Year-over-year revenue increased 80% for the fiscal third quarter and 193% for the nine months ended March 31, 2024
Cash and cash equivalents as of March 31, 2024, was $9.40 million Commenced FDA 510(k) clinical studies plan with Cliantha Research and remains on track for planned submission by the end of 2024 and planned entry into the US in 2025
Secured 26 new customer accounts throughout the quarter, representing a combined headcount of approximately 16,779 employees
NEW YORK, May 08, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for the fiscal third quarter and nine months ended March 31, 2024, and provided a business update.
"We are pleased to report our third consecutive quarter of strong revenue growth, which was driven by the acquisition of 26 new accounts and a steadily increasing install base. We have made significant progress on our FDA 510(k) roadmap, entering the critical phase of clinical validation with Cliantha Research, and are on track to complete our 510(k) submission, expected by the end of 2024,” said Harry Simeonidis, President and CEO at INBS. “With a solid financial foundation, we are well-prepared to execute on our deliverables, which include expanding into new regions and customer segments, advancing our FDA pathway, and continuing to lead innovation in our field."
"We are pleased to report that the Company continues its upward revenue trend,” said Spiro Sakiris, CFO at INBS. “Sales growth of 80% year-over-year and a capital injection of approximately $10.76 million have greatly improved our financial position and will provide the resources to accelerate our expansion. Our dedicated team has done an amazing job executing our business plan, and it is this dedication that will drive us to the next level.” Financial Results for the Fiscal 2024 Third Quarter:
Total cash and cash equivalents on hand as of March 31, 2024, was $9.40 million, an increase from $1.1 million on December 31, 2023.Shareholders equity as of March 31, 2024, was $11 million.Total revenues for the fiscal third quarter were $0.82 million, an increase of 80% compared to the same period the year prior.Total revenue for the nine months ended March 2024 was $2.38 million, an increase of 193% compared to the same period the year prior.Net loss for the fiscal third quarter was $2.98 million which included non-cash depreciation and amortization and share based expenses of $0.54 million.
Revenue from sales of goods increased by $366,742 from $457,058 to $823,800 for the quarter ended March 31, 2024, compared to the same period in 2023, representing an 80% increase. Revenue from sales of goods increased by $1.57 million from $813,737 to $2.38 million for the nine months ended March 31, 2024, compared to the same period in 2023, representing a 193% increase. Increases in revenue are due to the organic growth of the business and expansion into new regions and customer segments following the acquisition of Intelligent Fingerprinting Ltd ("IFP") in October 2022.
Net loss attributable to INBS decreased by $600,287 from $7.97 million to $7.37 million for the nine months ended March 31, 2024, compared to the same period the year prior. This decrease is primarily driven by goodwill impairment charges of $4.10 million and combined results of operations after the acquisition of IFP, offset by a recognition of fair value gain on revaluation of convertible notes and holdback Series C Preferred Stock of $2.06 million during the same period in 2023. During the quarter, the Company raised approximately $10.76 million after deducting closing costs, placement agent fees, and other estimated expenses payable by the Company via warrant inducement transaction and a private placement of the Company's securities. The Company ended the quarter with cash and cash equivalents of approximately $9.40 million.
