Intelligent Bio Solutions Inc. (INBS) reported its financial performance for the quarter ended September 30, 2024. The company saw an increase in revenue to $872,287, up from $796,094 in the same period the previous year. Cost of revenue decreased slightly, resulting in a gross profit of $346,801, a significant improvement from $232,331 year-on-year. Government support income also rose to $126,128. However, operating expenses remained high, with selling, general and administrative expenses at $1,949,016, and development and regulatory approval expenses increasing substantially to $948,752 due to investments in FDA 510(k) clinical study plans. The company incurred a net loss of $2,694,799, slightly higher than the previous year's $2,432,424. As of November 4, 2024, INBS had 4,386,816 shares of common stock issued and outstanding. The company's liquidity position included cash and cash...Show More

Intelligent Bio Solutions Inc. (INBS) reported its financial performance for the quarter ended September 30, 2024. The company saw an increase in revenue to $872,287, up from $796,094 in the same period the previous year. Cost of revenue decreased slightly, resulting in a gross profit of $346,801, a significant improvement from $232,331 year-on-year. Government support income also rose to $126,128. However, operating expenses remained high, with selling, general and administrative expenses at $1,949,016, and development and regulatory approval expenses increasing substantially to $948,752 due to investments in FDA 510(k) clinical study plans. The company incurred a net loss of $2,694,799, slightly higher than the previous year's $2,432,424. As of November 4, 2024, INBS had 4,386,816 shares of common stock issued and outstanding. The company's liquidity position included cash and cash equivalents of $3,989,431, but management noted a material risk that this may not suffice for the next twelve months, raising substantial doubt about the company's ability to continue as a going concern without additional financing. INBS is focused on developing and delivering intelligent, rapid, non-invasive testing and screening solutions and operates globally with the objective of providing innovative and accessible solutions that improve the quality of life. The company's future plans include pursuing FDA 510(k) clearance to introduce its drug screening technology to the U.S. market in the 2025 calendar year.