Intelligent Bio Solutions Inc. Reports Fiscal 2024 Fourth Quarter and Full Year Financial Results and Operational Highlights
Intelligent Bio Solutions Inc. (Nasdaq: INBS) reported strong financial results for fiscal 2024. Fourth-quarter revenue reached $0.73 million, up 64% year-over-year, while full-year revenue totaled $3.11 million, a 148% increase from the previous year. The company's cash position stood at $6.30 million as of June 30, 2024.
INBS saw a 20% increase in cartridge sales and a 26% increase in reader sales for the fiscal year. With over 1,000 readers installed, the company is generating consistent recurring revenue from cartridge sales across its 400+ business customer base.
Key operational highlights include the completion of the in-clinic portion of the Pharmacokinetic study for FDA 510(k) clearance, expansion into New Zealand, and new partnerships with various companies. INBS remains on track for its planned FDA 510(k) submission in Q4 2024.
Intelligent Bio Solutions Inc. (Nasdaq: INBS) ha riportato solidi risultati finanziari per l'esercizio fiscale 2024. Il fatturato del quarto trimestre ha raggiunto 0,73 milioni di dollari, in aumento del 64% rispetto all'anno precedente, mentre il fatturato annuo ha totalizzato 3,11 milioni di dollari, con un incremento del 148% rispetto all'anno precedente. La posizione di liquidità della società si attestava a 6,30 milioni di dollari al 30 giugno 2024.
INBS ha registrato un aumento del 20% nelle vendite di cartucce e un incremento del 26% nelle vendite di lettori per l'esercizio fiscale. Con oltre 1.000 lettori installati, l'azienda sta generando entrate ricorrenti consistenti dalle vendite di cartucce nel suo portafoglio di oltre 400 clienti aziendali.
I principali punti operativi includono il completamento della parte clinica dello studio farmacocinetico per l'approvazione FDA 510(k), l'espansione in Nuova Zelanda e nuove partnership con varie aziende. INBS è sulla buona strada per la sottomissione programmata della FDA 510(k) nel quarto trimestre del 2024.
Intelligent Bio Solutions Inc. (Nasdaq: INBS) reportó sólidos resultados financieros para el ejercicio fiscal 2024. Los ingresos del cuarto trimestre alcanzaron 0,73 millones de dólares, un aumento del 64% respecto al año anterior, mientras que los ingresos anuales totalizaron 3,11 millones de dólares, un incremento del 148% respecto al año anterior. La posición de efectivo de la compañía fue de 6,30 millones de dólares al 30 de junio de 2024.
INBS vio un aumento del 20% en las ventas de cartuchos y un incremento del 26% en las ventas de lectores para el año fiscal. Con más de 1.000 lectores instalados, la compañía está generando ingresos recurrentes consistentes a partir de las ventas de cartuchos en su base de más de 400 clientes empresariales.
Los puntos destacados operativos incluyen la finalización de la parte clínica del estudio farmacocinético para la autorización FDA 510(k), la expansión a Nueva Zelanda y nuevas asociaciones con varias empresas. INBS se mantiene en camino para su presentación programada de FDA 510(k) en el cuarto trimestre de 2024.
인텔리전트 바이오 솔루션즈 인크.(Nasdaq: INBS)는 2024 회계 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 매출은 73만 달러로, 전년 대비 64% 증가했으며, 연간 매출은 311만 달러로, 전년 대비 148% 증가했습니다. 회사의 현금 보유액은 2024년 6월 30일 기준 630만 달러로 나타났습니다.
INBS는 회계 연도 동안 카트리지 판매가 20% 증가했으며 리더기 판매가 26% 증가했습니다. 1,000개 이상의 리더기가 설치된 이 회사는 400여 개 비즈니스 고객 기반에서 카트리지 판매를 통해 일정한 반복 수익을 창출하고 있습니다.
