Summary by Moomoo AI
Intelligent Bio Solutions Inc. reported significant growth for fiscal year 2024, with revenue increasing 148% to $3.1 million from $1.3 million in FY2023. Gross profit surged 336% to $1.4 million, with gross margin expanding to 45.8% from 26.0%. The company's Intelligent Fingerprinting Drug Screening System continued to gain market traction, reaching 1,037 readers deployed at customer sites by June 2024.The company made substantial progress on its FDA 510(k) pathway, completing the in-clinic portion of its Pharmacokinetic study in June 2024 and partnering with Cliantha Research for clinical trials. Management strengthened the company's financial position through multiple successful capital raises totaling approximately $14.6 million during the fiscal year, ending with $6.3 million in cash as of June 30, 2024.Despite the strong top-line growth, the company reported a net loss of $10.2 million for FY2024, compared to $10.7 million in FY2023, as it continued investing in product development and market expansion. The company expanded its global footprint into new markets including New Zealand and Chile, while securing ISO 13485:2016 recertification for its drug screening business.
