February 23, 2024

Intelligent Bio Solutions (NASDAQ:INBS) Continues to Run on Q2 and 6M Financial Results and Operational Highlights

DENVER, Colo., Feb. 9, 2024 (www.247marketnews.com)- Intelligent Bio Solutions (NASDAQ:INBS) reported, this morning, its fiscal second quarter and six months financial results, for the period that ended December 31, 2023, and provided a business update.

Its Fiscal Second Quarter & Recent Highlights included, “ Year-over-year revenue increased 114% for the fiscal second quarter and 337% for the six-months ending December 31, 2023” and “Expanded into New Zealand market and increased market share in existing regions”

We covered Intelligent Bio Solutions this morning when it was trading at $3.63 (+26.04%), on 1.9M shares. INBS is now trading at $10.00, up $7.12 (+247.23%), on 70.4M shares traded.     

Its 52-week range is $2.28 to $135.48. Today’s high of $11.70 was basically refilling the October 1, 2023 gap.

“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.”

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