주요 운영 성과는 FDA 510(k) 승인을 위한 약리학 연구의 클리닉 부분 완료, 뉴질랜드로의 확장 및 여러 회사와의 새로운 파트너십을 포함합니다. INBS는 2024년 4분기에 예정된 FDA 510(k) 제출을 향해 순조롭게 진행되고 있습니다.
Intelligent Bio Solutions Inc. (Nasdaq: INBS) a rapporté de solides résultats financiers pour l'exercice fiscal 2024. Le chiffre d'affaires du quatrième trimestre a atteint 0,73 million de dollars, soit une augmentation de 64 % par rapport à l'année précédente, tandis que le chiffre d'affaires annuel a totalisé 3,11 millions de dollars, une hausse de 148 % par rapport à l'année précédente. La position de liquidité de l'entreprise se chiffrait à 6,30 millions de dollars au 30 juin 2024.
INBS a connu une augmentation de 20 % des ventes de cartouches et une augmentation de 26 % des ventes de lecteurs pour l'exercice fiscal. Avec plus de 1 000 lecteurs installés, l'entreprise génère des revenus récurrents constants grâce aux ventes de cartouches auprès de sa clientèle de plus de 400 professionnels.
Les moments forts opérationnels incluent l'achèvement de la partie clinique de l'étude pharmacocinétique pour l'approbation de la FDA 510(k), l'expansion en Nouvelle-Zélande et de nouveaux partenariats avec diverses entreprises. INBS reste sur la bonne voie pour sa soumission prévue à la FDA 510(k) au quatrième trimestre de 2024.
Intelligent Bio Solutions Inc. (Nasdaq: INBS) berichtete über starke Finanzergebnisse für das Geschäftsjahr 2024. Der Umsatz im vierten Quartal erreichte 0,73 Millionen US-Dollar, was einem Anstieg von 64 % im Vergleich zum Vorjahr entspricht, während der Jahresumsatz insgesamt 3,11 Millionen US-Dollar betrug, was einem Anstieg von 148 % im Vergleich zum Vorjahr entspricht. Die liquiden Mittel des Unternehmens betrugen zum 30. Juni 2024 6,30 Millionen US-Dollar.
INBS verzeichnete einen Anstieg der Kartuschenverkäufe um 20 % und einen Anstieg der Leserverkaufszahlen um 26 % im Geschäftsjahr. Mit über 1.000 installierten Lesegeräten generiert das Unternehmen konstante wiederkehrende Einnahmen aus den Kartuschenverkäufen in seinem Kundenstamm von über 400 Geschäftskunden.
Wichtige betriebliche Highlights umfassen den Abschluss des klinischen Teils der Pharmakokinetikstudie für die FDA 510(k)-Genehmigung, die Expansion nach Neuseeland und neue Partnerschaften mit verschiedenen Unternehmen. INBS bleibt auf Kurs für die geplante Einreichung bei der FDA 510(k) im vierten Quartal 2024.
- Fourth-quarter revenue increased 64% year-over-year to $0.73 million
- Full-year revenue grew 148% to $3.11 million
- Cash position of $6.30 million as of June 30, 2024
- 20% increase in cartridge sales and 26% increase in reader sales
- Over 1,000 readers installed, generating consistent recurring revenue
- Successful completion of in-clinic portion of Pharmacokinetic study for FDA 510(k) clearance
- Expansion into New Zealand market
- New partnerships with various companies, including Robinson Brothers and P&O Ferries
- Operating loss of $10.28 million for fiscal year 2024
- Net loss attributable to INBS of $10.16 million for fiscal year 2024
Insights
INBS's fiscal 2024 results show promising growth, with full-year revenue up
The
The completion of the in-clinic portion of the Pharmacokinetic (PK) study is a important milestone for INBS's FDA 510(k) pathway. This progress, coupled with the partnership with Cliantha Research, demonstrates a strategic approach to regulatory approval. The ISO 13485:2016 recertification enhances the company's credibility in medical device manufacturing.
