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Intelligent Bio Solutions | 8-K: Intelligent Bio Solutions Inc. Announces Preliminary Unaudited Fiscal Third Quarter and Nine-Month Revenue Results

SEC announcement · Apr 18 16:33

INBS +4.84%

Summary by Moomoo AI

Intelligent Bio Solutions Inc. reported a significant increase in preliminary unaudited revenue for both the fiscal third quarter and the nine months ending March 31, 2024. The company, which specializes in non-invasive drug testing technology, announced an 80% revenue increase for the quarter and a 193% increase for the nine-month period compared to the previous year. These results were driven by record cartridge sales since the acquisition of Intelligent Fingerprinting Limited in 2022. Cartridge sales rose by 17% and reader sales by 20% for the quarter, with a 25% and 63% increase, respectively, from July 1, 2023, to March 31, 2024. President and CEO Harry Simeonidis attributed the growth to the market's recognition of the need for comprehensive drug testing solutions in response to the rise of synthetic drugs. The company expects to release its full financial results for the quarter and nine-month period in its upcoming Quarterly Report on Form 10-Q, to be filed with the SEC in early May 2024.

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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