Intelligent Bio Solutions Inc. (INBS) reported financial results for the quarter ended March 31, 2024. Revenue increased to $823,800, up from $457,058 in the same period last year, driven by the expansion of the customer base and entry into new markets. Cost of revenue also rose to $645,311, resulting in a gross profit of $178,489. The company received $83,842 in government support income. Operating expenses totaled $3,216,066, with selling, general and administrative expenses accounting for $2,425,830. Development and regulatory approval expenses were $471,313, and depreciation and amortization expenses were $318,923. The company did not report any goodwill impairment for the quarter. Other income and expenses included an interest expense of $42,674 and a realized foreign exchange loss of $996. The net loss for the quarter was $2,986,765, with a loss per share of $1.43. The...Show More

Intelligent Bio Solutions Inc. (INBS) reported financial results for the quarter ended March 31, 2024. Revenue increased to $823,800, up from $457,058 in the same period last year, driven by the expansion of the customer base and entry into new markets. Cost of revenue also rose to $645,311, resulting in a gross profit of $178,489. The company received $83,842 in government support income. Operating expenses totaled $3,216,066, with selling, general and administrative expenses accounting for $2,425,830. Development and regulatory approval expenses were $471,313, and depreciation and amortization expenses were $318,923. The company did not report any goodwill impairment for the quarter. Other income and expenses included an interest expense of $42,674 and a realized foreign exchange loss of $996. The net loss for the quarter was $2,986,765, with a loss per share of $1.43. The company's cash and cash equivalents stood at $9,397,523, with working capital of $5,814,284. INBS raised approximately $10.76 million through a warrant inducement transaction and a private placement offering. The company's future plans include continuing its FDA 510(k) clinical studies plan, expanding its customer base, and discussing future licensing of SGT products with the University of Newcastle following the liquidation of its licensor, LSBD.