The development of new assays for ketamine and tramadol expands the potential applications of INBS's drug screening system. This diversification could open new market segments and increase the system's value proposition. The NATA accreditation for the confirmatory testing procedure adds scientific validity to the company's technology, which is important for market acceptance and regulatory compliance.
INBS's expansion into new markets, including New Zealand and Chile, demonstrates a clear growth strategy. The rapid acquisition of 8 new customers in Australia within two months of launch indicates strong market demand. The company's focus on workplace safety aligns with increasing global emphasis on employee well-being and regulatory compliance.
The diverse range of new partnerships, from construction to transportation industries, suggests broad applicability of INBS's technology. However, the company faces challenges in scaling operations and managing cash burn while pursuing growth. The planned geographical expansion into APAC, Europe, South America and UAE presents significant opportunities but will require careful resource allocation and market-specific strategies to succeed.
- Fourth-quarter revenue of
- Full-year revenue of
- As of June 30, 2024, the Company had
NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, announced its financial results for the fiscal fourth quarter and full-year ended June 30, 2024, and provided a business update.
Fiscal fourth quarter revenue totalled
“Our fiscal 2024 results reflect the dedication we have invested as a team to really drive the business forward,” said Harry Simeonidis, President and CEO at INBS. “Customer demand has remained strong, with orders increasing across the board as more businesses turn to our drug screening technology to safeguard their workforce and uphold their reputation for prioritizing safety. Our progress is promising, and we are continuously refining our strategy to ensure sustainable and profitable long-term growth. We remain on track for our planned FDA 510(k) submission in the fourth calendar quarter of this year and look forward to the opportunities this will unlock in 2025.”
In addition, INBS reported a
Spiro Sakiris, CFO at INBS, commented, “We closed out fiscal 2024 with strong results. We have ensured revenue growth through concentrated expansion of our footprint, and with over 1,000 readers now installed, we are generating consistent and recurring revenue from cartridge sales. Awareness of our technology is growing, and we are seeing the results. Our next step is strategic geographical expansion, allowing us to enter new markets and further grow our customer network.”
Operational Highlights for Fiscal 2024:
- On June 28, 2024, the Company announced the successful completion of the in-clinic portion of its Pharmacokinetic (PK) study, a core component of the Company’s clinical study plan for its 510(k) pathway for clearance by the United States Food and Drug Administration (FDA). The Company expects to complete the full PK study in the third calendar quarter of 2024.
- On April 11, 2024, the Company announced that its wholly owned subsidiary, Intelligent Fingerprinting Limited, had been granted a new European patent with unitary effect for its DSR-Plus Cartridge Reader, bringing the patent into effect in 17 European countries.
- On February 28, 2024, the Company announced its partnership with Cliantha Research to perform a pharmacokinetic (PK) study as part of its FDA 510(k) clinical study plan. Initiating the clinical studies plan represented a critical milestone for the Company.
- In December 2023, the National Association of Testing Authorities (NATA) accredited the Company’s laboratory partner, Racing Analytical Services Limited (RASL), to perform its fingerprint confirmatory drug testing procedure. This accreditation serves as an independent benchmark for technical validation, demonstrating the Company’s commitment to product quality, safety, and reliability for its customers.
- During the year, the Company announced new partnerships with Robinson Brothers, DGP Plc and James Jones & Sons, VKVP Haulage, State Road Constructions, Titan Cranes and Rigging Pty Ltd. and P&O Ferries. Additionally, the Company reported the successful completion of 25,000 Intelligent Fingerprinting tests by its existing customer, Auctus Management Group. Continued customer account growth demonstrates the strength of the Company’s proprietary fingerprint sweat-based technology in the market. The Company looks to continue this momentum and expand into new customer segments and geographical regions throughout the Asia-Pacific region (the “APAC Region”), Europe, South America and the United Arab Emirates.
