Business
Intelligent Bio Solutions Inc. Reports Fiscal 2023 Second Quarter Financial Results and Operational Highlights
- Second quarter total revenue and government support income increased over 100% year-over-year - - Government support income increased 52% for the quarter
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"- Second quarter total revenue and government support income increased over 100% year-over-year - - Government support income increased 52% for the quarter ended December 31, 2022 compared to the prior corresponding period, mainly due to qualifying expenditures for completion of Milestone 7 - - Successful completion of Milestone 7, a key phase of its biosensor platform development - - Cash and cash equivalents at quarter-end totaled $2.9 million - NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (“Intelligent Bio Solutions” or the “Company”) (Nasdaq: INBS), a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions, today announced its financial results for its fiscal second quarter ended December 31, 2022, and provided a business update. All amounts are expressed in U.S. dollars unless indicated otherwise, and all authorized, issued, and outstanding stock and per share amounts reflect the 1-for-20 reverse stock split effected by the Company on February 9, 2023, unless indicated otherwise. “Our strong fiscal second quarter results show the expansion and strength of our global portfolio, which now includes operations in the United Kingdom, United States and Australia,” commented Harry Simeonidis, Chief Executive Officer at Intelligent Bio Solutions. “We continued to bolster Intelligent Bio Solution’s leadership position in the field of non-invasive real-time diagnostic testing in the second quarter, achieving several significant strategic goals. We released the successful results from Milestone 7, which showed a four-time improvement in time-to-result (TTR) for our biosensor platform, returning test results in less than a minute. These exciting results were a green light for our biosensor development team to progress to the next testing phase, which will include testing human saliva.” “Recently, we announced several customer partnerships where companies are implementing our real-time, non-invasive intelligent fingerprinting testing solutions for their staff drug tests,” continued Mr. Simeonidis. “These successful partnerships demonstrate the demand for, and effectiveness of, our innovative platform for testing needs. Based on this momentum, we believe Intelligent Bio Solutions is well positioned for future growth as we advance our development pipeline and exe...