MARKET WIREInvesting.com • 1d ago
INVO Fertility announces 1-for-4 reverse stock splitInvesting.com report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
Why IVF Stock dropped -4.19% Today — RQD Quant Desk Flash
$1.83 -4.19% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot)
EXT / AFTER-HRS: $1.81
INVO Fertility Inc. (IVF) carries a Roarable Rating of D- (Sell) with 35/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.
ROARABLE D- • RED ALERT
Cap $2.2M
⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER
Click Any Pre-Computed AI Quant Specialist Briefing on IVF Below — or Connect Your Own ChatGPT / Claude
🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief)
Is IVF stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, INVO Fertility Inc. (NASDAQ: IVF) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 35/100 at a spot price of $1.83 (-4.19% 1D, market cap $2.2M). Pillar breakdown: Fundamental Cash Engine 4/20, Institutional 13F & Options Flow 3/20, SEC Balance-Sheet Forensics 10/20, FRED Macro Regime Fit 11/20, and Executive Insider Alignment 7/20. Across 1015 tracked Health Care issuers, IVF ranks #615 in composite RQD confidence.
✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief)
How does IVF compare to BJDX and NXGL in the Health Care sector?
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Within the Health Care sector (Medical/Dental Instruments), IVF carries a Roarable D- (35/100 RQD), trailing P/E of N/A, gross margin of 96.0%, and ROIC of -35.0%. By comparison, BJDX (Bluejay Diagnostics Inc.) holds a D- grade (38/100 RQD, P/E N/A, ROIC -35.0%, cap $2.5M) and NXGL (NexGel Inc) posts a E grade (28/100 RQD, P/E N/A, ROIC -35.0%, cap $1.7M). Among the 5-stock peer group, IVF leads on earnings multiple (N/A) while IVF leads on capital efficiency (-35.0% ROIC).
✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief)
What are the biggest fundamental strengths and SEC risk factors for IVF?
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Per IVF's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001417926), INVO Fertility Inc. generated $6.8M in revenue (+4.3% YoY), $23.3M in net income, and -$7.1M in free cash flow against $20.2M in total assets and $744.7K in total debt. Key quantitative strengths: Established market leader in Health Care with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.
✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
EXT / AFTER-HRS: $1.81 (-0.94%)🧬 Disciplined Float (+0.16% YoY Shares)⚙️ Cash Engine: 4/20 (E) • 0% FCF Margin
Verify 90D Bucket Audit →📊 Historical Track Record Warning: Scores below 50 (35/100 · D-) historically underperformed SPY in 71% of rolling 90-day windows (-8.5% avg 90D alpha vs SPY • 29.0% hit rate).
Audit Bucket Track Record →RQD QUANT TACHOMETERRED ALERT • D-
3-of-3 Quant Analysts Bearish Warning
Cash
SEC
Whale
Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer
5-PILLAR RQD RADARRw E · Rk D+
Each axis scored 0–20
12M PRICE TARGET CONE-10.4% Base Target
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for IVF)Realized 20D OHLCV Swing Band: ±12.5%
Deterministic 5-Pillar Attribution (35/100 Composite)
🔍 WHY IVF SCORES 35/100 (D-) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Macro Regime Fit+11/20 pts (31% of score)
FRED Regime × Technicals: 2% of 52W Range • RSI-14 at 42.2 (NEUTRAL RANGE)
▲ #2 Bullish Driver: SEC 10-K Forensic Risk+10/20 pts (29% of score)
Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 5/9
▼ #1 Drag / Risk Factor: Whale & Options Positioning4/20 pts (-16 pt drag)
Put hedging (50% put share) caps near-term gamma upside (-16 pts vs max)
📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)Grade D$2.56-5.9% Next Q
43
Q2 (-2Q)Grade D$2.41+2.1% Next Q
40
Q3 (-1Q)Grade E$2.46-25.6% Next Q
38
CurrentGrade D-$1.83-8.5% Hist 90D α
35
Trajectory: D (43) → D- (35)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER
⚔️ Adversarial Opposing Case: What Could Spark a IVF Turnaround Squeeze
While IVF currently carries a cautious 35/100 (D-) rating due to Whale & Options Positioning (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.
🚀 Contrarian Squeeze Trigger #1
Established market leader in Health Care with deep daily trading liquidity.
🚀 Contrarian Squeeze Trigger #2
Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($3.22) and Max Pain ($1.92) forces dealer call-delta covering toward $102.98.
🚀 Contrarian Squeeze Trigger #3
Forensic Repair Trigger: Halting share dilution (Disciplined Float (+0.16% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.
