Intelligent Bio Solutions Surges Over 150% on Revenue Results
Shares in medical technology company Intelligent Bio Solutions (Nasdaq: INBS) soared by more than 150% on Friday after the company reported its (unaudited) revenue results for fiscal Q2 and the six months ended December 31, 2023.
Harry Simeonidis, President and Chief Executive Officer at Intelligent Bio Solutions, said, “Our product sales are steadily on the rise due to a growing awareness of our drug screening solution, entry into new markets and expansion of our global footprint. Last year, we expanded into New Zealand, and we anticipate further market expansion throughout Asia-Pacific this year. 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 maintain this upward trajectory throughout 2024.”
Highlights
INBS expects approximate unaudited revenue of $1.56 million for the six months ended December 31, 2023, representing a significant increase of 337% compared to the same period the prior year, and approximate unaudited revenue of $0.76 million for the second fiscal quarter ended December 31, 2023, representing an increase of 114% compared to the same period the prior year.
The company also expects a 30% rise in cartridge sales and a 91% rise in reader sales for the six months ended December 31, 2023, compared to the six months ended December 31, 2022.
In December 2023, INBS announced it had received National Association of Testing Authorities (NATA) accreditationfor its Intelligent Fingerprinting Drug Screening Solution.
The company’s Intelligent Fingerprinting Drug Screening System detects recent drug misuse by screening for specific drugs or their metabolites in sweat from fingerprints.
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.
