Intelligent Bio Solutions (NASDAQ: INBS) stock shot up by almost 140% on Friday following the release of financial results for the fiscal second quarter and six-month period ending December 31, 2023.
Intelligent Bio Solutions (INBS) reported a 114% revenue increase in goods sales, jumping from $0.36 million to $0.76 million for the quarter ended December 31, 2023, compared to the same period in 2022.
Moreover, the revenue from sales of goods witnessed a remarkable spike, soaring by $1.20 million from $0.36 million to $1.56 million for the six months ended December 31, 2023. This marks a 337% increase compared to the same period in 2022.
The company attributed these significant revenue increments to the strategic acquisition of Intelligent Fingerprinting Ltd (IFP) in October 2022, alongside the exponential growth of its Asia Pacific business, Intelligent Bio Solutions (APAC) Pty Ltd. In addition, expansion into new regions and the company’s robust growth in existing markets and regions have contributed to these impressive financial gains.
The net loss attributable to INBS escalated by $2.76 million, rising from $1.63 million to $4.39 million for the six months ended on December 31, 2023, in contrast to the same period in 2022. This amplification is principally steered by the combined results of operations following the acquisition of IFP, offset by a recognition of fair value gain on revaluation of convertible notes and holdback Series C Preferred Stock of $1,793,091 ($1.79 million) during the corresponding period in 2022.
Intelligent Bio Solutions (NASDAQ: INBS) Stock Movement
INBS stock surged 134.90% to close at $6.76 on Friday. The traders had exchanged hands with 88,732,791 (88.73 million) shares compared to the average daily trading volume of 2.31 million.
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