Intelligent Bio Solutions Surges 238% on Strong Earnings
Shares in rapid test solutions company, Intelligent Bio Solutions (Nasdaq: INBS), surged nearly 240% in intraday trading on Friday after the company reported its financial results for fiscal second quarter and six months ended December 31, 2023, and provided a business update. Intelligent Bio Solutions is leading the PRISM MarketView Emerging MedDevices Index today.
The company’s year-over-year revenue increased 114% for the fiscal second quarter and 337% for the six-months ending December 31, 2023.
Commenting on the results, Intelligent Bio Solutions President and Chief Executive Officer, Harry Simeonidis, said, “Our revenue growth numbers are indicative of an increasing need for an efficient drug screening solution that reduces risk, saves costs, and promotes productivity. We aim to sustain this rapid trajectory throughout 2024.”
Highlights
Intelligent Bio Solutions entered the New Zealand market in 2023, a key milestone in the Company’s Asia Pacific expansion strategy.
Strong increases in revenue are due to the acquisition of Intelligent Fingerprinting Ltd in October 2022, and growth of the company’s Asia Pacific business, Intelligent Bio Solutions (APAC) Pty Ltd, in addition to expansion into new regions and growth of the company in existing markets and regions.
In October 2023, Intelligent Bio Solutions raised approximately $4.38 million via a registered underwritten public offering of the company’s securities, and the company ended the quarter with cash and cash equivalents of approximately $1.12 million.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the Company’s biosensor platform has the potential to test for up to 130 indications, ranging from glucose to immunological conditions and communicable diseases. The Company’s current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
