Summary by Moomoo AI
Intelligent Bio Solutions Inc. (INBS), a medical technology company, announced a significant year-over-year revenue increase in its fiscal second quarter and six-month financial results ending December 31, 2023. The company reported a 114% revenue increase for the quarter and a 337% increase for the six-month period, attributed to the acquisition of Intelligent Fingerprinting Ltd and growth in the Asia Pacific business. Despite the revenue growth, INBS experienced a net loss increase from $1.63 million to $4.39 million for the six months compared to the previous year, primarily due to the combined results of operations post-acquisition. The company also highlighted its expansion into the New Zealand market and increased market share in existing regions. Notably, INBS's laboratory partner received accreditation from the National Association of Testing Authorities for its fingerprint confirmatory drug testing procedure. The company's President and CEO, Harry Simeonidis, expressed optimism about the growth trajectory and the potential for further expansion in the Asia-Pacific region. INBS ended the quarter with cash and cash equivalents of approximately $1.12 million.