NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ: INBS), a medical technology firm specializing in rapid, non-invasive testing solutions, has reported a substantial increase in preliminary unaudited revenue for its fiscal third quarter and the nine months ending March 31, 2024.
The company announced an 80% rise in revenue for the quarter and a 193% surge for the nine-month period, compared to the same intervals in the previous year.
The company's revenue for the fiscal third quarter is estimated at $0.82 million, while the nine-month revenue is anticipated to be approximately $2.38 million. This growth is driven by a significant uptick in product sales, with cartridge sales climbing by 17% and reader sales by 20% for the quarter. This marks the highest quarterly cartridge sales since the acquisition of Intelligent Fingerprinting Limited in 2022.
INBS's President and CEO, Harry Simeonidis, attributes the growth to the market's recognition of their fingerprint sweat-based technology and the increasing adoption of strict no-drug policies by businesses. The technology offers a quick and hygienic method for drug screening, providing results in under ten minutes and is particularly relevant in the face of rising synthetic drug use.
The preliminary revenue figures are subject to adjustments upon the completion of the company's financial close process for the quarter. Intelligent Bio Solutions expects to release detailed financial results in its Quarterly Report on Form 10-Q, which is scheduled to be filed with the Securities and Exchange Commission in the week commencing May 6, 2024.
Intelligent Bio Solutions' testing system screens for drugs commonly used in workplace environments, such as opiates, cocaine, methamphetamine, and cannabis. The company's customer base spans various industries, including construction, manufacturing, transport, and healthcare.
The information reported is based on a press release statement. Forward-looking statements within the release, such as the company's future development and regulatory approval prospects, are subject to known and unknown risks and uncertainties.
InvestingPro Insights
Intelligent Bio Solutions Inc. (NASDAQ: INBS) has shown a remarkable uptick in revenue growth, as highlighted by the recent preliminary unaudited financials. According to InvestingPro data, the company's revenue for the last twelve months as of Q2 2024 has soared by an impressive 589.79%, with a quarterly growth of 114.22%.
This surge aligns with the company's reported increase in product sales, emphasizing the market's positive response to their innovative drug screening technology.
Despite this revenue growth, an InvestingPro Tip points out that INBS has been quickly burning through cash, which could be a concern for investors monitoring the company's financial health. Furthermore, the stock's price volatility is notable, with a 1 Month Price Total Return as of the latest available data showing a significant drop of -36.19%. This may reflect market sentiment and the inherent risks associated with the medical technology sector.
For those looking to delve deeper into Intelligent Bio Solutions' financials and stock performance, there are additional InvestingPro Tips available. As of now, there are 14 more tips that can provide further insights into INBS's financial stability, stock price movements, and overall valuation. Interested investors can benefit from an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. These tips can be crucial for making informed investment decisions, especially in the dynamic field of medical technology.
With the next earnings date scheduled for May 10, 2024, stakeholders will be keen to see whether Intelligent Bio Solutions can maintain its revenue momentum and address its cash burn rate. The company's innovative approach to drug screening continues to attract attention, but investors will likely weigh these advancements against the financial metrics that dictate the company's long-term viability.
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