Intelligent Bio Solutions Reports Fiscal 2025 First Quarter Financial Results and Operational Highlights
Intelligent Bio Solutions (NASDAQ: INBS) reported fiscal Q1 2025 results with total revenue of $0.87 million, up 10% year-on-year and 20% quarter-on-quarter, marking four consecutive quarters of growth. Higher-margin cartridge sales surpassed reader revenue as the primary revenue driver. The company completed the in-clinic portion of its FDA 510(k) clinical study and plans submission by year-end. Net loss increased to $2.70 million from $2.43 million year-over-year, primarily due to R&D investments for FDA studies. Cash position stood at $3.99 million as of September 30, 2024. The company secured 22 new accounts and expanded its distribution network in Saudi Arabia.
Intelligent Bio Solutions (NASDAQ: INBS) ha riportato i risultati del primo trimestre fiscale 2025 con ricavi totali di 0,87 milioni di dollari, in aumento del 10% rispetto all'anno precedente e del 20% rispetto al trimestre precedente, segnando quattro trimestri consecutivi di crescita. Le vendite di cartucce a margine più elevato hanno superato i ricavi dai lettori, diventando il principale motore di entrate. L'azienda ha completato la parte in clinica del suo studio clinico FDA 510(k) e prevede di presentare la domanda entro la fine dell'anno. La perdita netta è aumentata a 2,70 milioni di dollari rispetto ai 2,43 milioni dell'anno scorso, principalmente a causa degli investimenti in R&D per gli studi FDA. La posizione di liquidità era di 3,99 milioni di dollari al 30 settembre 2024. L'azienda ha garantito 22 nuovi clienti e ha ampliato la propria rete di distribuzione in Arabia Saudita.
Intelligent Bio Solutions (NASDAQ: INBS) reportó los resultados del primer trimestre fiscal 2025 con ingresos totales de 0.87 millones de dólares, un incremento del 10% interanual y del 20% intertrimestral, marcando cuatro trimestres consecutivos de crecimiento. Las ventas de cartuchos de mayor margen superaron a los ingresos de lectores como el principal motor de ingresos. La empresa completó la parte clínica de su estudio clínico FDA 510(k) y planea presentar la solicitud a fin de año. La pérdida neta aumentó a 2.70 millones de dólares desde 2.43 millones el año pasado, principalmente debido a las inversiones en I+D para estudios de la FDA. La posición de efectivo fue de 3.99 millones de dólares hasta el 30 de septiembre de 2024. La empresa aseguró 22 nuevas cuentas y amplió su red de distribución en Arabia Saudita.
Intelligent Bio Solutions (NASDAQ: INBS)는 2025 회계년도 첫 분기 결과를 보고하며 총 수익이 87만 달러에 달해 전년 대비 10% 증가하고 전 분기 대비 20% 증가했으며, 이는 4개 분기 연속 성장이라는 의미입니다. 더 높은 이익률의 카트리지 판매가 주요 수익원으로 자리 잡으며 리더 매출을 초과했습니다. 이 회사는 FDA 510(k) 임상 연구의 클리닉 부분을 완료했으며 연말까지 제출할 계획입니다. 순손실은 전년의 243만 달러에서 270만 달러로 증가하였으며, 이는 주로 FDA 연구를 위한 R&D 투자 때문입니다. 현금 잔고는 2024년 9월 30일 기준으로 399만 달러였습니다. 이 회사는 22개의 새로운 계정을 확보하고 사우디 아라비아에서 유통 네트워크를 확장했습니다.
Intelligent Bio Solutions (NASDAQ: INBS) a annoncé les résultats du premier trimestre financier 2025 avec des revenus totaux de 0,87 million de dollars, en hausse de 10 % par rapport à l'année précédente et de 20 % par rapport au trimestre précédent, marquant quatre trimestres consécutifs de croissance. Les ventes de cartouches à marge plus élevée ont dépassé les revenus des lecteurs comme moteur principal des revenus. L'entreprise a terminé la partie clinique de son étude clinique FDA 510(k) et prévoit de soumettre la demande d'ici la fin de l'année. La perte nette a augmenté à 2,70 millions de dollars contre 2,43 millions l'année précédente, principalement en raison des investissements en R&D pour les études de la FDA. La position de trésorerie s'élevait à 3,99 millions de dollars au 30 septembre 2024. L'entreprise a sécurisé 22 nouveaux comptes et a élargi son réseau de distribution en Arabie Saoudite.
Intelligent Bio Solutions (NASDAQ: INBS) berichtete über die Ergebnisse des ersten Finanzquartals 2025 mit einem Gesamtumsatz von 0,87 Millionen Dollar, was einem Anstieg von 10% im Jahresvergleich und 20% im Quartalsvergleich entspricht, und damit vier aufeinanderfolgende Quartale des Wachstums markiert. Der Verkauf von hochmargigen Kartuschen übertraf die Einnahmen aus Lesegeräten als Hauptumsatztreiber. Das Unternehmen hat den klinischen Teil seiner FDA 510(k) klinischen Studie abgeschlossen und plant die Einreichung bis zum Jahresende. Der Nettoverlust stieg auf 2,70 Millionen Dollar von 2,43 Millionen Dollar im Vorjahr, hauptsächlich aufgrund von F&E-Investitionen für FDA-Studien. Die Liquiditätsposition belief sich am 30. September 2024 auf 3,99 Millionen Dollar. Das Unternehmen sicherte sich 22 neue Konten und erweiterte sein Vertriebsnetz in Saudi-Arabien.
