$INBS Intelligent Bio Solutions Inc. Reports Fiscal 2023 Fourth Quarter and Full Year Financial Results and Operational Highlights
https://www.globenewswire.com/news-release/20...ights.html
- Combined full-year revenue and government support income increased 355% year-over-year -
- Received guidance from U.S. FDA on a regulatory pathway for its Intelligent Fingerprinting Drug Screening Cartridge -
- Granted 13th patent following award of U.K. patent relating to DSR-Plus Cartridge Reader -
- Recently secured 8 new customers just two months into product launch in Australia -
NEW YORK, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. ("Intelligent Bio Solutions," "INBS" or the "Company"
(Nasdaq: INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for its fiscal fourth quarter and full-year ended June 30, 2023, and provided a business update.
“In the 2023 fiscal year, we maintained rapid expansion of our customer footprint, successfully entering the Australian market with accelerated uptake,” said Harry Simeonidis, President and Chief Executive Officer of Intelligent Bio Solutions. “Our year-over-year revenue growth represents the rising demand for, and adoption of, our innovative drug screening solution. We are confident that our Intelligent Fingerprinting Drug Screening System will set a new benchmark for drug testing procedures with its rapid collection time, portability and efficiency while prioritizing employee dignity and privacy.”
“Receiving the FDA’s guidance on a regulatory pathway for our Intelligent Fingerprinting Drug Screening Cartridge in the fourth quarter was a pivotal step toward our expansion into the U.S. market. We were also pleased to extend our market presence into South America and scale our reach throughout the Asia-Pacific region with the addition of our sales team in Australia. In addition, we further strengthened the protection of our unique and proprietary drug screening technology with the award of our 13th patent. Given our considerable progress to date, we believe INBS is well-placed to continue its growth over the next fiscal year,” concluded Mr. Simeonidis.
Spiro Sakiris, Chief Financial Officer of Intelligent Bio Solutions, further commented, “We are pleased to see that our 2023 profit and loss is comparable to our 2022 fiscal year results after allowing for net impairment of assets.”
Fourth Quarter and Full Year Highlights:
On June 28, 2023, the Company announced it had received guidance from the United States Food and Drug Administration (the “FDA”) regarding the regulatory classification of its Intelligent Fingerprinting Drug Screening Cartridge. The FDA provisionally determined that the cartridge falls within 21 CFR 862.3650, Opiate Test System, a Class II type device that requires the submission of a pre-market notification 510(k) and the FDA’s clearance prior to marketing, providing INBS with a clear regulatory pathway as part of the Company’s expansion strategy into the U.S.
In June 2023, the Company concluded its study on the Correlation of Glucose and Cortisol between Oral Fluid and Blood Compartments. The study aimed to determine the degree of correlation between saliva and blood glucose and cortisol levels in subjects with and without diabetes. The results of the study indicate that saliva sampling and analysis has potential use in various applications, including as an aid in screening for diabetes in unhygienic environments where blood sampling is risky, and in point-of-care or at-home cortisol tests where characterizing early morning levels and daily variation is important. The Company intends to compile a white paper summarizing the findings as it determines the next phase of development.
On May 2, 2023, the Company announced the recruitment of its Australian sales force and the addition of a new distribution hub and office facility to manage sales and operations, significantly expanding its ability to service customers throughout the Asia Pacific region.
On March 15, 2023, the Company announced its selection of Human and Supplement Testing Australia (“HASTA”), Australia’s largest independent sports drug testing laboratory, as its preferred drug testing specialist in Australia to complete lab-based confirmation testing.
On January 23, 2023, the Company published the results of Milestone 7, a phase of its biosensor platform development at the University of Newcastle, Australia, that included testing time-to-result (TTR), sensitivity, and reproducibility. The results showed a record 4x improvement in TTR, enabling the biosensor to return test results in under one minute.
During the fiscal 2023 year, the Company continued to expand its customer base by entering into sales contracts with Haulier, Eastern Airways, Hozelock, Boughey Distribution, A&F Sprinklers and Dodman Limited.
Earlier in the fiscal year, the Company completed the acquisition of Intelligent Fingerprinting Limited (IFP), a company registered in England and Wales (the IFP Acquisition). The IFP acquisition expanded the Company’s platform of rapid, non-invasive diagnostic testing technologies.
Fourth Quarter and Full Year Ended June 30, 2023, Financial Results
All amounts are expressed in U.S. dollars unless indicated otherwise. All authorized, issued, and outstanding stock and per share amounts reflect the 1-for-20 reverse stock split effected by the Company on February 9, 2023, unless indicated otherwise.
The Company’s combined revenue and government support income increased by 355% to $1.99 million for the fiscal year ended June 30, 2023, including revenue from sales of goods of $1.26 million, compared to fiscal year 2022. The increase in revenue is due to the acquisition of IFP in October 2022, whose results of operations are consolidated, and the launch of fingerprint drug testing in the APAC region via Intelligent Bio Solutions (APAC) Pty Ltd. The acquisition provided the Company with access to the commercially available Intelligent Fingerprinting Drug Screening System which is currently being marketed throughout Europe and the Asia Pacific Region.
Net loss attributable to INBS for fiscal year 2023 was $10.6 million, compared to a net loss of $8.3 million for the prior fiscal year. This increase is primarily driven by an impairment of goodwill of approximately $4.2 million, partially offset by a recognition of fair value gain on revaluation of convertible notes and holdback Series C Preferred Stock during the current period of approximately $2.2 million.