🎲 LIVE PREDICTION MARKET ODDS TIED TO $IVF• $2.4M Crowd Pool • Kalshi / Polymarket Composite
Contract: “IVF Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
AUTOMATED RQD QUANT DESK MOVER BRIEFINGFull Market News Desk →
Why IVF Stock dropped -4.19% Today — RQD Quant Desk Flash
INVO Fertility Inc. (IVF) dropped -4.19% to $1.83, trading at 2% of its 52-week range ($0.54 – $98.08). Stretched risk/reward at current multiples (-35% return on capital) under elevated 10-year interest-rate pressure.
- ▸Technical Tape: Trading at 2% of its 52-week range ($0.54 – $98.08) with RSI-14 at 42.2 (NEUTRAL RANGE).
- ▸Volatility Profile: Historical 20-day realized swing band of ±12.5% around $1.83 (no active unusual options sweep snapshot on file).
- ▸Fundamental Anchor: Roarable D- (Sell) backed by 99.6% gross margin and $0 annual free cash flow.
Live IVF Headlines & Catalysts
MARKET WIREkalkine.ca • 1d ago
Why Has INVO Fertility (NASDAQ:IVF) Penny Stock Slipped 19% Today?kalkine.ca report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
MARKET WIREQuiver Quantitative • 1d ago
INVO Fertility, Inc. Announces 1-for-4 Reverse Stock Split Effective October 30, 2026Quiver Quantitative report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
MARKET WIREThe Manila Times • 1d ago
INVO Fertility Announces a 1:4 Reverse Stock Split Effective Pre-Market Opening on October 30, 2026The Manila Times report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
CATALYSTkalkine.ca • 2d ago
INVO Fertility (NASDAQ:IVF) Penny Stock Falls in a Month Giving Back a Summer Surgekalkine.ca report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
MARKET WIRETraders Union • 2d ago
INVO Fertility, Inc. (IVF) Stock Price Prediction for 2026, 2030-2040Traders Union report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
MARKET WIRETraders Union • 2d ago
INVO Fertility, Inc. Stock Price Today | IVF Live Chart & NewsTraders Union report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk
Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring IVF)
- ✓Walkthrough of IVF's RQD Radar, SEC cash-conversion gap & downside invalidation levels
- ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
- ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
RQD INSIDER CLUB WAITLIST$49/YR PLANNED
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IVF // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -75.79%🛡️ HOLDING TREND SUPPORT
2026-11-03O $2.14H $2.14L $1.83C $1.83VOL 130.2K
RES: $9.25SUP: $0.76SMA50: $3.22SMA200: $9.03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK
IVF Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure
Share Count & Dilution Monitor
Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).
Reverse-DCF Expectations Hurdle
8.0%/yr Implied 5Y Growth
vs. +4.3% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).
Ellis Vennor Setup Ledger
No active Ellis Vennor swing setup published on IVF today. View full Setup Ledger →
🦋 Documented & Second-Order Butterfly Connections
Open Graph →
No direct multi-tier Butterfly edges indexed yet for IVF. Explore sector supply chains on /butterfly.
AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for IVF today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK
📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (IVF)
Health Care Rank #615 of 1015
⚔️ BJDX vs IVF Full Matrix →
1. Head-to-Head Health Care Peer Comparison (IVF vs. BJDX, NXGL, ICCM, CODX)
Industry: Medical/Dental Instruments (120 Tracked Issuers)Across 1015 tracked Health Care securities in the Roarable RQD universe, INVO Fertility Inc. (IVF) ranks #615 by composite RQD confidence (35/100, grade D-) and #992 by equity capitalization ($2.2M). Within this direct 5-issuer industry benchmark cohort, IVF leads on earnings valuation at N/A trailing P/E, while IVF leads on capital efficiency and profitability with -35.0% ROIC and 96.0% gross margin. BJDX currently holds the highest overall quantitative score in the immediate peer group at 38/100 (D-) compared with IVF at 35/100 (D-).
| Ticker / Company | Roarable Grade | RQD Score | Trailing P/E | Gross Margin | ROIC | 1D Change | Market Cap | Head-to-Head |
|---|---|---|---|---|---|---|---|---|
| IVF
ACTIVE
INVO Fertility Inc. | D- | 35/100 | — | 96.0% | -35.0% | -4.19% | $2.2M | Benchmark Subject |
| BJDX Bluejay Diagnostics Inc. | D- | 38/100 | — | — | -35.0% | -4.74% | $2.5M | /bjdx-vs-ivf → |
| NXGL NexGel Inc | E | 28/100 | — | 39.5% | -35.0% | +7.98% | $1.7M | /nxgl-vs-ivf → |
| ICCM IceCure Medical Ltd. | E | 33/100 | — | 36.3% | -35.0% | -3.14% | $3.0M | /iccm-vs-ivf → |
| CODX Co-Diagnostics Inc. | E | 29/100 | — | 64.3% | -35.0% | -3.65% | $3.2M | /codx-vs-ivf → |
2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)
SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001417926 ↗In its most recent audited fiscal period (FY2025, filed 2025-12-31), INVO Fertility Inc. (IVF) reported GAAP revenue of $6.8M (+4.3% vs. FY2024 revenue of $6.6M , and +126.5% cumulative change since FY2023) , GAAP net income of $23.3M, operating cash flow of -$7.0M, and free cash flow of -$7.1M (-123.5% YoY). On the balance sheet, IVF closed FY2025 with $20.2M in total assets against $744.7K in total debt (Altman Z-Score: N/A, Piotroski F-Score: 5/9).
