy work and protect access to care.  

“What’s different now is the stakes are so much higher,” Collura said. “We felt we needed a louder voice and brought in PR support.” RESOLVE recently hired New York-based Fenton Communications to work with IVF patients on how to succinctly tell their stories to the media, to change minds and influence public policy.

Increasing access

Sharing stories of people who face barriers to building their family is so important in RESOLVE’s work, especially the Fight For Families campaign and when it comes to increasing access to IVF insurance through state laws,, Collura said. RESOLVE sees even more of an opportunity to increase access to care in California, Minnesota, Oregon and Washington State because after Roe v. Wade was overturned, legislators from those four states announced reproductive rights of women are protected in their regions, yet  those states don’t have an insurance mandate for IVF to back it up, Collura explained. She went on to say that this state advocacy work largely happens because of a strong coalition of other non-profits and corporate partners that work together. 

She said a robust insurance mandate would include coverage of at least two cycles of IVF, medication, unlimited frozen embryo transfers and fertility preservations (insurance coverage to preserve sperm, egg or embryo of patients experiencing Iatrogenic Infertility; infertility caused by medical interventions like chemotherapy, surgery or other medications someone facing Cancer treatments may undergo).

It’s critically important for people in those states to know what’s going on and speak with legislators,” Collura explained. “RESOLVE can show up and advocate but if constituents, the people that vote these lawmakers into office, don’t show up it doesn’t move our issues forward. “If legislators are hearing from their constituents about how important it is, it changes their mind and gets them to support our issues.”

She said RESOLVE has put coalitions to work made up of doctors, patient advocates, attorneys, grassroots influencers and bill sponsors and hired a team of paid lobbyists to help advance legislation they introduced in those state capitols.

Mental health matters

The third initiative is restarting and reinvigorating in-person support groups across the country that were virtual during the pandemic. “We believe your mental health and ability to take care of yourself enhances and directly correlates to your ability to stay in medical treatment,” Collura said. “Connecting with others, finding a sense of community and taking care of yourself is vitally important to everyone as they go through this journey.”

Introducing federal legislation

With the overturning of Roe v. Wade, access to IVF was not federally protected. RESOLVE is hopeful that the Right to Build Families act that was introduced at the end of last year will be reintroduced this year. It aims to reintroduce to Congress the Right to Build Families Act that was introduced at the end of last year. “It would create a new law at the federal level that says people have a right to access IVF, medical professionals have a right to offer that service and people have a right over their embryos,” Collura said. “We’d love to see it in federal law, then states wouldn’t need to pass their own laws restricting access.”

On April 25, RESOLVE and the American Society for Reproductive Medicine (ASRM) will host a federal advocacy day, an opportunity for people to join RESOLVE and ASRM to advocate on a federal level. Participation is free.

“We provide training and an opportunity to tell you what to say, what the issues are, why these issues are important,” Collure explained. “We help people develop their own story and make it very bite size and succinct so that it will hit on the really important points members of congress need to hear.”

Meetings between participants, senators and state representatives are virtual and last 15 to 20 minutes. Most conversations actually take place with legislators’ staff who relay the messages.

“So many members of congress don’t know about all these issues,” Collura said. “This is our chance to tell them what’s important to us.”

This News Digest Story is donated featured sponsor content, where the Advertiser has editorial control. They do not reflect the views of Inside Reproductive Health.

 
 

All external links active as of 3/30/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

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Natera revenue over $800 million, net loss almost $600 million for 2022

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BY: NATASHA SPENCER

On 28th February 2023, the US clinical genetic testing company released its full-year financial results for 2022, which include information on milestones achieved in 2022 and early 2023 and its financial statements. 

Net loss increase

Natera’s net loss increased to over half a billion dollars, reaching $547.8 million for the full year in 2022, compared to a net loss of $471.7 million in 2021 and 229.7 million in 2020. On the newly-released earnings call, a spokesperson for Natera told Inside Reproductive Health: “The company reiterated its goal of hitting a cash flow breakeven quarter in 2024.”

Despite these losses, Natera reported cash reserves, cash equivalents, short-term investments and restricted cash totaling approximately $898.4 million at the end of 2022, compared to $914.5 million at the end of 2021. 

