Intelligent Bio Solutions (NASDAQ: INBS) Looking Strong into the Close

February 2, 2024

DENVER, Colo., Feb. 2, 2024 (247marketnews.com)- We covered Intelligent Bio’s (NASDAQ:INBS) fiscal Second Quarter and six months ended December 31, 2023, news, this morning, when it was trading at $3.265, up $0.855 (+35.48%), on 2.7M premarket shares traded.

Since it hit a new 52-week low last week we thought that it may catch a few shorts off-guard and that appears to be the case, as Intelligent Bio Solutions is now trading at $4.9214, up $2.5114 (+104.21%), on 72.3M premarket shares traded, after hitting a high of $5.56.

Its 52-week range is $2.28 to $188.736.

Intelligent Bio Solutions expects approximate unaudited revenue of $1.56 million for the six months ended December 31, 2023, representing a significant increase of 337% compared to the same period the prior year, and approximate unaudited revenue of $0.76 million for the second fiscal quarter ended December 31, 2023, representing an increase of 114% compared to the same period the prior year.

Additionally, INBS expects a 30% rise in cartridge sales and a 91% rise in reader sales for the six months ended December 31, 2023, compared to the six months ended December 31, 2022.

“Our product sales are steadily on the rise due to a growing awareness of our drug screening solution, entry into new markets and expansion of our global footprint. Last year, we expanded into New Zealand, and we anticipate further market expansion throughout Asia-Pacific this year,” said Harry Simeonidis, President and Chief Executive Officer at Intelligent Bio Solutions. “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 maintain this upward trajectory throughout 2024.”

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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.

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