24/7 Market News Snapshot 09 September, 2024 – Intelligent Bio Solutions Inc. Common Stock (NASDAQ:INBS)

DENVER, Colo., 09 September, 2024 (247marketnews.com) – (NASDAQ:INBS) are discussed in this article.
Intelligent Bio Solutions Inc. (INBS) is witnessing a significant bullish trend following a remarkable pre-market surge in its stock, which has risen to $2.44, reflecting a 54.43% increase from the previous close of $1.58. With trading volumes reaching approximately 12.73 million shares, this substantial activity indicates a growing investor interest fueled by confidence in the company’s innovative technologies and promising growth prospects in the dynamic bio-solutions sector.

In conjunction with the stock performance, Intelligent Bio Solutions has also released preliminary unaudited revenue figures for the fiscal fourth quarter and full year ending June 30, 2024. The company reported approximately $0.73 million in revenue for the fourth quarter, marking a commendable 64% year-over-year growth, while full-year revenues were around $3.11 million, reflecting an impressive increase of 148% from the previous year. This growth is attributed to heightened market demand and increased recognition of Intelligent Bio’s advanced testing solutions.

Furthermore, the company has established a substantial reader install base exceeding 1,000 units, ensuring a consistent revenue stream via essential cartridges for operation. Projections for the upcoming fiscal year estimate a 20% increase in cartridge sales alongside a 26% rise in reader sales, underscoring the company’s strategic emphasis on customer engagement.

CFO Spiro Sakiris emphasized the company’s dedication to delivering innovative safety solutions, while President and CEO Harry Simeonidis noted the focus on safety-critical industries, which positions the company strategically for emerging markets and future growth. The final audited revenue results are expected to be shared in an upcoming Annual Report on Form 10-K, highlighting Intelligent Bio Solutions’ commitment to transforming the non-invasive testing landscape and enhancing operational safety across various industries.

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