On May 8, 2024, Intelligent Bio Solutions Inc., a Delaware-incorporated medical technology company, reported its financial results for the fiscal quarter ending March 31, 2024. The company, which trades under the symbol INBS on the Nasdaq Stock Market, announced an 80% increase in revenue for the quarter and a 193% increase for the nine-month period compared to the previous year. The company's cash and cash equivalents stood at $9.40 million as of March 31, 2024, a significant rise from $1.1 million at the end of the previous quarter. Despite the revenue growth, the company reported a net loss of $2.98 million for the quarter, which included non-cash expenses. The company also highlighted the commencement of FDA 510(k) clinical studies with Cliantha Research, with a planned submission by...Show More

On May 8, 2024, Intelligent Bio Solutions Inc., a Delaware-incorporated medical technology company, reported its financial results for the fiscal quarter ending March 31, 2024. The company, which trades under the symbol INBS on the Nasdaq Stock Market, announced an 80% increase in revenue for the quarter and a 193% increase for the nine-month period compared to the previous year. The company's cash and cash equivalents stood at $9.40 million as of March 31, 2024, a significant rise from $1.1 million at the end of the previous quarter. Despite the revenue growth, the company reported a net loss of $2.98 million for the quarter, which included non-cash expenses. The company also highlighted the commencement of FDA 510(k) clinical studies with Cliantha Research, with a planned submission by the end of 2024 and entry into the US market expected in 2025. Additionally, Intelligent Bio Solutions secured 26 new customer accounts during the quarter, representing approximately 16,779 employees. The company's President and CEO, Harry Simeonidis, expressed satisfaction with the continued revenue growth and progress on the FDA 510(k) roadmap. CFO Spiro Sakiris also noted the improved financial position and the capital raised, amounting to approximately $10.76 million, which will support the company's expansion plans.