As of 31st December 2022, the company had a total outstanding debt balance of $362 million. The amount comprises $80.4 million including accrued interest from its credit line with investment bank, UBS, along with a gross outstanding balance of $287.5 million under its seven-year convertible senior notes, which it received in April 2020. 

Total revenue projections

In 2023, Natera’s total revenue guidance is between $980 million- $1 billion. If Natera reaches this projected revenue, it is expected to reduce cash burn—the rate a company loses money—by approximately $150 million in 2023. 

“Our guidance for 2023 reflects our expectations for robust top-line growth as we reduce operating expenses and continue to position the company for ongoing success,” said Natera’s CEO, Steve Chapman. The company’s increased operating expenses were primarily due to growing its headcount, it reports, to support new product offerings.

Natera’s total operating expenses increased by 16.7% in 2022 year-on-year, amid its changing product portfolio, increased labor, and overhead costs. In 2023, Natera will focus on lowering these total operating expenses to achieve its projected targets.

The company anticipates its 2023 gross margin to be approximately 41% to 44% of revenues. Natera’s selling, general and administrative costs are estimated to reach approximately $510-$540 million in 2023; research and development (R&D) costs are projected at $325-$345 million, and net cash consumption is expected to be between $300-$325 million.

Revenue is up, gross profit margin is down

Speaking to Inside Reproductive Health, Natera provided information on the company’s revenue breakdown. Natera generated total revenues over the last three years of $820.2 million in 2022, $625.5 million in 2021, and $391.0 million in 2020.

The company’s gross profit equaled $364.0 million in 2022, $307.1 million in 2021, and $187.4 million in 2020, representing a gross margin of 44.4%, 49.1%, and 48%, respectively. While Natera’s gross revenue and gross profit are up, the company’s gross margin has dropped by 4.7% year-on-year.  

In 2022, medical device provider for women’s healthcare, Cooper Surgical, also saw a drop in its gross margin, decreasing from 67% in the fiscal year 2021 to 65% in 2022. The company stated that this was driven mainly by currency. 

It was also a similar story at science and technology company Merck, which saw its gross margin decline from 72.0% in 2021 to 70.6% in 2022. Merck said this decrease is primarily due to higher amortization of intangible assets, along with increased sales of the oral antiviral medicine Lagevrio and revenue from third-party manufacturing arrangements, both of which have lower gross margins.

Natera cited its changing product mix, increased labor, and overhead costs as the primary reasons behind its lower margins in 2022. Volume growth and customer support drove these, as well as one-time revenue of £28.6 million recognized from its Qiagen arrangement in 2021. Natera saw a year-over-year volume improvement of 31.6% in 2022, the company’s spokesperson shares.

No fertility services breakdown

When asked, Natera was unable to detail how much of the revenue and net income comes from fertility-related services. “We don’t break out revenues or other financials by product,” Natera’s spokesperson confirmed. 

Currently, the company’s fertility-related product portfolio includes Spectrum, a preimplantation genetic test, Anora, a miscarriage test, and Horizon, a carrier screening test. 

New board member 

Natera announced that Ruth E. Williams-Brinkley is joining its board of directors, growing its total board members to ten, effective in the position from 2nd March 2023.

As the current president of Kaiser Permanente Health Plan of the Mid-Atlantic States (KPMAS), a position Williams-Brinkley will continue to hold, the healthcare executive oversees the company’s care delivery and health plan operations.

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health, nor of the Advertiser

 
 

All external links active as of 3/9/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

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Profit Down for 11 of 12 Publicly Traded Fertility Companies

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This News Digest Brought to You by
BUNDL

 
 
 

BY: RACHEL LELAND

At least 12 publicly traded companies have multi-million dollar divisions, or their entire corporate focus, in the reproductive health space. 

The companies have different fiscal years. Some ended their 2022 fiscal year last summer. Most will not until the end of March 2023. In their most recent quarterly or annual reports, only one company, Jinxin Fertility Group which owns HRC Fertility, reported a gain in net profit. Inside Reproductive Health indicates the reporting periods below.