- Revenue increased 10% YoY and 20% QoQ to $0.87M
- Higher-margin cartridge sales now exceed reader revenue
- Secured 22 new accounts with combined 152,000 employee headcount
- International sales increased by 15%
- Completed in-clinic portion of FDA 510(k) study
- Net loss increased to $2.70M from $2.43M YoY
- Cash position decreased to $3.99M from $6.30M in June 2024
- Operating expenses increased to $3.20M from $2.87M YoY
Insights
The Q1 FY2025 results showcase mixed signals. While revenue grew
The completion of the in-clinic portion of FDA 510(k) clinical study is a significant milestone. Initial pharmacokinetic study results indicating strong correlation between fingerprint sweat and traditional blood/oral fluid testing methods validate the technology's potential. With FDA submission planned by year-end and potential market entry in H1 2025, INBS is positioning well in the
Quarterly revenue increased
Higher-margin, recurring cartridge revenue surpassed reader revenue as primary driver
Completed in-clinic portion of FDA 510(k) clinical study plan, on track to submit to FDA by year-end
Expanded distribution network in Saudi Arabia
Initial review of PK study results show fingerprint sweat strongly aligns to blood and oral fluid, results expected in November
NEW YORK, Nov. 07, 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 first quarter ended September 30, 2024, and provided a business update.
“We’ve kicked off another strong year with
“Our focus on higher-margin cartridge sales and strategic global expansion is creating a solid foundation for revenue growth and financial stability,” added Spiro Sakiris, CFO of Intelligent Bio Solutions. “Our expanding distributor network enables us to meet rising global demand. With a
Throughout the quarter, INBS announced the completion of the in-clinic portion of its FDA 510(k) clinical study plan. An initial review of the PK study data shows that fingerprint sweat aligns strongly with blood and oral fluid, demonstrating its reliability for drug detection.
With FDA 510(k) submission planned in the fourth quarter of this calendar year and entry into the US market planned for the first half of the 2025 calendar year, INBS is capitalizing on the growing drug screening products market, estimated to have a total addressable market of ~
Fiscal First Quarter & Recent Operational Highlights:
- On September 27, 2024, the Company announced the successful completion of in-clinic testing proposed to the FDA earlier this year in the Company’s clinical study plan. The clinical studies are a key element of the Company’s 510(k) submission, designed to demonstrate the accuracy and reliability of its sweat-based testing method.
- The Company secured 22 new accounts throughout the quarter, adding to its 400+ active customer accounts in 19 countries. These new accounts have a combined total employee headcount of approximately 152,000 employees.*
- On August 1, 2024, the Company announced its partnership with CenExcel to perform a method comparison study as part of the Company’s FDA 510(k) clinical study plan.
- On July 24, 2024, the Company announced QabasTech as its exclusive distributor in Saudi Arabia, marking further growth for the Company in the country.
- On July 18, 2024, the Company announced the successful completion of biocompatibility testing of its Intelligent Fingerprinting Drug Screening System, a pivotal phase in the clinical study plan required for FDA 510(k) regulatory clearance.
Financial Results for the Fiscal 2025 First Quarter:
- Total cash and cash equivalents on hand as of September 30, 2024, was
$3.99 million .
- Shareholders equity as of September 30, 2024, was
$5.95 million .
- Total revenues for the fiscal first quarter were
$0.87 million , an increase of10% year-on-year and20% quarter-on-quarter.
- Net loss for the fiscal first quarter was
$2.70 million , including non-cash depreciation and amortization and share-based expenses of$0.49 million .
Revenue from sales of goods increased by
Net loss attributable to the Company increased by
* The customer employee estimate of 152,000 employees was derived by aggregating publicly available data on the total number of employees for each INBS customer. Where employee ranges were provided, the midpoints were used for calculation. This estimate excludes customers for whom employee data is not publicly available. The total represents all employees within these organizations, including those who will not be tested using the Intelligent Fingerprinting Drug Screening System. The Company does not have the data to incorporate the percentage of employees tested using the Intelligent Fingerprinting Drug Screening System at each INBS customer. The growing customer employee base is a basic indication of the increased utilization of the Intelligent Fingerprinting Drug Screening System. The nature of work performed by certain employees or restrictions in specific jurisdictions may mean that drug testing is not necessary or applicable for all employees.
