Business
Intelligent Bio Solutions Inc. Reports Fiscal 2023 Fourth Quarter and Full Year Financial Results and Operational Highlights
- Combined full-year revenue and government support income increased 355% year-over-year - - Received guidance from U.S. FDA on a regulatory pathway for its
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"- Combined full-year revenue and government support income increased 355% year-over-year - - Received guidance from U.S. FDA on a regulatory pathway for its Intelligent Fingerprinting Drug Screening Cartridge - - Granted 13th patent following award of U.K. patent relating to DSR-Plus Cartridge Reader - - Recently secured 8 new customers just two months into product launch in Australia - NEW YORK, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (\"Intelligent Bio Solutions,\" \"INBS\" or the \"Company\") (Nasdaq: INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for its fiscal fourth quarter and full-year ended June 30, 2023, and provided a business update. “In the 2023 fiscal year, we maintained rapid expansion of our customer footprint, successfully entering the Australian market with accelerated uptake,” said Harry Simeonidis, President and Chief Executive Officer of Intelligent Bio Solutions. “Our year-over-year revenue growth represents the rising demand for, and adoption of, our innovative drug screening solution. We are confident that our Intelligent Fingerprinting Drug Screening System will set a new benchmark for drug testing procedures with its rapid collection time, portability and efficiency while prioritizing employee dignity and privacy.” “Receiving the FDA’s guidance on a regulatory pathway for our Intelligent Fingerprinting Drug Screening Cartridge in the fourth quarter was a pivotal step toward our expansion into the U.S. market. We were also pleased to extend our market presence into South America and scale our reach throughout the Asia-Pacific region with the addition of our sales team in Australia. In addition, we further strengthened the protection of our unique and proprietary drug screening technology with the award of our 13th patent. Given our considerable progress to date, we believe INBS is well-placed to continue its growth over the next fiscal year,” concluded Mr. Simeonidis. Spiro Sakiris, Chief Financial Officer of Intelligent Bio Solutions, further commented, “We are pleased to see that our 2023 profit and loss is comparable to our 2022 fiscal year results after allowing for net impairment of assets.” Fourth Quarter and Full Year Highlights: On June 28, 2023, the Company announced it had received...