Intelligent Bio Solutions Inc. Reports Fiscal 2024 First - First fiscal quarter revenue and government support income increased 191% year-over-year and 88% sequentially due to strong organic growth and execution of expansion plans -
- Increased market share organically in existing markets and entered South American market -
- Advanced plans for expansion into the U.S. market -
- Completed critical development milestone in plans to add new assays for ketamine and tramadol to the Intelligent Fingerprinting Drug Screening System -
NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. ("INBS" or the "Company") (Nasdaq: INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for its fiscal first quarter ended September 30, 2023, and provided a business update.
“We achieved strong revenue growth over the first quarter of fiscal 2024, maintaining the momentum we have built over the past several quarters,” commented Harry Simeonidis, President and Chief Executive Officer of Intelligent Bio Solutions Inc. “This growth is largely attributable to the increasing acceptance of our proprietary Intelligent Fingerprinting Drug Screening System by customers, which has translated to consistent sales and increased revenue. The sustained rising demand for our innovative screening product across a diverse number of industries demonstrates its versatility and its value as a faster, more efficient, and less-invasive drug screening solution for workplaces.”
“We expanded our market presence in South America while advancing our reach in existing markets. We are now focused on executing our plan to enter the U.S. market after receiving FDA guidance on a regulatory pathway for our Intelligent Fingerprinting Drug Screening Cartridge earlier this year,” Mr. Simeonidis added.
First Quarter & Recent Highlights:
- Expanded into the New Zealand market, representing a significant milestone in the Company’s growth strategy for its Intelligent Fingerprinting Drug Screening System.
- Enhanced customer portfolio with specialist container logistics firm VKVP Haulage adopting the Company’s Intelligent Fingerprinting Drug Screening System. Additionally, existing customer Auctus Management Group completed 25,000 tests using the Company’s Intelligent Fingerprinting Drug Screening System.
- Obtained recertification for ISO 13485: 2016, which is the international standard for medical systems quality management system certification.
- Completed critical development milestone in plans to add new assays for ketamine and tramadol to the Intelligent Fingerprinting Drug Screening System. The new assays passed the Company’s initial design phase and are ready for scale-up and transfer to manufacture ahead of potential clinical trials.
- Secured eight new customers across Australia for its Intelligent Fingerprinting Drug Screening System product. The customers come from a variety of industries including mining, aviation, construction, manufacturing, and agriculture, and are using it to promote alternative screening practices.
- Signed a South American distribution deal with TSCOM SPA for the Company’s Intelligent Fingerprinting Drug Screening System and secured its first order under this agreement.
First Fiscal Quarter Ended September 30, 2023, Financial Results
All amounts are expressed in U.S. dollars unless indicated otherwise. All authorized, issued, and outstanding stock and per share amounts reflect the 1-for-20 reverse stock split effected by the Company on February 9, 2023, unless indicated otherwise.
The Company’s combined revenue and government support income increased by 191% to $0.91 million for the first fiscal quarter ended September 30, 2023, including revenue from sales of goods of $0.8 million, compared to $0 in the first fiscal quarter ended September 30, 2022. The increase in revenue is due to the acquisition of Intelligent Fingerprinting Ltd (“IFP”) in October 2022 and the launch of its Intelligent Fingerprinting Drug Screening System in the Asia-Pacific region via Intelligent Bio Solutions (APAC) Pty Ltd.
Net loss attributable to INBS for the first fiscal quarter ended September 30, 2023 was $2.4 million, compared to a net loss of $1.2 million for the first fiscal quarter of the prior fiscal year. This increase is primarily driven by the combined results of operations after the acquisition of IFP offset by a recognition of fair value gain on revaluation of holdback Series C Preferred Stock during the current quarter of $131,250.
The Company ended the quarter with cash and cash equivalents of approximately $0.2 million. On October 4, 2023, subsequent to the quarter ended September 30, 2023, the Company raised approximately $4.378 million prior to deducting underwriting discounts and commissions and offering expenses via a registered underwritten public offering of the Company’s securities. Net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $3.35 million.
https://www.globenewswire.com/news-release/2023/11/08/2776753/0/en/Intelligent-Bio-Solutions-Inc-Reports-Fiscal-2024-First-Quarter-Financial-Results-and-Operational-Highlights.html