Financial Tables to Follow
| Intelligent Bio Solutions Inc. Condensed Consolidated Balance Sheets* | ||||||||
| As of September 30, | As of June 30, | |||||||
| 2024 | 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 3,989,431 | $ | 6,304,098 | ||||
| Accounts receivable, net | 578,578 | 429,704 | ||||||
| Inventories, net | 738,789 | 777,537 | ||||||
| Research and development tax incentive receivable | 648,334 | 525,332 | ||||||
| Deferred charges | 127,586 | - | ||||||
| Other current assets | 396,193 | 497,572 | ||||||
| Total current assets | 6,478,911 | 8,534,243 | ||||||
| Property and equipment, net | 586,120 | 565,850 | ||||||
| Operating lease right-of-use assets | 260,760 | 306,744 | ||||||
| Intangibles, net | 4,400,092 | 4,372,026 | ||||||
| Total assets | $ | 11,725,883 | $ | 13,778,863 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 1,834,416 | $ | 1,704,568 | ||||
| Current portion of operating lease liabilities | 281,565 | 274,834 | ||||||
| Current portion of deferred grant income | 2,585,696 | 2,486,668 | ||||||
| Current employee benefit liabilities | 477,517 | 469,381 | ||||||
| Current portion of notes payable | 499,605 | 515,282 | ||||||
| Total current liabilities | 5,678,799 | 5,450,733 | ||||||
| Employee benefit liabilities, less current portion | 69,731 | 63,615 | ||||||
| Operating lease liabilities, less current portion | 28,111 | 81,324 | ||||||
| Total liabilities | $ | 5,776,641 | $ | 5,595,672 | ||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Common stock, | 43,775 | 34,557 | ||||||
| Treasury stock, at cost, 116 shares as of September 30, 2024 and June 30, 2024, respectively | (1 | ) | (1 | ) | ||||
| Additional paid-in capital | 61,207,017 | 60,971,740 | ||||||
| Accumulated deficit | (54,649,965 | ) | (51,964,332 | ) | ||||
| Accumulated other comprehensive loss | (496,259 | ) | (712,614 | ) | ||||
| Total consolidated Intelligent Bio Solutions Inc. equity | 6,104,567 | 8,329,350 | ||||||
| Non-controlling interest | (155,325 | ) | (146,159 | ) | ||||
| Total shareholders’ equity | 5,949,242 | 8,183,191 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 11,725,883 | $ | 13,778,863 | ||||
| * | 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, throughout the condensed consolidated financial statements unless otherwise stated. |
| Intelligent Bio Solutions Inc. Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)* (Unaudited) | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 872,287 | $ | 796,094 | ||||
| Cost of revenue (exclusive of amortization shown separately below) | (525,486 | ) | (563,763 | ) | ||||
| Gross profit | 346,801 | 232,331 | ||||||
| Other income | ||||||||
| Government support income | 126,128 | 109,871 | ||||||
| Operating expenses | ||||||||
| Selling, general and administrative expenses | (1,949,016 | ) | (2,457,060 | ) | ||||
| Development and regulatory approval expenses | (948,752 | ) | (103,947 | ) | ||||
| Depreciation and amortization | (300,422 | ) | (307,560 | ) | ||||
| Total operating expenses | (3,198,190 | ) | (2,868,567 | ) | ||||
| Loss from operations | (2,725,261 | ) | (2,526,365 | ) | ||||
| Other income (expense), net | ||||||||
| Interest expense | (22,327 | ) | (37,448 | ) | ||||
| Realized foreign exchange loss | (51 | ) | - | |||||
| Fair value gain on revaluation of financial instrument | - | 131,250 | ||||||
| Interest income | 52,840 | 139 | ||||||
| Total other income, net | 30,462 | 93,941 | ||||||
| Net loss | (2,694,799 | ) | (2,432,424 | ) | ||||
| Net loss attributable to non-controlling interest | (9,166 | ) | (7,220 | ) | ||||
| Net loss attributable to Intelligent Bio Solutions Inc. | $ | (2,685,633 | ) | $ | (2,425,204 | ) | ||
| Other comprehensive income (loss), net of tax | ||||||||
| Foreign currency translation gain / (loss) | 216,355 | (18,016 | ) | |||||
| Total other comprehensive income / (loss) | 216,355 | (18,016 | ) | |||||
| Comprehensive loss | (2,478,444 | ) | (2,450,440 | ) | ||||
| Comprehensive loss attributable to non-controlling interest | (9,166 | ) | (7,220 | ) | ||||
| Comprehensive loss attributable to Intelligent Bio Solutions Inc. | (2,469,278 | ) | (2,443,220 | ) | ||||
| Net loss per share, basic and diluted* | $ | (0.70 | ) | $ | (12.48 | ) | ||
| Weighted average shares outstanding, basic and diluted * | 3,811,090 | 194,200 | ||||||
| * | 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, throughout the condensed consolidated financial statements unless otherwise stated. |
About Intelligent Bio Solutions
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. The Company’s current customer segments outside the US 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
1 Research and Markets, 2024. Drug Screening - Global Strategic Business Report. Available at: https://www.researchandmarkets.com/reports/4804177/drug-screening-global-strategic-business-report
FAQ
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