Summary by Moomoo AI
Intelligent Bio Solutions achieved significant growth in FY2024, with revenue increasing 148% to $3.11M and Q4 revenue rising 64% YoY to $0.73M. The company reported a 20% increase in cartridge sales and 26% growth in reader sales, serving over 400 active business customers with more than 1,000 readers installed. Cash position stood at $6.30M as of June 30, 2024.The company made substantial operational progress, completing the in-clinic portion of its Pharmacokinetic study for FDA 510(k) clearance, securing a new European patent for its DSR-Plus Cartridge Reader, and expanding into new markets including New Zealand and Chile. The company also maintained ISO 13485:2016 certification and advanced development of new drug testing capabilities for ketamine and tramadol.Operating loss improved to $10.28M from $12.59M in the previous year, driven by revenue growth and reduced operating expenses. The company remains focused on strategic geographical expansion and is on track for planned FDA 510(k) submission in Q4 2024, positioning for further growth opportunities in 2025.