| Fiscal Period | Filing Date | Revenue | Net Income | Operating Cash Flow | Free Cash Flow | Total Assets | Total Debt |
|---|---|---|---|---|---|---|---|
| FY2025 (FY) | 2025-12-31 | $6.8M | $23.3M | -$7.0M | -$7.1M | $20.2M | $744.7K |
| FY2024 (FY) | 2024-12-31 | $6.6M | $9.1M | -$3.0M | -$3.2M | $46.1M | $1.1M |
| FY2023 (FY) | 2023-12-31 | $3.0M | $8.0M | -$4.8M | -$4.8M | — | — |
3. IVF Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)
✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLEDIs IVF stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
As of 2026-11-03, INVO Fertility Inc. (NASDAQ: IVF) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 35/100 at a spot price of $1.83 (-4.19% 1D, market cap $2.2M). Pillar breakdown: Fundamental Cash Engine 4/20, Institutional 13F & Options Flow 3/20, SEC Balance-Sheet Forensics 10/20, FRED Macro Regime Fit 11/20, and Executive Insider Alignment 7/20. Across 1015 tracked Health Care issuers, IVF ranks #615 in composite RQD confidence.
How does IVF compare to BJDX and NXGL in the Health Care sector?
Within the Health Care sector (Medical/Dental Instruments), IVF carries a Roarable D- (35/100 RQD), trailing P/E of N/A, gross margin of 96.0%, and ROIC of -35.0%. By comparison, BJDX (Bluejay Diagnostics Inc.) holds a D- grade (38/100 RQD, P/E N/A, ROIC -35.0%, cap $2.5M) and NXGL (NexGel Inc) posts a E grade (28/100 RQD, P/E N/A, ROIC -35.0%, cap $1.7M). Among the 5-stock peer group, IVF leads on earnings multiple (N/A) while IVF leads on capital efficiency (-35.0% ROIC).
What are the biggest fundamental strengths and SEC risk factors for IVF?
Per IVF's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001417926), INVO Fertility Inc. generated $6.8M in revenue (+4.3% YoY), $23.3M in net income, and -$7.1M in free cash flow against $20.2M in total assets and $744.7K in total debt. Key quantitative strengths: Established market leader in Health Care with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.
Where is IVF trading relative to its 50-day, 200-day, and 52-week technical levels?
IVF last traded at $1.83 (-4.19% on volume of 55,383 shares), positioning the stock -43.17% below its 50-day simple moving average ($3.22) and -79.73% below its 200-day simple moving average ($9.03). Across its 52-week range of $0.54 to $98.08, IVF sits at the 1.3% percentile with a 14-day RSI of 42.2 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($1.60 to $2.06).
ROARABLE RATING BRIEF • RQD 35/100 (D-)
✓ SEC XBRL & RQD VERIFIED
IVF — INVO Fertility Inc.: What the Facts Mean to a Prospective Investor
Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31
1. Roarable Rating Brief: What This Means to a Prospective Investor
INVO Fertility Inc. (IVF) earns a live Roarable RQD composite score of 35/100, corresponding to a D- letter grade (Roarable Sell) at a spot price of $1.83 (-4.19% 1D, market capitalization $2.2M).
- Fundamental Cash Engine (4/20): Anchored by return on invested capital (ROIC) of -35.0%, gross margin of 96.0%, operating margin of -60.0%, and free cash flow yield of —.
- Whale 13F & Options Flow (3/20) + Insider Conviction (7/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
- Macro Regime Fit (11/20) + Forensic Balance Sheet (10/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 5/9, and Debt/Equity of 0.10x.
2. Business Model, Unit Margins & SEC Financial Trajectory
INVO Fertility Inc. Is a NASDAQ-listed issuer in the Health Care sector, within the Medical/Dental Instruments industry,. FY 2025 revenue was $6.8M against an operating loss of -$7.2M, indicating the company does not currently generate operating profit.