Jinxin Fertility Group
According to Jinxin Fertility Group’s half-year earnings report, the company experienced a 27.8% increase in gross profit, jumping from ¥363.2 million in June 2021 to ¥464.3 million the same month in 2022. In the same period, the company’s total revenue climbed from ¥859.3 million to ¥1.1 billion, a jump of 32.5%. The Group’s net profit bumped from ¥162.6 million to ¥187.6 million, a 15.4% climb. Jinxin Fertility Group is listed on The Stock Exchange of Hong Kong Limited. 

Femasys
Femasys’ third-quarter report shows that the company’s gross sales jumped 24.7% from $105,403 to $131,451 from Q320, largely due to the increase in U.S. FemVue sales. The report flagged the company’s YoY revenue up 28.89% from $269,580 to $347,460. Their income statement reports an $8.5 million net loss for the first three fiscal quarters of 2022. Femasys is listed on the NASDAQ.

Cryoport 
According to Cryoport’s third-quarter report, revenue from the company’s reproductive medicine  increased to $7.6 million, a gain of 15% or $1.0 million compared to the same period in 2021. The report noted that the increase was driven by strong demand for the company’s CryoStork solutions as well as new international fertility clinic partnerships. YoY net loss attributable to common stockholders was $33.9 million, or $0.69 per share, for the nine-month period ending in September 2022. Cryoport is listed on the NASDAQ.

Hamilton Thorne 
According to Hamilton Thorne’s third-quarter report, YoY gross profit increased a total of 11.8% from $18.2 to $20.4 million. Year over year sales increased 14% to $41.8 million. Hamilton Thorne’s net income dropped 41.8% from $1.6 million to $930,000. Hamilton Thorne is publicly traded on the Toronto Venture Exchange.

Monash IVF
Monash IVF’s group revenue grew 4.7% from AU$183.6 million to AU$192.3 million. 26,22236,200 Their net profit for fiscal year 2022, which ended June 30 of the same year, decreased from 2021’s AU$36.2 million to $26.2 million, a drop of 27.6%. Monash IVF is publicly traded on the Australian Securities Exchange. 

Natera
According to Natera’s third-quarter report, gross profit for the third quarter in 2022 and 2021 were $94.1 million and $76.7 million, respectively, representing a gross margin of 44.7% and 48.5%, respectively. The company’s total revenue climbed from $452.4 million in 2021 to $602.9 million, a 33.2% increase. Natera reported a net loss for the third quarter of 2022 of $121.5 million, or ($1.25) per diluted share, compared to a net loss of $151.3 million, or ($1.63) per diluted share, for the same period in 2021.

EMD Serono
Merck KGaA is publicly traded on the Frankfurt Stock Exchange and the Xetra Stock Exchange.In the United States and Canada, Merck operates as EMD Serono in the healthcare business. According to Merck’s third quarter report, fertility sales grew 6.2% from €1.003 billion to €1.066 billion. The company’s healthcare specific income loss was substantial, dropping to € –133 million from € 129 million in 2021.

Organon
According to Organon’s third quarter report, the company’s gross profit in 2022 of $991 million was close to last year’s gross profit of $986 million. Total net revenues were $1,537 million for the third quarter of 2022, a decrease of 4% as-reported and an increase of 3% excluding the impact of foreign currency, compared with the third quarter of 2021. Net income from continuing operations for the third quarter of 2022 was $227 million, or $0.89 per diluted share, compared with $323 million, or $1.27 per diluted share, in the third quarter of 2021. According to the report, Follistim AQ (follitropin beta injection), increased 2% ex-FX in the third quarter of 2022, and ganirelix acetate injection increased 52% ex-FX. Organon is publicly traded on the New York Stock Exchange. 

INVO Bioscience 
According to INVO Bioscience’s third-quarter earnings report, revenue decreased by more than 87% following the termination of the company’s license with Ferring Pharmaceuticals on January 31, 2022. Gross profit for the YoY third quarter also dropped by 36% from $198,456 to $126,205. In the third quarter, INVO had a net loss of $2.5 million. INVO Bioscience is listed on the NASDAQ.

