Intelligent Bio Solutions Inc. Reports Fiscal 2024 Third Quarter and Nine-Month Financial Results and Operational Highlights
08 Maggio 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 its
financial results for the fiscal third quarter and nine months
ended March 31, 2024, and provided a business
update.
"We are pleased to report our third consecutive
quarter of strong revenue growth, which was driven by the
acquisition of 26 new accounts and a steadily increasing install
base. We have made significant progress on our FDA 510(k) roadmap,
entering the critical phase of clinical validation with Cliantha
Research, and are on track to complete our 510(k) submission,
expected by the end of 2024,” said Harry Simeonidis, President and
CEO at INBS. “With a solid financial foundation, we are
well-prepared to execute on our deliverables, which include
expanding into new regions and customer segments, advancing our FDA
pathway, and continuing to lead innovation in our field."
"We are pleased to report that the Company
continues its upward revenue trend,” said Spiro Sakiris, CFO at
INBS. “Sales growth of 80% year-over-year and a capital injection
of approximately $10.76 million have greatly improved our financial
position and will provide the resources to accelerate our
expansion. Our dedicated team has done an amazing job
executing our business plan, and it is this dedication
that will drive us to the next level.”
Financial Results for the Fiscal 2024
Third Quarter:
- Total cash and
cash equivalents on hand as of March 31, 2024, was $9.40 million,
an increase from $1.1 million on December 31, 2023.
- Shareholders
equity as of March 31, 2024, was $11 million.
- Total revenues
for the fiscal third quarter were $0.82 million, an increase of 80%
compared to the same period the year prior.
- Total revenue
for the nine months ended March 2024 was $2.38 million, an increase
of 193% compared to the same period the year prior.
- Net loss for
the fiscal third quarter was $2.98 million which included non-cash
depreciation and amortization and share based expenses of $0.54
million.
Revenue from sales of goods increased by
$366,742 from $457,058 to $823,800 for the quarter ended March 31,
2024, compared to the same period in 2023, representing an 80%
increase. Revenue from sales of goods increased by $1.57 million
from $813,737 to $2.38 million for the nine months ended March 31,
2024, compared to the same period in 2023, representing a 193%
increase. Increases in revenue are due to the organic growth of the
business and expansion into new regions and customer segments
following the acquisition of Intelligent Fingerprinting Ltd ("IFP")
in October 2022.
Net loss attributable to INBS decreased by
$600,287 from $7.97 million to $7.37 million for the nine months
ended March 31, 2024, compared to the same period the year prior.
This decrease is primarily driven by goodwill impairment charges of
$4.10 million and 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 $2.06 million during the same period in 2023. During the
quarter, the Company raised approximately $10.76 million after
deducting closing costs, placement agent fees, and other estimated
expenses payable by the Company via warrant inducement transaction
and a private placement of the Company's securities. The Company
ended the quarter with cash and cash equivalents of approximately
$9.40 million.
Fiscal Third Quarter & Recent
Operational Highlights:
- On February 28, 2024, the Company
announced its partnership with Cliantha Research to conduct the
pharmacokinetic (PK) study as part of its FDA 510(k) clinical
studies plan. The Company remains on track for its planned entry
into the US market in 2025.
- 26 new accounts secured throughout
the quarter, representing a combined headcount of approximately
16,779 employees.
- The Company was granted a new
European patent with unitary effect for its DSR-Plus Cartridge
Reader, bringing the patent into effect in 17 European
countries.
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 various indications, ranging
from immunological conditions to 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 Director KCSA Strategic
Communications PH: (212) 896-1254 INBS@kcsa.com
|
Intelligent Bio Solutions Inc.Condensed
Consolidated Balance Sheets(Amounts in US$) |
|
|
|
As of March 31, |
|
|
As of June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,397,523 |
|
|
$ |
1,537,244 |
|
Accounts receivable, net |
|
|
431,646 |
|
|
|
293,861 |
|
Inventories, net |
|
|
877,905 |
|
|
|
979,907 |
|
Research and development tax incentive receivable |
|
|
332,471 |
|
|
|
498,758 |
|
Other current assets |
|
|
481,046 |
|
|
|
552,791 |
|
Total current assets |
|
|
11,520,591 |
|
|
|
3,862,561 |
|
Property and equipment,
net |
|
|
559,520 |
|
|
|
690,175 |
|
