Intelligent Bio Solutions Inc. Releases Fiscal 2025 First Quarter Financial Results

INTELLIGENT BIO SOLUTIONS INC. (NASDAQ: INBS) has recently reported its financial performance for the fiscal quarter ending September 30, 2024. The company announced a 10% year-on-year increase in quarterly revenue and a 20% growth quarter-on-quarter, showcasing four consecutive quarters of year-on-year growth.

The primary driver of revenue was the higher-margin, recurring cartridge sales, surpassing reader revenue figures. This shift has not only improved margins but also fortified the company’s business foundation. Intelligent Bio Solutions detailed these outcomes in a press release on November 7, 2024, which included operational highlights.

Furthermore, the completion of the in-clinic portion of the FDA 510(k) clinical study plan was achieved as planned. The company remains on schedule to submit the 510(k) package to the FDA by year-end. Key results were also shared, indicating that fingerprint sweat strongly aligns with blood and oral fluid, setting the stage for anticipated pharmacokinetic study results in November.

CEO Harry Simeonidis commented on the results by highlighting steady growth trends in both revenue and customer base. CFO Spiro Sakiris stressed the importance of focusing on higher-margin cartridge sales and strategic global expansion to support revenue growth and financial stability.

These positive financial results come amidst Intelligent Bio Solutions’ strategic milestones, including expanding its distribution network in Saudi Arabia and the successful completion of various clinical studies in accordance with FDA guidelines.

Moreover, the company is planning to enter the US market in the first half of the 2025 calendar year, positioning itself to capitalize on the estimated $15 billion drug screening products market by 2030. Additional operational highlights and financial details, including revenues and net loss figures, were also disclosed in the report.

Intelligent Bio Solutions Inc. is a medical technology company specializing in innovative, non-invasive testing solutions through its Intelligent Fingerprinting Drug Screening System. This system, which analyzes fingerprint sweat, is designed for quick and cost-effective drug screening, particularly suited for safety-critical industries.

The company encourages interested parties to visit its official website for more information. Intelligent Bio Solutions also underlined that forward-looking statements within the report are subject to inherent risks and uncertainties, detailed in public filings with the Securities and Exchange Commission. Any updates to the information mentioned will be promptly communicated by the company.

For further inquiries, please refer to the company’s contact information provided in the press release.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read GBS’s 8K filing here.

About GBS

GBS Inc operates as a biosensor diagnostic technology company in the Asia-Pacific and North America. It offers Saliva Glucose Biosensor, an organic thin-film transistor for diabetes management that measures glucose in saliva. The company also focuses on developing SARS-CoV-2 Biosensor, a biosensor test can be used as a complement to the (RNA) virus detection test; and a biosensor platform comprising of biochemistry, immunology, tumor markers, hormones, and nucleic acid diagnostic modalities.