Cooper Surgical
In its fourth quarterly report, CooperSurgical, a subsidiary of CooperCompanies, saw revenue up 35% to $277.1 million. YoY gross profit for the entire CooperCompanies climbed from $1.95 billion to $2.14 billion, 9.4%. All in all, CooperCompanies’ net income fell by 86.9% from $2.94 billion to $385 million. Cooper Companies is traded on the New York Stock Exchange. 

Myovant Sciences
In its third-quarter earnings report, Myovant Sciences showed its cumulative total revenue for 2022 reached $321.5 million surpassing the previous year’s total of $173.4 million by 85%. Net loss for the Q3 2022 was $57.6 million compared to $63.4 million for the same period a year ago. Myovant Sciences is traded on the New York Stock Exchange. 

Progyny
In its third-quarter report, Progyny, reported a 53% year-over-year growth increase to $572.5 million from $373 million. The company’s gross profit was $122.8 million, an increase of 41% from the $87 million reported in 2021. Finally, net income was $26.9 million, a decrease of 46.8% from last year’s $50.6 million. Progyny is listed on the NASDAQ.

Pete Anevski, Chief Executive Officer at Progyny attributes the biggest driver of demand for fertility benefits to need and increased interest among millennials, the largest demographic in today’s workforce.

“Traditional insurance plans attempt to control the cost of care by restricting utilization with dollar maximums, step therapies, prior authorizations, and treatment exclusions. Their approach results in low live-birth rates and high-cost, high-risk pregnancies and multiple births, which negatively impact employers and their members,” Anevski said. 

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health, nor of the Advertiser

IVF Center loses >$300,000 from 20 lost patients

This formula calculates the economic value of a fertility center’s patient retention by using your SART data and IVF prices. Email Courtney from BUNDL to get your fertility center’s  patient retention valuation calculated for free.

 
 
Email Courtney for Free Retention Valuation
 
 

All external links active as of 2/23/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

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Program Prevents IVF Patient Drop Out. 100% Retention Through Shared Risk

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This News Digest Brought to You by
BUNDL

 
 
 

BY: MELANIE KALMAR

After an initial IVF cycle fails, money and emotions can become a complicated mix for patients without insurance or those who exhausted their benefits.

Disappointed, they might switch to another clinic, especially in markets saturated with competition. But starting over is a mistake. Each cycle gives doctors clinical information that informs how they approach the next one, in order to have a chance at success. By eliminating that step, patients risk wasting time and resources.

Still, it happens. They may even take a break from IVF or use the money for something else and potentially miss out on becoming parents. According to the National Library of Medicine financial burden is the top reason 62.5% of couples drop out of IVF treatment. 

BUNDL, an innovative shared risk program, removes financial concerns from the process. Patients pay for two or three IVF cycles upfront at a discount—a full suite of services—and never see another bill again. Most importantly, doctors can automatically move to the next cycle and do what they need to do to help couples start families.

“Statistically, one IVF cycle isn’t enough for patients faced with an infertility diagnosis,” explained Cheryl Campbell, director of operations at BUNDL. “We’re not a lender or financial institution. But we’re helping on the financial piece.”

The program provides the patient with a good experience while giving the practice a chance to retain that patient who might otherwise drop-off. “BUNDL is driving 100% retention,” Campbell said. “Patients want to take off that pressure upfront.”

If a patient has services remaining after a loss, they will pick up right where they left off, Campbell explained. If they don’t and the program ends unsuccessfully, they can reup and try again.

“The risk for BUNDL is you may use more services than we collected for; the risk for the patient is they may leave services on the table,” Campbell explained. “But those funds go back into the program, to help it grow.”

BUNDL is an extension of a participating clinic’s financial counseling center. Doctors refer patients based on their medical histories and/or finances. “We try to mirror what our practices offer, so patients understand they’re getting the same services just at a discounted rate,” Campbell said. Once they pay the enrollment fee, BUNDL takes care of the billing and goes back and forth with the clinic on their behalf.

BUNDL can accept payments from patients until they meet the enrollment fee required to start treatment, direct them to grants or, when applicable, offer tips on how to improve their credit score.

The team at BUNDL understands the client experience because half of them are fertility patients.

