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Intelligent Bio Solutions | 8-K: Current report

SEC announcement ·  May 23 17:21
Summary by Moomoo AI
On May 23, 2024, Intelligent Bio Solutions Inc., a Delaware-incorporated medical technology company, announced significant growth in its United Kingdom operations through a press release. The company, which trades under the symbol INBS on the Nasdaq Stock Market, reported a 193% year-over-year increase in total revenue for the nine months ended March 31, 2024, amounting to approximately $2.38 million. The UK operations contributed 93% of this revenue. The company also highlighted that higher margin cartridge revenue made up about 49% of the total revenue. Intelligent Bio Solutions has expanded its customer base to over 400 across more than 15 industries in the UK and acquired 111 new accounts in the 12 months ended March 31, 2024. The growth is attributed to organic lead generation and B2B referrals. The company's drug testing...Show More
On May 23, 2024, Intelligent Bio Solutions Inc., a Delaware-incorporated medical technology company, announced significant growth in its United Kingdom operations through a press release. The company, which trades under the symbol INBS on the Nasdaq Stock Market, reported a 193% year-over-year increase in total revenue for the nine months ended March 31, 2024, amounting to approximately $2.38 million. The UK operations contributed 93% of this revenue. The company also highlighted that higher margin cartridge revenue made up about 49% of the total revenue. Intelligent Bio Solutions has expanded its customer base to over 400 across more than 15 industries in the UK and acquired 111 new accounts in the 12 months ended March 31, 2024. The growth is attributed to organic lead generation and B2B referrals. The company's drug testing solutions are gaining traction due to the need for more effective methods to combat drug test cheating, a concern underscored by a recent Wall Street Journal article and a Quest Diagnostics report. The company's President and CEO, Harry Simeonidis, expressed pride in the UK market share growth and the company's innovative drug testing solution. Intelligent Bio Solutions is also preparing for a product launch in the United States, pending FDA 510(k) submission, expected in the first half of 2025.

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