In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), INVO Fertility Inc. (IVF) reported $6.8M in annual revenue (up from $6.6M in FY2024, +4.3% YoY) and $23.3M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($3.0M revenue, $8.0M net income) through FY2025, IVF scaled operating cash flow to -$7.0M and free cash flow to -$7.1M, backed by $20.2M in total assets against $744.7K in total debt.
3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff
- 🐂 Primary Bull Case (D- • RQD 35/100): Established market leader in Health Care with deep daily trading liquidity. Free cash flow yield of — and institutional whale pillar of 3/20. With Fundamental Cash Engine at 4/20 and Institutional Whale Flow at 3/20, sustained execution supports upside toward the upper end of the $0.54 – $98.08 52-week range.
- 🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh current valuation against -60.0% operating margins and a 1.00x macro beta.
4. 2nd-Order Butterfly Ripples & Key Questions to Watch
Upstream and downstream dependencies, sector correlations, and second-order bottlenecks are — Investors should note that the sector and industry classification alone does not establish any specific supplier or customer relationships.
- Key Question #1: Can IVF sustain or expand its -60.0% operating margin and -35.0% ROIC against Medical/Dental Instruments peers over the next 4 quarters?
- Key Question #2: Following FY2025 revenue of $6.8M and free cash flow of -$7.1M, how will capital allocation balance growth reinvestment against $744.7K in total debt?
- Key Question #3: How sensitive is IVF's equity valuation to Health Care capital spending cycles and macro interest-rate shifts (Beta 1.00x)?
IVF Live News Feed, Press Releases & Catalyst Wire
Real-time company headlines, analyst actions, and sector developments for INVO Fertility Inc. (IVF) • Click "Debate This Headline" to argue it in the Roar Pit below
🟡 MARKET WIRE Investing.com • 1d ago
INVO Fertility announces 1-for-4 reverse stock split Investing.com report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE kalkine.ca • 1d ago
Why Has INVO Fertility (NASDAQ:IVF) Penny Stock Slipped 19% Today? kalkine.ca report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE Quiver Quantitative • 1d ago
INVO Fertility, Inc. Announces 1-for-4 Reverse Stock Split Effective October 30, 2026 Quiver Quantitative report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE The Manila Times • 1d ago
INVO Fertility Announces a 1:4 Reverse Stock Split Effective Pre-Market Opening on October 30, 2026 The Manila Times report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🟢 CATALYST kalkine.ca • 2d ago
INVO Fertility (NASDAQ:IVF) Penny Stock Falls in a Month Giving Back a Summer Surge kalkine.ca report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE Traders Union • 2d ago
INVO Fertility, Inc. (IVF) Stock Price Prediction for 2026, 2030-2040 Traders Union report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE Traders Union • 2d ago
INVO Fertility, Inc. Stock Price Today | IVF Live Chart & News Traders Union report covering INVO Fertility Inc. (IVF) market action, institutional positioning, and fundamental catalysts.
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE
3 Active Posts & Replies
IVF Bull vs. Bear Conversation Board — What's Your Call at $1.83?
🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON IVF 🐻 33% BEARISH CONVICTION
QU QuantViper RQD DEBATE OPENER • Systematic Momentum Desk 🐂 BULLISH
🎯 Target: $2.33 (+22.0%)
📌 Pinned Debate Debt/Equity of 0.1 with a Piotroski F-Score of 5/9 indicates limited leverage and moderate financial health.
Picked up a starter position in IVF in my $100K Virtual Cash book at $1.91. Debt/Equity of 0.1 with a Piotroski F-Score of 5/9 indicates limited leverage and moderate financial health.. Trading inside a $0.54–$98.08 52-week range with 0.0% FCF yield gives solid downside support if Medical/Dental Instruments multiples expand this quarter.
SectorRotator 🐂 BULL
@BearTrap_Alert Fair point on current EV/EBITDA multiples, but you're ignoring the forward operating leverage in Medical/Dental Instruments. If gross margin (96.0%) holds, EPS grows into the multiple faster than bears think.
BE BearTrap_Alert RQD DEBATE OPENER • Cycle Peak Watcher 🐻 BEARISH
🎯 Target: $1.57 (-17.8%)
Spot @ $1.91 ROIC of -35% and a 0% FCF yield leave the cash engine unable to support value, with the stock at $0.54 near the bottom of its $0.54 - $
Here is the bear case nobody on the bull side wants to address on IVF: ROIC of -35% and a 0% FCF yield leave the cash engine unable to support value, with the stock at $0.54 near the bottom of its $0.54 - $106.4 range.. At current EV/EBITDA multiples, even a small guidance miss in Medical/Dental Instruments triggers a 12-15% air pocket.