“The best conversations we have with patients are ‘I’m pregnant or here’s a picture of my newborn that I had through BUNDL,’” Campbell said. “If you take home a baby that is our measure of success. It’s important that our patients understand we want them to take home a baby.”

Already creating a buzz online, BUNDL directs patients to clinics nationwide that offer the program.

This News Digest Story is paid featured sponsor content, where the Advertiser has editorial control. They do not reflect the views of Inside Reproductive Health.

IVF Center loses >$300,000 from 20 lost patients

This formula calculates the economic value of a fertility center’s patient retention by using your SART data and IVF prices. Email Courtney from BUNDL to get your fertility center’s  patient retention valuation calculated for free.

 
 
Email Courtney for Free Retention Valuation
 
 

All external links active as of 2/16/23.

External links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Fertility Bridge or Inside Reproductive Health of any of the products, services or opinions of the corporation or organization or individual. Neither Fertility Bridge nor Inside Reproductive Health bears responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.

BREAKING EXCLUSIVE: CEO Pardew's Last Day At CCRM Friday

CCRM's is Second Fertility Network Chief to Step Down in as Many Months

 

BY RON SHINKMAN, special to Inside Reproductive Health

The chief executive officer and president of one of the nation’s largest fertility clinics is stepping down, Inside Reproductive Health has learned. It’s the second exit of a head of a large reproductive health  provider in recent weeks.

Jon Pardew’s last day with the Lone Tree, Colo.-based CCRM Fertility is scheduled for this Friday, Oct. 21, a source inside the company said. He has been working remotely for an unspecified period of time.

While an exact reason has not been discerned for Pardew’s departure, a source familiar with the situation said it was health-related but not life-threatening. Pardew and a CCRM spokesperson did not respond to emails and phone calls seeking comment.

The 51-year-old Pardew has led CCRM and its affiliate companies since October 2013. At the time, it operated single clinics in Colorado and Houston and was then known as the Colorado Center for Reproductive Medicine.

CCRM Fertility has grown dramatically during Pardew’s tenure. It now operates 22 clinics in nine states, as well as two additional clinics in Canada. Its most recent acquisition occurred over the summer, when it acquired The Institute for Reproductive Medicine & Science (IRMS) , which has offices in both New York and New Jersey.

Revenue data for the privately-held CCRM Fertility, purchased by Unified Women's Healthcare from TA Associates in 2021, is not available, although GrowJo and ZoomInfo estimate it is between $75 million and $80 million per year.

Industry observers praised Pardew’s leadership.

“Jon was an incredibly thoughtful leader who approached his work as a service. He led the organization with incredible integrity and strength through the pandemic (and always),” said Carol Lynn Curchoe, a former IVF lab supervisor with CCRM Fertility, in an email. “I admire his authenticity greatly.”

Richard Groberg, a Las Vegas-based finance and private equity executive who has worked extensively in the reproductive health space, said in an email that Pardew was “dedicated and
fair.”

Prior to his tenure at CCRM, Pardew served as a managing director at St. Charles Capital, a Denver-based boutique venture capital firm, a plant manager for General Mills and as a U.S. Army officer.

No succession plans have been announced at CCRM Fertility, and Pardew is still listed as the CEO and president on the company’s website as well as his LinkedIn profile. A source said that a recruitment firm has been retained by CCRM Fertility to find Pardew’s successor.

Both Curchoe and Groberg said it would be tough finding a replacement of Pardew’s caliber, but that the company should still fare well.

Along with Pardew’s departure, Mark Segal announced in late September he was stepping down as CEO of US Fertility, which operates 69 locations nationwide. Richard Jennings, current CEO of Generate Life Sciences, will replace him. Jennings has already been named to the US Fertility board.

Segal’s last day is Dec. 31. He will become chairman of the US Fertility board of directors upon leaving the CEO post, which he has held since the company formed in 2020. He had been the CEO of Shady Grove Fertility since 1997.  “Mark has been a powerful force in shaping US Fertility and the reproductive industry,” said Jay Rose, a managing director at Amulet Capital and a US Fertility board member.

The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health, nor of the Advertiser

 
 

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