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 fiscal second quarter and six months
ended December 31, 2023, and provided a business update.
“We are very pleased with our fiscal Q2 and
six-month revenue results, reflecting our commitment to continuous
growth of our customer base and global presence,” said, Harry
Simeonidis, President and Chief Executive Officer at Intelligent
Bio Solutions. “Our product sales have grown significantly, up 30%
for cartridges and 91% for readers in the six months ending
December 31, 2023, compared to the same period last year. This
increase in volume has boosted our revenue growth to over 110% year
over year, and we are seeing a growing awareness of our drug
screening solution as we enter new markets and expand our global
footprint. Last year our expansion into New Zealand marked a
significant milestone, and we anticipate further expansion
throughout the Asia-Pacific region this year. 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 sustain this rapid trajectory throughout
2024.”
Fiscal Second Quarter & Recent
Highlights:
- Entered the New Zealand market, marking a key milestone in the
Company’s Asia Pacific expansion strategy.
- Increased customer portfolio to include VKVP Haulage, State
Road Constructions, Titan Cranes and Rigging Pty Ltd. and P&O
Ferries. Additionally, the company reported the successful
completion of 25,000 Intelligent Fingerprinting tests by its
existing customer, Auctus Management Group.
- The National Association of Testing Authorities (NATA)
accredited Intelligent Bio Solutions’ laboratory partner, Racing
Analytical Services Limited (RASL), to perform its fingerprint
confirmatory drug testing procedure. This accreditation serves
as an independent benchmark for technical validation, demonstrating
the Company’s commitment to product quality, safety, and
reliability for its customers.
Fiscal Second Quarter Ended December 31,
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 and 1-for-12 reverse
stock split effected by the Company on February 9, 2023, and
January 26, 2024, respectively, unless indicated otherwise.
Revenue from sales of goods increased by $0.40
million from $0.36 million to $0.76 million for the quarter ended
December 31, 2023, compared to same period in 2022, representing a
114% increase. Revenue from sales of goods increased by $1.20
million from $0.36 million to $1.56 million for the six months
ended December 31, 2023, compared to same period in 2022,
representing a 337% increase. Increases in revenue are due to the
acquisition of Intelligent Fingerprinting Ltd (“IFP”) in October
2022, and growth of the Company’s Asia Pacific business,
Intelligent Bio Solutions (APAC) Pty Ltd, in addition to expansion
into new regions and growth of the Company in existing markets and
regions.
Net loss attributable to INBS increased by $2.76
million from $1.63 million to $4.39 million for the six months
ended December 31, 2023, compared to the same period in 2022. This
increase is primarily driven by combined results of operations
after the acquisition of IFP offset by a recognition of fair value
gain on revaluation of convertible notes and holdback Series C
Preferred Stock of $1,793,091 during the same period in 2022.
On October 4, 2023, the Company raised
approximately $4.38 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 $3.79 million. The Company ended the
quarter with cash and cash equivalents of approximately $1.12
million.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is
a medical technology company delivering innovative, rapid,
non-invasive testing solutions. The Company believes that its
Intelligent Fingerprinting Drug Screening System will revolutionize
portable testing through fingerprint sweat analysis, which has the
potential for broader applications in additional fields. Designed
as a hygienic and cost-effective system, the test screens for
recent use of drugs commonly found in the workplace, including
opiates, cocaine, methamphetamine, and cannabis. With sample
collection in seconds and results in under ten minutes, this
technology would be a valuable tool for employers in
safety-critical industries. Additionally, the Company's biosensor
platform has the potential to test for up to 130 indications,
ranging from glucose to immunological conditions and communicable
diseases. The Company's current customer segments include
construction, manufacturing and engineering, transport and
logistics firms, drug treatment organizations, and coroners.
For more information,
visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.'s ability to successfully develop and commercialize
its drug and diagnostic tests, realize commercial benefit from its
partnerships and collaborations, and secure regulatory approvals,
among others. Although Intelligent Bio Solutions Inc. believes that
the expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions Inc. has
attempted to identify forward-looking statements by terminology,
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, included in Intelligent Bio Solutions' public filings
filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. Intelligent Bio Solutions undertakes no obligation to
update any forward-looking statements contained in this release to
reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc. info@ibs.inc
LinkedIn | Twitter
Media Contact:
Cheryl Billson Comma Communications
cheryl.billson@commacomms.com +44 (0)7791 720460
(Financial tables follow)
Intelligent Bio Solutions Inc.
