Intelligent Bio Solutions Inc. Reports Fiscal 2024 Third Quarter and Nine-Month Financial Results and Operational Highlights
Intelligent Bio Solutions Inc. (INBS) reported an 80% increase in revenue for the fiscal third quarter and a 193% increase for the nine months ended March 31, 2024. Cash and cash equivalents stood at $9.40 million. The company started FDA 510(k) clinical studies with Cliantha Research and aims for US entry in 2025. INBS secured 26 new customer accounts, totaling around 16,779 employees. The total revenue for the fiscal third quarter was $0.82 million, a 80% hike from the previous year. A net loss of $2.98 million was reported, including non-cash expenses. The Company raised approximately $10.76 million in the fiscal quarter. Financial highlights include growth in revenue from sales of goods and a decrease in net loss attributable to INBS. Operational highlights consist of significant partnerships and a new European patent for its technology.
Year-over-year revenue increased by 80% for the fiscal third quarter and 193% for the nine months ended March 31, 2024.
Cash and cash equivalents as of March 31, 2024, were $9.40 million, showing a strong financial position.
Commenced FDA 510(k) clinical studies plan with Cliantha Research and remains on track for planned submission by the end of 2024.
Secured 26 new customer accounts throughout the quarter, representing a combined headcount of approximately 16,779 employees, indicating significant growth.
Financially, total revenue for the fiscal third quarter was $0.82 million, an 80% increase from the previous year, showcasing revenue growth.
The Company raised approximately $10.76 million during the quarter, ensuring resources for expansion and growth.
The net loss reported for the fiscal third quarter was $2.98 million, including non-cash expenses, indicating a financial challenge.
Goodwill impairment charges of $4.10 million contributed to the decrease in net loss attributable to INBS, highlighting potential financial risks.
Despite revenue growth, the Company faced a net loss, raising concerns about profitability and operational efficiency.
Insights
Year-over-year revenue increased
Cash and cash equivalents as of March 31, 2024, was
Commenced FDA 510(k) clinical studies plan with Cliantha Research and remains on track for planned submission by the end of 2024 and planned entry into the US in 2025
Secured 26 new customer accounts throughout the quarter, representing a combined headcount of approximately 16,779 employees
NEW YORK, May 08, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for the fiscal third quarter and nine months ended March 31, 2024, and provided a business update.
"We are pleased to report our third consecutive quarter of strong revenue growth, which was driven by the acquisition of 26 new accounts and a steadily increasing install base. We have made significant progress on our FDA 510(k) roadmap, entering the critical phase of clinical validation with Cliantha Research, and are on track to complete our 510(k) submission, expected by the end of 2024,” said Harry Simeonidis, President and CEO at INBS. “With a solid financial foundation, we are well-prepared to execute on our deliverables, which include expanding into new regions and customer segments, advancing our FDA pathway, and continuing to lead innovation in our field."
"We are pleased to report that the Company continues its upward revenue trend,” said Spiro Sakiris, CFO at INBS. “Sales growth of
Financial Results for the Fiscal 2024 Third Quarter:
- Total cash and cash equivalents on hand as of March 31, 2024, was
$9.40 million , an increase from$1.1 million on December 31, 2023. - Shareholders equity as of March 31, 2024, was
$11 million . - Total revenues for the fiscal third quarter were
$0.82 million , an increase of80% compared to the same period the year prior. - Total revenue for the nine months ended March 2024 was
$2.38 million , an increase of193% compared to the same period the year prior. - Net loss for the fiscal third quarter was
$2.98 million which included non-cash depreciation and amortization and share based expenses of$0.54 million .
Revenue from sales of goods increased by
Net loss attributable to INBS decreased by
Fiscal Third Quarter & Recent Operational Highlights:
- On February 28, 2024, the Company announced its partnership with Cliantha Research to conduct the pharmacokinetic (PK) study as part of its FDA 510(k) clinical studies plan. The Company remains on track for its planned entry into the US market in 2025.
- 26 new accounts secured throughout the quarter, representing a combined headcount of approximately 16,779 employees.
- The Company was granted a new European patent with unitary effect for its DSR-Plus Cartridge Reader, bringing the patent into effect in 17 European countries.