- On October 24, 2023, the Company announced its expansion into the New Zealand market, expanding its global footprint and extending the reach of its drug screening product. Expansion into New Zealand demonstrates the Company’s ability to introduce its product in new markets. The Company aims to continue growth in new markets, offering an alternative and innovative solution that places a strong emphasis on operational efficiency, fitness for duty, employee privacy and dignity.
- On September 27, 2023, the Company announced that its Intelligent Fingerprinting Drug Screening business had obtained recertification for the latest ISO 13485: 2016 harmonized quality management system standard for the medical device industry. The recertification took effect on October 14, 2023, and is valid for three years. ISO 13485:2016 is the international standard for medical devices quality management system certification and is a requirement for medical device manufacturers operating across key regions, including the USA, Canada, Europe, Japan, Singapore, Malaysia and Saudi Arabia.
- On September 21, 2023, the Company announced the successful debut of its Intelligent Fingerprinting Drug Screening System at the 2023 Workplace Health & Safety Show in Sydney, Australia.
- On September 8, 2023, the Company announced the successful completion of a key development milestone in its plans to add ketamine and tramadol to its Intelligent Fingerprinting Drug Screening System. New assays for testing both drugs have passed the Company’s initial design phase and are ready for scale-up and transfer to manufacture in preparation for potential clinical trials. After completing these activities and successful clinical trials, the assays can be added to the panel of substances detected by the Company’s proprietary drug screening system.
- On August 1, 2023, the Company announced that it had secured 8 new customers across various locations throughout Australia, which collectively employ over 10,000 individuals, within just two months of launching its Intelligent Fingerprinting Drug Screening System in Australia.
- On July 6, 2023, the Company announced that it has signed a distribution agreement with Chile-based company TSCOM SPA for its Intelligent Fingerprinting Drug Screening System, increasing the product’s availability across South America. The Company further announced that it received its first order under this agreement, from a Chile-based electrical distribution company.
Fourth Quarter and Full Year Ended June 30, 2024, Financial Results
All amounts are expressed in U.S. dollars unless indicated otherwise.
The Company’s revenue increased by
The increase in revenue is due to market demand, increasing brand and product awareness, and continued expansion of the Company’s customer base. Throughout fiscal year 2024, the Company launched its Intelligent Fingerprinting Drug Screening System in the APAC region through its subsidiary, Intelligent Bio Solutions (APAC) Pty Ltd, adding to its existing commercialization and marketing efforts in the United Kingdom and Europe.
Loss from operations was
As of June 30, 2024, the Company’s cash and cash equivalents totalled approximately
Financial Tables to Follow
Intelligent Bio Solutions Inc.
Consolidated Balance Sheets*
| As of June 30, | As of June 30, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 6,304,098 | $ | 1,537,244 | ||||
| Accounts receivable, net | 429,704 | 293,861 | ||||||
| Inventories, net | 777,537 | 979,907 | ||||||
| Research and development tax incentive receivable | 525,332 | 498,758 | ||||||
| Other current assets | 497,572 | 552,791 | ||||||
| Total current assets | 8,534,243 | 3,862,561 | ||||||
| Property and equipment, net | 565,850 | 690,175 | ||||||
| Operating lease right of use assets | 306,744 | 546,475 | ||||||
| Intangible assets, net | 4,372,026 | 5,255,401 | ||||||
| Total assets | $ | 13,778,863 | $ | 10,354,612 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 1,704,568 | $ | 2,610,028 | ||||
| Current portion of operating lease liabilities | 274,834 | 223,447 | ||||||
| Current portion of deferred grant income | 2,486,668 | 2,338,057 | ||||||
| Current employee benefit liabilities | 469,381 | 358,942 | ||||||
| Current portion of notes payable | 515,282 | 353,211 | ||||||
| Total current liabilities | 5,450,733 | 5,883,685 | ||||||
| Employee benefit liabilities, less current portion | 63,615 | 24,902 | ||||||
| Operating lease liabilities, less current portion | 81,324 | 356,165 | ||||||
| Notes payable, less current portion | - | 402,862 | ||||||
| Total liabilities | 5,595,672 | 6,667,614 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Common stock, | 34,557 | 1,942 | ||||||
| Treasury stock, at cost, 116 shares as of June 30, 2024 and 2023, respectively* | (1 | ) | (1 | ) | ||||
| Additional paid-in capital | 60,971,740 | 46,180,112 | ||||||
| Accumulated deficit | (51,964,332 | ) | (41,807,573 | ) | ||||
| Accumulated other comprehensive loss | (712,614 | ) | (575,496 | ) | ||||
| Total consolidated Intelligent Bio Solutions Inc. equity | 8,329,350 | 3,798,984 | ||||||
| Non-controlling interest | (146,159 | ) | (111,986 | ) | ||||
| Total shareholders’ equity | 8,183,191 | 3,686,998 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 13,778,863 | $ | 10,354,612 | ||||
| * | Common Stock has been retroactively adjusted to reflect the decreased number of shares resulting from the 1-for-12 Reverse Stock Split on January 26, 2024, throughout the consolidated financial statements unless otherwise stated. |
The accompanying notes are an integral part of these consolidated financial statements.
