Business
Intelligent Bio Solutions Inc. Announces Preliminary Full Fiscal Year 2024 Revenue Growth of 148% Year-Over-Year
- 2024 unaudited revenue growth for the fiscal fourth quarter and full year of approximately 64% and 148% year-over-year, respectively - NEW YORK, Sept. 09,
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"- 2024 unaudited revenue growth for the fiscal fourth quarter and full year of approximately 64% and 148% year-over-year, respectively - NEW YORK, Sept. 09, 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 fourth quarter and full year ended June 30, 2024, of $0.73 million and $3.11 million respectively. This represents an increase year-over-year of 64% compared to the fiscal fourth quarter 2023 and 148% compared to the full fiscal year 2023. INBS further expects a 20% increase in cartridge sales and a 26% increase in reader sales for the fiscal year ended June 30, 2024, compared to the prior fiscal year. The Company attributes key drivers of revenue growth to market demand, increasing brand and product awareness, and expansion of its customer base. The Company’s concentrated efforts to deliver its innovative solution across safety critical sectors where drug use presents significant risk has seen the Company’s reader install base grow to over 1000 readers. With each reader requiring a continuous supply of cartridges for operation, recurring revenue from cartridge sales further supports INBS’ continued growth. Spiro Sakiris, CFO of INBS, commented, “We have delivered strong preliminary results for the fiscal fourth quarter and full year. Our growing number of active customer accounts, currently standing at over 400 and increasing, indicates that our product resonates with customers and addresses their testing requirements and needs for safer work environments. We are entering fiscal year 2025 from a sound financial and operational position.” Harry Simeonidis, President and CEO of INBS, added, “By focusing on industries such as construction, manufacturing, transportation, and warehousing and logistics, we have addressed a pressing need in those sectors for reliable and non-invasive drug testing solutions. Our partnerships in new regions have expanded our reach, allowing us to tap into emerging markets and diversify our revenue streams. We are optimistic about the growth opportunities ahead of us and are confident that we will continue to expand our customer base and market reach within safety-critical industries and new geog...