Business
Intelligent Bio Solutions Inc. Reports Fiscal 2024 Third Quarter and Nine-Month Financial Results and Operational Highlights
Year-over-year revenue increased 80% for the fiscal third quarter and 193% for the nine months ended March 31, 2024 Cash and cash equivalents as of March 31,
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"Year-over-year revenue increased 80% for the fiscal third quarter and 193% for the nine months ended March 31, 2024 Cash and cash equivalents as of March 31, 2024, was $9.40 million Commenced FDA 510(k) clinical studies plan with Cliantha Research and remains on track for planned submission by the end of 2024 and planned entry into the US in 2025 Secured 26 new customer accounts throughout the quarter, representing a combined headcount of approximately 16,779 employees NEW YORK, May 08, 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 its financial results for the fiscal third quarter and nine months ended March 31, 2024, and provided a business update. \"We are pleased to report our third consecutive quarter of strong revenue growth, which was driven by the acquisition of 26 new accounts and a steadily increasing install base. We have made significant progress on our FDA 510(k) roadmap, entering the critical phase of clinical validation with Cliantha Research, and are on track to complete our 510(k) submission, expected by the end of 2024,” said Harry Simeonidis, President and CEO at INBS. “With a solid financial foundation, we are well-prepared to execute on our deliverables, which include expanding into new regions and customer segments, advancing our FDA pathway, and continuing to lead innovation in our field.\" \"We are pleased to report that the Company continues its upward revenue trend,” said Spiro Sakiris, CFO at INBS. “Sales growth of 80% year-over-year and a capital injection of approximately $10.76 million have greatly improved our financial position and will provide the resources to accelerate our expansion. Our dedicated team has done an amazing job executing our business plan, and it is this dedication that will drive us to the next level.” Financial Results for the Fiscal 2024 Third Quarter: Total cash and cash equivalents on hand as of March 31, 2024, was $9.40 million, an increase from $1.1 million on December 31, 2023.Shareholders equity as of March 31, 2024, was $11 million.Total revenues for the fiscal third quarter were $0.82 million, an increase of 80% compared to the same period the year prior.Total revenue for the nine months ended March 2024 was...