NEW YORK, Feb. 02, 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 fiscal Second Quarter and six months ended December 31, 2023. The Company 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.
Spiro Sakiris, Chief Financial Officer at Intelligent Bio Solutions, commented, “Our Q2 and six-month results are very encouraging, showing strong growth compared to 2022 as we continued our focus on penetrating target markets.”
INBS further 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.
"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,” said Harry Simeonidis, President and Chief Executive Officer at Intelligent Bio Solutions. “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.”
The preliminary unaudited revenue results for the fiscal second quarter and the six months ended December 31, 2023, 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 second quarter and six months ended December 31, 2023, in its upcoming Quarterly Report on Form 10-Q, expected to be filed with the Securities and Exchange Commission during the week commencing February 5, 2024.
https://www.globenewswire.com/news-release/2024/02/02/2822845/0/en/Intelligent-Bio-Solutions-Inc-Announces-Preliminary-Unaudited-Fiscal-Second-Quarter-and-Six-Month-Revenue-Results.html