Intelligent Bio Solutions, a pioneering medical technology firm specializing in advanced, non-invasive testing solutions, yesterday unveiled its financial performance for the first quarter (Q1) of fiscal year 2024, concluding on September 30, 2023. The disclosure sparked a remarkable surge in the company’s stock, witnessing a staggering 114% increase today morning.
At the time of this publication, Intelligent Bio Solutions Inc stock (INBS) has witnessed a surge.
Intelligent Bio Solutions Inc
Current Price: $0.43
Change : +0.22
Change (%): (106.84%)
Volume: 63.9M
Source: Tomorrow Events Market Data
During the first fiscal quarter ending on September 30, 2023, Intelligent Bio Solutions reported a notable surge in combined revenue and government support income, soaring by an impressive 191% to $0.91 million. This noteworthy upswing was driven by sales of goods, accounting for $0.8 million, a stark contrast to the preceding fiscal year’s Q1 figure of zero revenue. The surge owes its genesis to the successful acquisition of Intelligent Fingerprinting Ltd (“IFP”) in October 2022, complemented by the strategic introduction of the Intelligent Fingerprinting Drug Screening System across the Asia-Pacific region through Intelligent Bio Solutions (APAC) Pty Ltd.
In terms of net earnings, INBS recorded a net loss of $2.4 million for the first fiscal quarter ending September 30, 2023, as opposed to a net loss of $1.2 million during the corresponding period in the previous fiscal year. This surge can be primarily attributed to the collective operational outcomes subsequent to the IFP acquisition, offset by a substantial recognition of fair value gain, amounting to $131,250, stemming from the revaluation of the holdback Series C Preferred Stock during the current quarter.
Closing out the quarter, Intelligent Bio Solutions boasted cash and cash equivalents of approximately $0.2 million. Subsequent to the September 30, 2023 quarter end, on October 4, 2023, the company successfully raised an approximate total of $4.378 million, prior to accounting for underwriting discounts, commissions, and offering expenses, through a registered underwritten public offering of the company’s securities. Following the deduction of these expenses, net proceeds to the company were calculated at roughly $3.35 million.
Commenting on the robust financial performance, Harry Simeonidis, President and Chief Executive Officer of Intelligent Bio Solutions Inc., expressed his satisfaction, stating, “We achieved strong revenue growth over the first quarter of fiscal 2024, maintaining the momentum we have built over the past several quarters. 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.”
The noteworthy surge in stock value and the company’s impressive Q1 financial results are indicative of Intelligent Bio Solutions’ strategic prowess in the medical technology sector. With a well-calibrated expansion plan, including forays into new markets and groundbreaking product offerings, INBS appears poised for continued success in the coming quarters.