Fiscal Third Quarter & Recent Operational Highlights:
On February 28, 2024, the Company announced its partnership with Cliantha Research to conduct the pharmacokinetic (PK) study as part of its FDA 510(k) clinical studies plan. The Company remains on track for its planned entry into the US market in 2025.26 new accounts secured throughout the quarter, representing a combined headcount of approximately 16,779 employees.The Company was granted a new European patent with unitary effect for its DSR-Plus Cartridge Reader, bringing the patent into effect in 17 European countries.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the Company's biosensor platform has the potential to test for various indications, ranging from immunological conditions to communicable diseases. The Company's current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions' public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc.info@ibs.incLinkedIn | Twitter
Investor & Media Contact: Valter Pinto, Managing Director KCSA Strategic Communications PH: (212) 896-1254 INBS@kcsa.com
Intelligent Bio Solutions Inc.Condensed Consolidated Balance Sheets(Amounts in US$) As of March 31, As of June 30, 2024 2023 (Unaudited) ASSETS
Current assets:
Cash and cash equivalents $9,397,523 $1,537,244 Accounts receivable, net 431,646 293,861 Inventories, net 877,905 979,907 Research and development tax incentive receivable 332,471 498,758 Other current assets 481,046 552,791 Total current assets 11,520,591 3,862,561 Property and equipment, net 559,520 690,175 Operating lease right-of-use assets 365,512 546,475 Intangibles, net 4,593,330 5,255,401 Total assets $17,038,953 $10,354,612
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $2,128,747 $2,610,028 Current portion of operating lease liabilities 260,377 223,447 Current portion of deferred grant income 2,288,660 2,338,057 Current employee benefit liabilities 660,010 358,942 Current portion of notes payable 368,513 353,211 Total current liabilities 5,706,307 5,883,685 Employee benefit liabilities, less current portion 30,286 24,902 Operating lease liabilities, less current portion 154,162 356,165 Notes payable, less current portion 150,426 402,862 Total liabilities 6,041,181 6,667,614 Commitments and contingencies - -
Shareholders’ equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,913,799 and 194,200 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively* 29,135 1,942 Treasury stock, at cost, 116 shares as of March 31, 2024 and June 30, 2023, respectively* (1) (1)Additional paid-in capital 60,946,174 46,180,112 Accumulated deficit (49,180,085) (41,807,573)Accumulated other comprehensive loss (662,405) (575,496)Total consolidated Intelligent Bio Solutions Inc. equity 11,132,818 3,798,984 Non-controlling interest (135,046) (111,986)Total shareholders’ equity 10,997,772 3,686,998 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $17,038,953 $10,354,612
*Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
Intelligent Bio Solutions Inc.Condensed Consolidated Statements of Operations and Other Comprehensive Loss*(Unaudited)(Amounts in US$) Three Months endedMarch 31, Nine Months endedMarch 31, 2024 2023 2024 2023 Revenue $823,800 $457,058 $2,383,957 $813,737 Cost of revenue (exclusive of amortization shown separately below) (645,311) (424,009) (1,773,889) (536,644)Gross profit 178,489 33,049 610,068 277,093
Other income:
Government support income 83,842 117,680 346,917 698,625
Operating expenses:
Selling, general and administrative expenses (2,425,830) (1,898,754) (6,587,934) (5,594,461)Development and regulatory approval expenses (471,313) (299,898) (923,712) (380,363)Depreciation and amortization (318,923) (398,986) (916,796) (797,142)Goodwill impairment - (4,096,490) - (4,096,490)Total operating expenses (3,216,066) (6,694,128) (8,428,442) (10,868,456)Loss from operations (2,953,735) (6,543,399) (7,471,457) (9,892,738)
Other income (expense), net:
Interest expense (42,674) (86,125) (112,590) (163,957)Realized foreign exchange income/(loss) (996) 7,212 (1,551) (8,936)Fair value gain on revaluation of financial instrument - 269,787 175,738 2,062,878 Interest income 10,640 508 14,288 9,587 Total other income (expense), net (33,030) 191,382 75,885 1,899,572 Net loss (2,986,765) (6,352,017) (7,395,572) (7,993,166)Net loss attributable to non-controlling interest (9,098) (8,111) (23,060) (20,367)Net loss attributable to Intelligent Bio Solutions Inc. $(2,977,667) $(6,343,906) $(7,372,512) $(7,972,799)
Other comprehensive income/(loss), net of tax:
Foreign currency translation gain/ (loss) (144,026) (77,787) (86,909) 148,251 Total other comprehensive income/(loss) (144,026) (77,787) (86,909) 148,251 Comprehensive loss (3,130,791) (6,429,804) (7,482,481) (7,844,915)Comprehensive loss attributable to non-controlling interest (9,098) (8,111) (23,060) (20,367)Comprehensive loss attributable to Intelligent Bio Solutions Inc. (3,121,693) (6,421,693) (7,459,421) (7,824,548)
Net loss per share, basic and diluted* $(1.43) $(68.67) $(6.64) $(104.04)Weighted average shares outstanding, basic and diluted* 2,079,864 92,389 1,110,089 76,629
*Common stock and per share amount have been retroactively adjusted to reflect the decreased number of shares resulting from a 1-for-12 reverse stock split effected on January 26, 2024, and a 1-for-20 reverse stock split effected on February 9, 2023, throughout the condensed consolidated financial statement unless otherwise stated.
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