Operating lease right-of-use
assets |
|
|
365,512 |
|
|
|
546,475 |
|
Intangibles, net |
|
|
4,593,330 |
|
|
|
5,255,401 |
|
Total
assets |
|
$ |
17,038,953 |
|
|
$ |
10,354,612 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,128,747 |
|
|
$ |
2,610,028 |
|
Current portion of operating lease liabilities |
|
|
260,377 |
|
|
|
223,447 |
|
Current portion of deferred grant income |
|
|
2,288,660 |
|
|
|
2,338,057 |
|
Current employee benefit liabilities |
|
|
660,010 |
|
|
|
358,942 |
|
Current portion of notes payable |
|
|
368,513 |
|
|
|
353,211 |
|
Total current liabilities |
|
|
5,706,307 |
|
|
|
5,883,685 |
|
Employee benefit liabilities,
less current portion |
|
|
30,286 |
|
|
|
24,902 |
|
Operating lease liabilities,
less current portion |
|
|
154,162 |
|
|
|
356,165 |
|
Notes payable, less current
portion |
|
|
150,426 |
|
|
|
402,862 |
|
Total
liabilities |
|
|
6,041,181 |
|
|
|
6,667,614 |
|
Commitments and
contingencies |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized,
2,913,799 and 194,200 shares issued and outstanding at March 31,
2024 and June 30, 2023, respectively* |
|
|
29,135 |
|
|
|
1,942 |
|
Treasury stock, at cost, 116 shares as of March 31, 2024 and June
30, 2023, respectively* |
|
|
(1 |
) |
|
|
(1 |
) |
Additional paid-in capital |
|
|
60,946,174 |
|
|
|
46,180,112 |
|
Accumulated deficit |
|
|
(49,180,085 |
) |
|
|
(41,807,573 |
) |
Accumulated other comprehensive loss |
|
|
(662,405 |
) |
|
|
(575,496 |
) |
Total consolidated Intelligent Bio Solutions Inc. equity |
|
|
11,132,818 |
|
|
|
3,798,984 |
|
Non-controlling interest |
|
|
(135,046 |
) |
|
|
(111,986 |
) |
Total shareholders’ equity |
|
|
10,997,772 |
|
|
|
3,686,998 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
17,038,953 |
|
|
$ |
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 endedMarch 31, |
|
|
Nine Months endedMarch 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
823,800 |
|
|
$ |
457,058 |
|
|
$ |
2,383,957 |
|
|
$ |
813,737 |
|
Cost of revenue (exclusive of
amortization shown separately below) |
|
|
(645,311 |
) |
|
|
(424,009 |
) |
|
|
(1,773,889 |
) |
|
|
(536,644 |
) |
Gross profit |
|
|
178,489 |
|
|
|
33,049 |
|
|
|
610,068 |
|
|
|
277,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government support income |
|
|
83,842 |
|
|
|
117,680 |
|
|
|
346,917 |
|
|
|
698,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
(2,425,830 |
) |
|
|
(1,898,754 |
) |
|
|
(6,587,934 |
) |
|
|
(5,594,461 |
) |
Development and regulatory approval expenses |
|
|
(471,313 |
) |
|
|
(299,898 |
) |
|
|
(923,712 |
) |
|
|
(380,363 |
) |
Depreciation and amortization |
|
|
(318,923 |
) |
|
|
(398,986 |
) |
|
|
(916,796 |
) |
|
|
(797,142 |
) |
Goodwill impairment |
|
|
- |
|
|
|
(4,096,490 |
) |
|
|
- |
|
|
|
(4,096,490 |
) |
Total operating expenses |
|
|
(3,216,066 |
) |
|
|
(6,694,128 |
) |
|
|
(8,428,442 |
) |
|
|
(10,868,456 |
) |
Loss from operations |
|
|
(2,953,735 |
) |
|
|
(6,543,399 |
) |
|
|
(7,471,457 |
) |
|
|
(9,892,738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(42,674 |
) |
|
|
(86,125 |
) |
|
|
(112,590 |
) |
|
|
(163,957 |
) |
Realized foreign exchange income/(loss) |
|
|
(996 |
) |
|
|
7,212 |
|
|
|
(1,551 |
) |
|
|
(8,936 |
) |
Fair value gain on revaluation of financial instrument |
|
|
- |
|
|
|
269,787 |
|
|
|
175,738 |
|
|
|
2,062,878 |
|
Interest income |
|
|
10,640 |
|
|
|
508 |
|
|
|
14,288 |
|
|
|
9,587 |
|
Total other income (expense), net |
|
|
(33,030 |
) |
|
|
191,382 |
|
|
|
75,885 |
|
|
|
1,899,572 |
|
Net loss |
|
|
(2,986,765 |
) |
|
|
(6,352,017 |
) |
|
|
(7,395,572 |
) |
|
|
(7,993,166 |
) |
Net loss attributable to non-controlling interest |
|
|
(9,098 |
) |
|
|
(8,111 |
) |
|
|
(23,060 |
) |
|
|
(20,367 |
) |
Net loss attributable to Intelligent Bio Solutions Inc. |
|
$ |
(2,977,667 |
) |
|
$ |
(6,343,906 |
) |
|
$ |
(7,372,512 |
) |
|
$ |
(7,972,799 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain/ (loss) |
|
|
(144,026 |
) |
|
|
(77,787 |
) |
|
|
(86,909 |
) |
|
|
148,251 |
|
Total other comprehensive income/(loss) |
|
|
(144,026 |
) |
|
|
(77,787 |
) |
|
|
(86,909 |
) |
|
|
148,251 |
|
Comprehensive loss |
|
|
(3,130,791 |
) |
|
|
(6,429,804 |
) |
|
|
(7,482,481 |
) |
|
|
(7,844,915 |
) |
Comprehensive loss attributable to non-controlling interest |
|
|
(9,098 |
) |
|
|
(8,111 |
) |
|
|
(23,060 |
) |
|
|
(20,367 |
) |
Comprehensive loss attributable to Intelligent Bio Solutions
Inc. |
|
|
(3,121,693 |
) |
|
|
(6,421,693 |
) |
|
|
(7,459,421 |
) |
|
|
(7,824,548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted* |
|
$ |
(1.43 |
) |
|
$ |
(68.67 |
) |
|
$ |
(6.64 |
) |
|
$ |
(104.04 |
) |
Weighted average shares outstanding, basic and diluted* |
|
|
2,079,864 |
|
|
|
92,389 |
|
|
|
1,110,089 |
|
|
|
76,629 |
|
* |
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