Intelligent Bio Solutions Inc.
Consolidated Statements of Operations and Other Comprehensive Income (Loss)*
| Year ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 3,111,781 | $ | 1,256,872 | ||||
| Cost of revenue (exclusive of amortization shown separately below) | (1,686,155 | ) | (930,204 | ) | ||||
| Gross profit | 1,425,626 | 326,668 | ||||||
| Other income: | ||||||||
| Government support income | 424,776 | 737,628 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative expenses | (9,258,496 | ) | (8,026,703 | ) | ||||
| Development and regulatory approval expenses | (1,673,806 | ) | (507,424 | ) | ||||
| Depreciation and amortization | (1,201,274 | ) | (966,732 | ) | ||||
| Goodwill impairment | - | (4,158,670 | ) | |||||
| Total operating expenses | (12,133,576 | ) | (13,659,529 | ) | ||||
| Loss from operations | (10,283,174 | ) | (12,595,233 | ) | ||||
| Other income (expense), net: | ||||||||
| Interest expense | (167,140 | ) | (223,534 | ) | ||||
| Realized foreign exchange loss | (1,178 | ) | (9,829 | ) | ||||
| Fair value gain on revaluation of financial instrument | 175,738 | 2,154,365 | ||||||
| Interest income | 84,822 | 9,676 | ||||||
| Total other income, net | 92,242 | 1,930,678 | ||||||
| Net loss | (10,190,932 | ) | (10,664,555 | ) | ||||
| Net loss attributable to non-controlling interest | (34,173 | ) | (32,835 | ) | ||||
| Net loss attributable to Intelligent Bio Solutions Inc. | $ | (10,156,759 | ) | $ | (10,631,720 | ) | ||
| Other comprehensive income (loss), net of tax: | ||||||||
| Foreign currency translation gain/ (loss) | (137,118 | ) | 212,639 | |||||
| Total other comprehensive income (loss) | (137,118 | ) | 212,639 | |||||
| Comprehensive loss | (10,328,050 | ) | (10,451,916 | ) | ||||
| Comprehensive loss attributable to non-controlling interest | (34,173 | ) | (32,835 | ) | ||||
| Comprehensive loss attributable to Intelligent Bio Solutions Inc. | (10,293,877 | ) | (10,419,081 | ) | ||||
| Net loss per share, basic and diluted* | $ | (6.38 | ) | $ | (127.00 | ) | ||
| Weighted average units outstanding, basic and diluted * | 1,592,746 | 83,717 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
| * | Common Stock and per share amounts have been retroactively adjusted to reflect the decreased number of shares resulting from the 1-for-12 Reverse Stock Split on January 26, 2024, throughout the consolidated financial statement unless otherwise stated. |
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the Company’s biosensor platform has the potential to test for various indications, ranging from immunological conditions to communicable diseases. The Company’s current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.’s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions’ public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
FAQ
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