Condensed Consolidated Balance Sheets (Amounts in
US$)
|
|
|
|
|
|
|
|
|
|
|
December 31,2023(Unaudited) |
|
|
June 30, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,119,004 |
|
|
$ |
1,537,244 |
|
Accounts receivable, net |
|
|
262,834 |
|
|
|
293,861 |
|
Inventories, net |
|
|
942,050 |
|
|
|
979,907 |
|
Research and development tax incentive receivable |
|
|
289,167 |
|
|
|
498,758 |
|
Other current assets |
|
|
331,601 |
|
|
|
552,791 |
|
Total current assets |
|
|
2,944,656 |
|
|
|
3,862,561 |
|
Property and
equipment, net |
|
|
591,307 |
|
|
|
690,175 |
|
Operating
lease right-of-use assets |
|
|
432,728 |
|
|
|
546,475 |
|
Intangible
assets, net |
|
|
4,858,301 |
|
|
|
5,255,401 |
|
TOTAL ASSETS |
|
$ |
8,826,992 |
|
|
$ |
10,354,612 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
1,763,007 |
|
|
$ |
2,610,028 |
|
Current portion of operating lease liabilities |
|
|
250,751 |
|
|
|
223,447 |
|
Current portion of deferred grant income |
|
|
2,431,900 |
|
|
|
2,338,057 |
|
Current employee benefit liabilities |
|
|
366,893 |
|
|
|
358,942 |
|
Current portion of notes payable |
|
|
370,535 |
|
|
|
353,211 |
|
Total current liabilities |
|
|
5,183,086 |
|
|
|
5,883,685 |
|
Employee
benefit liabilities, less current portion |
|
|
29,993 |
|
|
|
24,902 |
|
Operating
lease liabilities, less current portion |
|
|
228,710 |
|
|
|
356,165 |
|
Notes
payable, less current portion |
|
|
230,969 |
|
|
|
402,862 |
|
Total liabilities |
|
|
5,672,758 |
|
|
|
6,667,614 |
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common
stock, $0.01 par value, 100,000,000 shares authorized, 1,476,042
and 194,200 shares issued and outstanding at December 31, 2023 and
June 30, 2023, respectively* |
|
|
14,760 |
|
|
|
1,942 |
|
Treasury
stock, at cost, 116 shares as of December 31, 2023 and June 30,
2023, respectively* |
|
|
(1 |
) |
|
|
(1 |
) |
Additional paid-in capital |
|
|
49,986,220 |
|
|
|
46,180,112 |
|
Accumulated deficit |
|
|
(46,202,418 |
) |
|
|
(41,807,573 |
) |
Accumulated other comprehensive loss |
|
|
(518,379 |
) |
|
|
(575,496 |
) |
Total consolidated Intelligent Bio Solutions Inc. equity |
|
|
3,280,182 |
|
|
|
3,798,984 |
|
Non-controlling interest |
|
|
(125,948 |
) |
|
|
(111,986 |
) |
Total shareholders’ equity |
|
|
3,154,234 |
|
|
|
3,686,998 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
8,826,992 |
|
|
$ |
10,354,612 |
|
* |
|
Common
stock and per share amount have been retroactively adjusted to
reflect the decreased number of shares resulting from a 1-for-12
reverse stock split effected on January 26, 2024, and a
1-for-20 reverse stock split effected on February 9, 2023,
throughout the condensed consolidated financial statement unless
otherwise stated. |
Intelligent Bio Solutions Inc.