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 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
LinkedIn | Twitter
Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
| Intelligent Bio Solutions Inc. Condensed Consolidated Balance Sheets (Amounts in US$) | ||||||||
| As of March 31, | As of June 30, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 9,397,523 | $ | 1,537,244 | ||||
| Accounts receivable, net | 431,646 | 293,861 | ||||||
| Inventories, net | 877,905 | 979,907 | ||||||
| Research and development tax incentive receivable | 332,471 | 498,758 | ||||||
| Other current assets | 481,046 | 552,791 | ||||||
| Total current assets | 11,520,591 | 3,862,561 | ||||||
| Property and equipment, net | 559,520 | 690,175 | ||||||
| Operating lease right-of-use assets | 365,512 | 546,475 | ||||||
| Intangibles, net | 4,593,330 | 5,255,401 | ||||||
| Total assets | $ | 17,038,953 | $ | 10,354,612 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 2,128,747 | $ | 2,610,028 | ||||
| Current portion of operating lease liabilities | 260,377 | 223,447 | ||||||
| Current portion of deferred grant income | 2,288,660 | 2,338,057 | ||||||
| Current employee benefit liabilities | 660,010 | 358,942 | ||||||
| Current portion of notes payable | 368,513 | 353,211 | ||||||
| Total current liabilities | 5,706,307 | 5,883,685 | ||||||
| Employee benefit liabilities, less current portion | 30,286 | 24,902 | ||||||
| Operating lease liabilities, less current portion | 154,162 | 356,165 | ||||||
| Notes payable, less current portion | 150,426 | 402,862 | ||||||
| Total liabilities | 6,041,181 | 6,667,614 | ||||||
| Commitments and contingencies | - | - | ||||||
| Shareholders’ equity | ||||||||
| Common stock, | 29,135 | 1,942 | ||||||
| Treasury stock, at cost, 116 shares as of March 31, 2024 and June 30, 2023, respectively* | (1 | ) | (1 | ) | ||||
| Additional paid-in capital | 60,946,174 | 46,180,112 | ||||||
| Accumulated deficit | (49,180,085 | ) | (41,807,573 | ) | ||||
| Accumulated other comprehensive loss | (662,405 | ) | (575,496 | ) | ||||
| Total consolidated Intelligent Bio Solutions Inc. equity | 11,132,818 | 3,798,984 | ||||||
| Non-controlling interest | (135,046 | ) | (111,986 | ) | ||||
| Total shareholders’ equity | 10,997,772 | 3,686,998 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 17,038,953 | $ | 10,354,612 | ||||
| * | Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated. |
| Intelligent Bio Solutions Inc. Condensed Consolidated Statements of Operations and Other Comprehensive Loss* (Unaudited) (Amounts in US$) | ||||||||||||||||
| Three Months ended March 31, | Nine Months ended March 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 823,800 | $ | 457,058 | $ | 2,383,957 | $ | 813,737 | ||||||||
| Cost of revenue (exclusive of amortization shown separately below) | (645,311 | ) | (424,009 | ) | (1,773,889 | ) | (536,644 | ) | ||||||||
| Gross profit | 178,489 | 33,049 | 610,068 | 277,093 | ||||||||||||
| Other income: | ||||||||||||||||
| Government support income | 83,842 | 117,680 | 346,917 | 698,625 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | (2,425,830 | ) | (1,898,754 | ) | (6,587,934 | ) | (5,594,461 | ) | ||||||||
| Development and regulatory approval expenses | (471,313 | ) | (299,898 | ) | (923,712 | ) | (380,363 | ) | ||||||||
| Depreciation and amortization | (318,923 | ) | (398,986 | ) | (916,796 | ) | (797,142 | ) | ||||||||
| Goodwill impairment | - | (4,096,490 | ) | - | (4,096,490 | ) | ||||||||||
| Total operating expenses | (3,216,066 | ) | (6,694,128 | ) | (8,428,442 | ) | (10,868,456 | ) | ||||||||
| Loss from operations | (2,953,735 | ) | (6,543,399 | ) | (7,471,457 | ) | (9,892,738 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest expense | (42,674 | ) | (86,125 | ) | (112,590 | ) | (163,957 | ) | ||||||||
| Realized foreign exchange income/(loss) | (996 | ) | 7,212 | (1,551 | ) | (8,936 | ) | |||||||||
| Fair value gain on revaluation of financial instrument | - | 269,787 | 175,738 | 2,062,878 | ||||||||||||
| Interest income | 10,640 | 508 | 14,288 | 9,587 | ||||||||||||
| Total other income (expense), net | (33,030 | ) | 191,382 | 75,885 | 1,899,572 | |||||||||||
| Net loss | (2,986,765 | ) | (6,352,017 | ) | (7,395,572 | ) | (7,993,166 | ) | ||||||||
| Net loss attributable to non-controlling interest | (9,098 | ) | (8,111 | ) | (23,060 | ) | (20,367 | ) | ||||||||
| Net loss attributable to Intelligent Bio Solutions Inc. | $ | (2,977,667 | ) | $ | (6,343,906 | ) | $ | (7,372,512 | ) | $ | (7,972,799 | ) | ||||
| Other comprehensive income/(loss), net of tax: | ||||||||||||||||
| Foreign currency translation gain/ (loss) | (144,026 | ) | (77,787 | ) | (86,909 | ) | 148,251 | |||||||||
| Total other comprehensive income/(loss) | (144,026 | ) | (77,787 | ) | (86,909 | ) | 148,251 | |||||||||
| Comprehensive loss | (3,130,791 | ) | (6,429,804 | ) | (7,482,481 | ) | (7,844,915 | ) | ||||||||
| Comprehensive loss attributable to non-controlling interest | (9,098 | ) | (8,111 | ) | (23,060 | ) | (20,367 | ) | ||||||||
| Comprehensive loss attributable to Intelligent Bio Solutions Inc. | (3,121,693 | ) | (6,421,693 | ) | (7,459,421 | ) | (7,824,548 | ) | ||||||||
| Net loss per share, basic and diluted* | $ | (1.43 | ) | $ | (68.67 | ) | $ | (6.64 | ) | $ | (104.04 | ) | ||||
| Weighted average shares outstanding, basic and diluted* | 2,079,864 | 92,389 | 1,110,089 | 76,629 | ||||||||||||
| * | Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated. |
FAQ
What was the year-over-year revenue increase for the fiscal third quarter for INBS?
What were the cash and cash equivalents as of March 31, 2024, for INBS?
What clinical studies plan did INBS start with Cliantha Research?
How many new customer accounts did INBS secure throughout the quarter?
What was the net loss reported for the fiscal third quarter for INBS?
How much did INBS raise in the fiscal quarter?
