Intelligent Bio Solutions sees Q2 revenue $760,000, up $114% vs. last year

Intelligent Bio Solutions announced preliminary unaudited revenue results for fiscal Second Quarter and six months ended December 31, 2023. The Company expects approximate unaudited revenue of $1.56 million for the six months ended December 31, 2023, representing a significant increase of 337% compared to the same period the prior year, and approximate unaudited revenue of $0.76 million for the second fiscal quarter ended December 31, 2023, representing an increase of 114% compared to the same period the prior year. INBS further expects a 30% rise in cartridge sales and a 91% rise in reader sales for the six months ended December 31, 2023, compared to the six months ended December 31, 2022. “Our product sales are steadily on the rise due to a growing awareness of our drug screening solution, entry into new markets and expansion of our global footprint. Last year, we expanded into New Zealand, and we anticipate further market expansion throughout Asia-Pacific this year,” said Harry Simeonidis, President and Chief Executive Officer at Intelligent Bio Solutions. “Our revenue growth numbers are indicative of an increasing need for an efficient drug screening solution that reduces risk, saves costs, and promotes productivity. We aim to maintain this upward trajectory throughout 2024.”