Intelligent Bio Solutions Inc. Sees Remarkable Growth in 2024

Intelligent Bio Solutions Inc. Reports Revenue Surge and Milestones

Intelligent Bio Solutions Inc. (NASDAQ: INBS), a fast-growing medical technology company, is making substantial strides in the field of non-invasive testing solutions. The company announced notable fiscal achievements for the fourth quarter and the entire year, particularly a revenue increase for the year ending June 30, 2024. This impressive performance is reflective of the team’s commitment to innovation and advancement in drug screening technology.

Financial Performance Overview

In the fiscal fourth quarter, Intelligent Bio Solutions reported total revenue of $0.73 million, marking a significant year-over-year increase of 64%. The full-year revenue reached $3.11 million, an impressive growth of 148% when compared to the previous fiscal year. As of the end of June 2024, the company maintained a healthy cash balance of approximately $6.30 million, giving it a solid financial foundation to support future growth.

Customer Demand and Strategic Growth

CEO Harry Simeonidis emphasized the strong customer demand for their products. He noted, "Our results reflect our dedication as we drive the business forward. We have seen an uptick in orders as more enterprises rely on our cutting-edge drug screening solutions to ensure workplace safety and reputation for integrity." With over 400 active business customers, the demand for the company's drug screening technology continues to expand.

Operational Highlights for Fiscal 2024

The fiscal year was marked by several key milestones that contributed to Intelligent Bio Solutions’ growth trajectory:

• Successful completion of the in-clinic portion of a Pharmacokinetic (PK) study for FDA 510(k) submission.
• Acquisition of a new European patent for the DSR-Plus Cartridge Reader, now valid across 17 countries.
• Partnership with Cliantha Research for critical PK studies to meet FDA requirements.
• Accreditation from the National Association of Testing Authorities (NATA) for the company’s testing laboratory.
• Noteworthy partnerships established with several organizations across various sectors, enhancing market presence.

This string of operational advancements underscores the company's commitment to expanding its market share and improving the effectiveness of its drug screening systems.

Market Expansion and Future Outlook

Intelligent Bio Solutions plans to expand its market reach well into other territories, including Asia-Pacific regions, Europe, and South America. The company recently made strides in the New Zealand market, signaling its capability to penetrate new territories while introducing innovative solutions.

Spiro Sakiris, CFO, remarked, "We closed out fiscal 2024 with strong results, generating consistent revenue momentum. As we continue to install more than 1,000 readers, our focus is on increasing cartridge sales, which are critical for sustainable revenue growth." This focus on recurring revenue through their cartridge sales continues to be a pivotal element of their success strategy.

Financial Results Highlights

Despite the strong top-line growth, the company reported a loss from operations of $10.28 million for fiscal 2024, a notable improvement from the $12.59 million loss the previous year. This decline in operational loss is attributed to increased revenue and improved gross profit margins, indicating successful cost management and recovery strategies.

With the financial robust status demonstrating both resilience and growth potential, Intelligent Bio Solutions is well-positioned to capitalize on increasing market demand for advanced drug screening technologies.

Frequently Asked Questions

What is the recent revenue growth for Intelligent Bio Solutions?

The company reported a revenue increase of 148%, reaching $3.11 million for the fiscal year ended June 30, 2024.

What operational milestones did Intelligent Bio Solutions achieve?

Key milestones include FDA submission progress, new European patent acquisition, and significant partnerships to enhance market presence.

Who is the CEO of Intelligent Bio Solutions?

Harry Simeonidis is the President and CEO of Intelligent Bio Solutions Inc.

What is Intelligent Bio Solutions known for?

The company specializes in innovative, rapid, and non-invasive drug testing solutions through its Intelligent Fingerprinting Drug Screening System.

What are future plans for expansion?

Intelligent Bio Solutions aims to expand its market reach to new geographical regions while enhancing its customer network in the Asia-Pacific region, Europe, and South America.

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