On November 7, 2024, Intelligent Bio Solutions Inc. (INBS), a Delaware-incorporated medical technology company, reported its financial results for the fiscal quarter ending September 30, 2024. The company, listed on The Nasdaq Stock Market LLC under the symbol INBS, announced a 10% increase in quarterly revenue year-on-year and a 20% increase quarter-on-quarter. This marks the fourth consecutive quarter of year-on-year growth for INBS. The company's higher-margin, recurring cartridge revenue has now surpassed reader revenue, becoming the primary driver of sales. INBS also completed the in-clinic portion of its FDA 510(k) clinical study plan and is on track to submit to the FDA by the end of the year. The company's expansion into the Saudi Arabian...Show More

On November 7, 2024, Intelligent Bio Solutions Inc. (INBS), a Delaware-incorporated medical technology company, reported its financial results for the fiscal quarter ending September 30, 2024. The company, listed on The Nasdaq Stock Market LLC under the symbol INBS, announced a 10% increase in quarterly revenue year-on-year and a 20% increase quarter-on-quarter. This marks the fourth consecutive quarter of year-on-year growth for INBS. The company's higher-margin, recurring cartridge revenue has now surpassed reader revenue, becoming the primary driver of sales. INBS also completed the in-clinic portion of its FDA 510(k) clinical study plan and is on track to submit to the FDA by the end of the year. The company's expansion into the Saudi Arabian market and the initial review of its pharmacokinetic study results, which align fingerprint sweat with blood and oral fluid, were also highlighted. The company's net loss for the fiscal first quarter was $2.70 million, which includes non-cash expenses. Despite the net loss, the company's strategic focus on higher-margin sales and global expansion is expected to provide a foundation for future revenue growth and financial stability. INBS is preparing for FDA 510(k) submission and anticipates entering the US market in the first half of the 2025 calendar year, targeting a share of the estimated $15 billion drug screening products market.