Intelligent Bio Solutions reports Q1 preliminary revenue $0.87M

The Company’s efforts to maximize recurring revenue from the sale of cartridges used in its Intelligent Fingerprinting Drug Screening System are expected to result in cartridges surpassing readers as the primary revenue driver in the future. Cartridges represent a key source of recurring revenue for the business and carry a higher profit margin than readers. As this trend continues, INBS anticipates an increase in gross profit margins, contributing to long-term financial stability and growth. “While we are pleased with another quarter of year-on-year and sequential revenue growth, it is important to note that now, with our readers in the market and over 400 active customer accounts, we are beginning to yield the benefits of higher-margin, recurring revenue from the sale of cartridges. This shift shows a growing confidence in the dependability and quality of our products amongst our strong and growing customer base,” said Harry Simeonidis, President and CEO. “Customer loyalty and advocacy of our products is driving a steady recurring revenue stream and boosting our profit margins.” Throughout the first fiscal quarter, the Company concentrated on strategic geographical expansion, with global sales expected to increase by 15% year-on-year. The Company grew its distributor network in Saudi Arabia and is committed to broadening its geographical reach to meet rising demands for drug testing solutions that support workplace safety.