Intelligent Bio Solutions (NASDAQ: INBS) shares skyrocketed almost 150% on Friday following the release of preliminary unaudited fiscal second-quarter and six-month revenue results.
Intelligent Bio Solutions (INBS) is celebrating a remarkable financial success, with unaudited revenues reaching around $1.56 million for the six months ended December 31, 2023. This marks an increase of 337% compared to the same period in the previous year. In addition, the unaudited revenue for the second fiscal quarter stands at about $0.76 million, marking a 114% increase compared to the same quarter in 2022.
Spiro Sakiris, Chief Financial Officer at Intelligent Bio Solutions, shared his thoughts on the positive results, saying:
“Our Q2 and six-month results are encouraging, showing strong growth compared to 2022 as we continued our focus on penetrating target markets.”
Looking ahead, INBS forecasts a 30% boost in cartridge sales and a 91% increase in reader sales for the six months ended December 31, 2023, compared to the same period in 2022.
Harry Simeonidis, President and Chief Executive Officer at Intelligent Bio Solutions, stated,
“Our product sales are increasing steadily as awareness of our drug screening solution grows, alongside our entry into new markets and global expansion. After expanding into New Zealand last year, we anticipate further growth throughout the Asia-Pacific region this year.”
He added,
“Our revenue growth reflects the rising demand for our drug screening solution, which enhances safety, cuts expenses, and boosts efficiency. Our goal is to sustain this momentum into 2024.”
Intelligent Bio Solutions (NASDAQ: INBS) Stock Movement
INBS stock soared 146.89% to close at $5.95 on Friday. The traders had exchanged hands with 93,991,620 (93.99 million) shares compared to the average daily trading volume of 702.84K.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
