Business
Intelligent Bio Solutions Inc. Reports Fiscal 2023 Third Quarter Financial Results and Operational Highlights
- Combined revenue and government support income increased 199% year-over-year - - Sequential revenue growth of 28% -- Filed 513(g) submission with U.S. FDA
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"- Combined revenue and government support income increased 199% year-over-year - - Sequential revenue growth of 28% -- Filed 513(g) submission with U.S. FDA for Intelligent Fingerprinting Drug Screening Cartridge - - Granted U.K. patent relating to DSR-Plus Cartridge Reader - - Completion of Milestone 7, key phase of biosensor platform development - NEW YORK, May 11, 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 third quarter ended March 31, 2023, and provided a business update. “INBS delivered revenue growth during the third quarter and achieved several important milestones in line with our regional expansion plans,” said Harry Simeonidis, Chief Executive Officer at Intelligent Bio Solutions. “On the regulatory front, we filed a 513(g) submission with the U.S. Food and Drug Administration, which will allow us to determine the most suitable regulatory path forward for our Intelligent Fingerprinting Drug Screening Cartridge, a key step in our U.S. expansion strategy. More recently, we were granted a U.K. patent relating to our Intelligent Fingerprinting Drug Screening System DSR-Plus Cartridge Reader, our 13th patent, strengthening the protection of our unique and proprietary drug screening technology.” “We further reached a pivotal milestone in our biosensor pipeline progression, releasing the successful results from Milestone 7, allowing our development team to move on to the next phase of testing human saliva. Additionally, we established a new sales team, distribution hub and office facility in Australia, a vital step in extending our reach throughout the Asia-Pacific region. We have made substantial progress on all fronts during the quarter and look forward to continuing this momentum throughout the rest of the year,” Mr. Simeonidis concluded. Third Quarter Highlights & Recent Operational Developments Strategic Partnerships & Pipeline Development Announced the successful completion of the review of results from Milestone 7, a phase of the Company’s biosensor platform development at the University of Newcastle, Australia. The results showed a record 4x improvement in time-to-result (TTR), enabling the bi...