Condensed Consolidated Statements of Operations and Other
Comprehensive Loss* (Unaudited) (Amounts
in US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December31, |
|
|
Six Months Ended December31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
764,063 |
|
|
$ |
356,679 |
|
|
$ |
1,560,157 |
|
|
$ |
356,679 |
|
Cost of
revenue (exclusive of amortization shown separately below) |
|
|
(564,815 |
) |
|
|
(112,635 |
) |
|
|
(1,128,578 |
) |
|
|
(112,635 |
) |
Gross
profit |
|
|
199,248 |
|
|
|
244,044 |
|
|
|
431,579 |
|
|
|
244,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government support income |
|
|
153,204 |
|
|
|
269,625 |
|
|
|
263,075 |
|
|
|
580,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
|
(1,705,044 |
) |
|
|
(2,245,289 |
) |
|
|
(4,162,104 |
) |
|
|
(3,695,707 |
) |
Development
and regulatory approval expenses |
|
|
(348,452 |
) |
|
|
(1,191 |
) |
|
|
(452,399 |
) |
|
|
(80,465 |
) |
Depreciation and amortization |
|
|
(290,313 |
) |
|
|
(398,156 |
) |
|
|
(597,873 |
) |
|
|
(398,156 |
) |
Total operating expenses |
|
|
(2,343,809 |
) |
|
|
(2,644,636 |
) |
|
|
(5,212,376 |
) |
|
|
(4,174,328 |
) |
Loss from
operations |
|
|
(1,991,357 |
) |
|
|
(2,130,967 |
) |
|
|
(4,517,722 |
) |
|
|
(3,349,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(32,468 |
) |
|
|
(76,767 |
) |
|
|
(69,916 |
) |
|
|
(77,832 |
) |
Realized foreign exchange loss |
|
|
(555 |
) |
|
|
(13,901 |
) |
|
|
(555 |
) |
|
|
(16,148 |
) |
Fair value
gain on revaluation of financial instrument |
|
|
44,488 |
|
|
|
1,793,091 |
|
|
|
175,738 |
|
|
|
1,793,091 |
|
Interest income |
|
|
3,509 |
|
|
|
1,473 |
|
|
|
3,648 |
|
|
|
9,079 |
|
Total other income |
|
|
14,974 |
|
|
|
1,703,896 |
|
|
|
108,915 |
|
|
|
1,708,190 |
|
Net
loss |
|
|
(1,976,383 |
) |
|
|
(427,071 |
) |
|
|
(4,408,807 |
) |
|
|
(1,641,149 |
) |
Net loss
attributable to non-controlling interest |
|
|
(6,742 |
) |
|
|
(6,471 |
) |
|
|
(13,962 |
) |
|
|
(12,256 |
) |
Net loss
attributable to Intelligent Bio Solutions Inc. |
|
$ |
(1,969,641 |
) |
|
$ |
(420,600 |
) |
|
$ |
(4,394,845 |
) |
|
$ |
(1,628,893 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain |
|
$ |
75,133 |
|
|
$ |
361,597 |
|
|
$ |
57,117 |
|
|
$ |
226,038 |
|
Total other comprehensive income |
|
|
75,133 |
|
|
|
361,597 |
|
|
|
57,117 |
|
|
|
226,038 |
|
Comprehensive loss |
|
|
(1,901,250 |
) |
|
|
(65,474 |
) |
|
|
(4,351,690 |
) |
|
|
(1,415,111 |
) |
Comprehensive loss attributable to non-controlling interest |
|
|
(6,742 |
) |
|
|
(6,471 |
) |
|
|
(13,962 |
) |
|
|
(12,256 |
) |
Comprehensive loss attributable to Intelligent Bio Solutions
Inc. |
|
$ |
(1,894,508 |
) |
|
$ |
(59,003 |
) |
|
$ |
(4,337,728 |
) |
|
$ |
(1,402,855 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic and diluted* |
|
$ |
(2.07 |
) |
|
$ |
(5.56 |
) |
|
$ |
(7.68 |
) |
|
$ |
(23.65 |
) |
Weighted
average shares outstanding, basic and diluted* |
|
|
949,660 |
|
|
|
75,690 |
|
|
|
571,930 |
|
|
|
68,866 |
|
* |
|
Common
stock and per share amount have been retroactively adjusted to
reflect the decreased number of shares resulting from a 1-for-12
reverse stock split effected on January 26, 2024, and a 1-for-20
reverse stock split effected on February 9, 2023, throughout the
condensed consolidated financial statement unless otherwise
stated. |
Grafico Azioni Intelligent Bio Solutions (NASDAQ:INBS)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Intelligent Bio Solutions (NASDAQ:INBS)
Storico
Da Giu 2023 a Giu 2024