Business
Intelligent Bio Solutions Announces Preliminary Unaudited Fiscal 2025 First Quarter Revenue Results
Unaudited quarterly revenue increased 10% year-on-year and 20% quarter-on-quarter Higher-margin, recurring cartridge revenue expected to surpass reader
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"Unaudited quarterly revenue increased 10% year-on-year and 20% quarter-on-quarter Higher-margin, recurring cartridge revenue expected to surpass reader revenue as primary driver Expanded distribution network in Saudi Arabia NEW YORK, Oct. 29, 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 preliminary unaudited revenue results for the fiscal first quarter ended September 30, 2024. The Company expects unaudited revenue of approximately $0.87 million for the three months ended September 30, 2024, representing an increase of 10% year-on-year and 20% quarter-on-quarter. The Company's efforts to maximize recurring revenue from the sale of cartridges used in its Intelligent Fingerprinting Drug Screening System are expected to result in cartridges surpassing readers as the primary revenue driver in the future. Cartridges represent a key source of recurring revenue for the business and carry a higher profit margin than readers. As this trend continues, INBS anticipates an increase in gross profit margins, contributing to long-term financial stability and growth. The Company’s Intelligent Fingerprinting Drug Screening System, which consists of a proprietary portable platform that analyzes fingerprint sweat using single-use cartridges and a portable handheld reader, is designed as a hygienic and cost-effective system that screens for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. \"While we are pleased with another quarter of year-on-year and sequential revenue growth, it is important to note that now, with our readers in the market and over 400 active customer accounts, we are beginning to yield the benefits of higher-margin, recurring revenue from the sale of cartridges. This shift shows a growing confidence in the dependability and quality of our products amongst our strong and growing customer base,\" said Harry Simeonidis, President and CEO at Intelligent Bio Solutions. \"Customer loyalty and advocacy of our products is driving a steady recurring revenue stream and boosting our profit margins.\" Throughout the first fiscal quarter, the Company concentrated on strategic geographical expansion, with global sa...