NEW YORK, April 18, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced preliminary unaudited revenue results for the fiscal third quarter and nine months ended March 31, 2024. The Company expects approximate unaudited revenue of $0.82 million for the three months ended March 31, 2024, representing an increase of 80% compared to the same period the prior year, and approximate unaudited revenue of $2.38 million for the nine months ended March 31, 2024, representing an increase of 193% compared to the same period the prior year.
INBS expects a year-over-year increase of 17% in cartridge sales and 20% in reader sales for the three months ended March 31, 2024, representing the highest quarterly cartridge sales to date since the acquisition of Intelligent Fingerprinting Limited in 2022. Cartridge and reader sales are expected to increase 25% and 63%, respectively, from July 1, 2023, through to March 31, 2024, compared to the same period the prior year.
“Our preliminary unaudited revenue results, with consistent year-over-year growth, is a clear indicator of the strength of our proprietary fingerprint sweat-based technology in the market,” commented Harry Simeonidis, President and CEO at Intelligent Bio Solutions. “As the global drug landscape continues to present challenges, marked by the rise of synthetic drugs such as methamphetamine and fentanyl, there is a pressing need for comprehensive drug testing solutions. We are addressing the challenges associated with drug use with our Intelligent Fingerprinting Drug Screening Solution, designed to support safety and well-being across workplaces, law enforcement and healthcare. Our expected product sales growth for the fiscal third quarter reflects a growing number of businesses adopting strict no-drug policies and a broader recognition of the critical role drug testing plays in maintaining drug-free environments.”
The preliminary unaudited revenue results for the fiscal third quarter and the nine months ended March 31, 2024, are based on information available to management as of the date of this press release and are, therefore, subject to adjustments based on the Company’s completion of its quarter-end financial close process. The Company expects to disclose financial results for the fiscal third quarter and nine months ended March 31, 2024, in its upcoming Quarterly Report on Form 10-Q, expected to be filed with the Securities and Exchange Commission during the week commencing May 6, 2024.
https://www.globenewswire.com/news-release/2024/04/18/2865397/0/en/Intelligent-Bio-Solutions-Inc-Announces-Preliminary-Unaudited-Fiscal-Third-Quarter-and-Nine-Month-Revenue-Results.html