Intelligent Bio Solutions Inc. Announces Preliminary Unaudited Fiscal Third Quarter and Nine-Month Revenue Results
18 Aprile 2024 - 2:30PM
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 the fiscal third quarter and nine
months ended March 31, 2024. The Company expects approximate
unaudited revenue of $0.82 million for the three months ended March
31, 2024, representing an increase of 80% compared to the same
period the prior year, and approximate unaudited revenue of $2.38
million for the nine months ended March 31, 2024, representing an
increase of 193% compared to the same period the prior year.
INBS expects a year-over-year increase of 17% in
cartridge sales and 20% in reader sales for the three months ended
March 31, 2024, representing the highest quarterly cartridge sales
to date since the acquisition of Intelligent Fingerprinting Limited
in 2022. Cartridge and reader sales are expected to increase 25%
and 63%, respectively, from July 1, 2023, through to March 31,
2024, compared to the same period the prior year.
“Our preliminary unaudited revenue results, with
consistent year-over-year growth, is a clear indicator of the
strength of our proprietary fingerprint sweat-based technology in
the market,” commented Harry Simeonidis, President and CEO at
Intelligent Bio Solutions. “As the global drug landscape continues
to present challenges, marked by the rise of synthetic drugs such
as methamphetamine and fentanyl, there is a pressing need for
comprehensive drug testing solutions. We are addressing the
challenges associated with drug use with our Intelligent
Fingerprinting Drug Screening Solution, designed to support safety
and well-being across workplaces, law enforcement and healthcare.
Our expected product sales growth for the fiscal third quarter
reflects a growing number of businesses adopting strict no-drug
policies and a broader recognition of the critical role drug
testing plays in maintaining drug-free environments.”
The preliminary unaudited revenue results for
the fiscal third quarter and the nine months ended March 31, 2024,
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 third quarter and nine months ended March 31, 2024, in its
upcoming Quarterly Report on Form 10-Q, expected to be filed with
the Securities and Exchange Commission during the week commencing
May 6, 2024.
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.incLinkedIn | Twitter
Investor & Media Contact:
Valter Pinto, Managing DirectorKCSA Strategic CommunicationsPH:
(212) 896-1254 INBS@kcsa.com
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