As of June 30, 2023, the Company’s cash and cash equivalents totalled approximately $1.5 million.
https://www.globenewswire.com/news-release/20...ights.html
- Combined full-year revenue and government support income increased 355% year-over-year -
- Received guidance from U.S. FDA on a regulatory pathway for its Intelligent Fingerprinting Drug Screening Cartridge -
- Granted 13th patent following award of U.K. patent relating to DSR-Plus Cartridge Reader -
- Recently secured 8 new customers just two months into product launch in Australia -
NEW YORK, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. ("Intelligent Bio Solutions," "INBS" or the "Company"
(Nasdaq: INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for its fiscal fourth quarter and full-year ended June 30, 2023, and provided a business update. “In the 2023 fiscal year, we maintained rapid expansion of our customer footprint, successfully entering the Australian market with accelerated uptake,” said Harry Simeonidis, President and Chief Executive Officer of Intelligent Bio Solutions. “Our year-over-year revenue growth represents the rising demand for, and adoption of, our innovative drug screening solution. We are confident that our Intelligent Fingerprinting Drug Screening System will set a new benchmark for drug testing procedures with its rapid collection time, portability and efficiency while prioritizing employee dignity and privacy.”
“Receiving the FDA’s guidance on a regulatory pathway for our Intelligent Fingerprinting Drug Screening Cartridge in the fourth quarter was a pivotal step toward our expansion into the U.S. market. We were also pleased to extend our market presence into South America and scale our reach throughout the Asia-Pacific region with the addition of our sales team in Australia. In addition, we further strengthened the protection of our unique and proprietary drug screening technology with the award of our 13th patent. Given our considerable progress to date, we believe INBS is well-placed to continue its growth over the next fiscal year,” concluded Mr. Simeonidis.
Spiro Sakiris, Chief Financial Officer of Intelligent Bio Solutions, further commented, “We are pleased to see that our 2023 profit and loss is comparable to our 2022 fiscal year results after allowing for net impairment of assets.”
Fourth Quarter and Full Year Highlights:
On June 28, 2023, the Company announced it had received guidance from the United States Food and Drug Administration (the “FDA”) regarding the regulatory classification of its Intelligent Fingerprinting Drug Screening Cartridge. The FDA provisionally determined that the cartridge falls within 21 CFR 862.3650, Opiate Test System, a Class II type device that requires the submission of a pre-market notification 510(k) and the FDA’s clearance prior to marketing, providing INBS with a clear regulatory pathway as part of the Company’s expansion strategy into the U.S.
In June 2023, the Company concluded its study on the Correlation of Glucose and Cortisol between Oral Fluid and Blood Compartments. The study aimed to determine the degree of correlation between saliva and blood glucose and cortisol levels in subjects with and without diabetes. The results of the study indicate that saliva sampling and analysis has potential use in various applications, including as an aid in screening for diabetes in unhygienic environments where blood sampling is risky, and in point-of-care or at-home cortisol tests where characterizing early morning levels and daily variation is important. The Company intends to compile a white paper summarizing the findings as it determines the next phase of development.
On May 2, 2023, the Company announced the recruitment of its Australian sales force and the addition of a new distribution hub and office facility to manage sales and operations, significantly expanding its ability to service customers throughout the Asia Pacific region.
On March 15, 2023, the Company announced its selection of Human and Supplement Testing Australia (“HASTA”), Australia’s largest independent sports drug testing laboratory, as its preferred drug testing specialist in Australia to complete lab-based confirmation testing.
On January 23, 2023, the Company published the results of Milestone 7, a phase of its biosensor platform development at the University of Newcastle, Australia, that included testing time-to-result (TTR), sensitivity, and reproducibility. The results showed a record 4x improvement in TTR, enabling the biosensor to return test results in under one minute.
During the fiscal 2023 year, the Company continued to expand its customer base by entering into sales contracts with Haulier, Eastern Airways, Hozelock, Boughey Distribution, A&F Sprinklers and Dodman Limited.
Earlier in the fiscal year, the Company completed the acquisition of Intelligent Fingerprinting Limited (IFP), a company registered in England and Wales (the IFP Acquisition). The IFP acquisition expanded the Company’s platform of rapid, non-invasive diagnostic testing technologies.
Fourth Quarter and Full Year Ended June 30, 2023, Financial Results
All amounts are expressed in U.S. dollars unless indicated otherwise. All authorized, issued, and outstanding stock and per share amounts reflect the 1-for-20 reverse stock split effected by the Company on February 9, 2023, unless indicated otherwise.
The Company’s combined revenue and government support income increased by 355% to $1.99 million for the fiscal year ended June 30, 2023, including revenue from sales of goods of $1.26 million, compared to fiscal year 2022. The increase in revenue is due to the acquisition of IFP in October 2022, whose results of operations are consolidated, and the launch of fingerprint drug testing in the APAC region via Intelligent Bio Solutions (APAC) Pty Ltd. The acquisition provided the Company with access to the commercially available Intelligent Fingerprinting Drug Screening System which is currently being marketed throughout Europe and the Asia Pacific Region.
Net loss attributable to INBS for fiscal year 2023 was $10.6 million, compared to a net loss of $8.3 million for the prior fiscal year. This increase is primarily driven by an impairment of goodwill of approximately $4.2 million, partially offset by a recognition of fair value gain on revaluation of convertible notes and holdback Series C Preferred Stock during the current period of approximately $2.2 million.
As of June 30, 2023, the Company’s cash and cash equivalents totalled approximately $1.5 million.
