In a striking Friday rally, shares of Intelligent Bio Solutions, a pioneering medical technology firm, catapulted to new heights on abnormally high volume, currently trading at 81.9 million shares, a significant surge compared to the average volume of 8.47 million. This remarkable uptick, accompanied by a 30% increase, comes hot on the heels of Intelligent Bio Solutions’ first-quarter (Q1) financial report released on Wednesday.
At the time of this publication, Intelligent Bio Solutions Inc stock (INBS) has witnessed a surge.
Intelligent Bio Solutions Inc
Current Price: $0.57
Change : +0.13
Change (%): (30.41%)
Volume: 81.9M
Source: Tomorrow Events Market Data
During the fiscal quarter concluding on September 30, 2023, Intelligent Bio Solutions witnessed an impressive surge in combined revenue and government support income, skyrocketing by an astounding 191% to $0.91 million. This notable upswing was propelled by a robust $0.8 million in sales of goods, a stark departure from the previous fiscal year’s Q1 figure of zero revenue. The genesis of this surge can be traced back to the triumphant acquisition of Intelligent Fingerprinting Ltd (“IFP”) in October 2022, coupled with the strategic deployment of the Intelligent Fingerprinting Drug Screening System across the Asia-Pacific region through Intelligent Bio Solutions (APAC) Pty Ltd.
However, in terms of net earnings, INBS reported a net loss of $2.4 million for the first fiscal quarter ending on September 30, 2023, in contrast to the net loss of $1.2 million during the corresponding period in the preceding fiscal year. This surge in losses is primarily attributed to the cumulative operational outcomes following the IFP acquisition. It was partially offset by a substantial recognition of fair value gain, totaling $131,250, arising from the revaluation of the holdback Series C Preferred Stock during the current quarter.
As the quarter drew to a close, Intelligent Bio Solutions showcased cash and cash equivalents of approximately $0.2 million. Subsequent to the quarter ending on September 30, 2023, on October 4, 2023, the company successfully raised a substantial total of $4.378 million, before accounting for underwriting discounts, commissions, and offering expenses. Following these deductions, net proceeds to the company amounted to approximately $3.35 million.
The remarkable surge in stock value and the company’s robust Q1 financial results underscore Intelligent Bio Solutions’ strategic acumen in the medical technology sector. With a well-orchestrated expansion plan, encompassing ventures into new markets and groundbreaking product offerings, INBS appears well-positioned for sustained success in the forthcoming quarters.
Investors and industry analysts are closely monitoring INBS, acknowledging the company’s resilience and adaptability in navigating the intricacies of the ever-evolving medical technology landscape. With a strong foundation and promising initiatives in place, Intelligent Bio Solutions continues to carve a formidable niche in the competitive market, setting the stage for future growth and innovation.
