Intelligent Bio Solutions Inc. ("INBS" or the "Company") (Nasdaq:
INBS), a medical technology company delivering intelligent, rapid,
non-invasive testing solutions, today announced its financial
results for its fiscal first quarter ended September 30, 2023, and
provided a business update.
“We achieved strong revenue growth over the
first quarter of fiscal 2024, maintaining the momentum we have
built over the past several quarters,” commented Harry Simeonidis,
President and Chief Executive Officer of Intelligent Bio Solutions
Inc. “This growth is largely attributable to the increasing
acceptance of our proprietary Intelligent Fingerprinting Drug
Screening System by customers, which has translated to consistent
sales and increased revenue. The sustained rising demand for our
innovative screening product across a diverse number of industries
demonstrates its versatility and its value as a faster, more
efficient, and less-invasive drug screening solution for
workplaces.”
“We expanded our market presence in South
America while advancing our reach in existing markets. We are now
focused on executing our plan to enter the U.S. market after
receiving FDA guidance on a regulatory pathway for our Intelligent
Fingerprinting Drug Screening Cartridge earlier this year,” Mr.
Simeonidis added.
First Quarter & Recent
Highlights:
- Expanded into
the New Zealand market, representing a significant milestone in the
Company’s growth strategy for its Intelligent Fingerprinting Drug
Screening System.
- Enhanced
customer portfolio with specialist container logistics firm VKVP
Haulage adopting the Company’s Intelligent Fingerprinting Drug
Screening System. Additionally, existing customer Auctus Management
Group completed 25,000 tests using the Company’s Intelligent
Fingerprinting Drug Screening System.
- Obtained
recertification for ISO 13485: 2016, which is the international
standard for medical systems quality management system
certification.
- Completed
critical development milestone in plans to add new assays for
ketamine and tramadol to the Intelligent Fingerprinting Drug
Screening System. The new assays passed the Company’s initial
design phase and are ready for scale-up and transfer to manufacture
ahead of potential clinical trials.
- Secured eight
new customers across Australia for its Intelligent Fingerprinting
Drug Screening System product. The customers come from a variety of
industries including mining, aviation, construction, manufacturing,
and agriculture, and are using it to promote alternative screening
practices.
- Signed a South
American distribution deal with TSCOM SPA for the Company’s
Intelligent Fingerprinting Drug Screening System and secured its
first order under this agreement.
First Fiscal Quarter Ended September 30,
2023, Financial Results
All amounts are expressed in U.S. dollars unless
indicated otherwise. All authorized, issued, and outstanding stock
and per share amounts reflect the 1-for-20 reverse stock split
effected by the Company on February 9, 2023, unless indicated
otherwise.
The Company’s combined revenue and government
support income increased by 191% to $0.91 million for the first
fiscal quarter ended September 30, 2023, including revenue from
sales of goods of $0.8 million, compared to $0 in the first fiscal
quarter ended September 30, 2022. The increase in revenue is due to
the acquisition of Intelligent Fingerprinting Ltd (“IFP”) in
October 2022 and the launch of its Intelligent Fingerprinting Drug
Screening System in the Asia-Pacific region via Intelligent Bio
Solutions (APAC) Pty Ltd.
Net loss attributable to INBS for the first
fiscal quarter ended September 30, 2023 was $2.4 million, compared
to a net loss of $1.2 million for the first fiscal quarter of the
prior fiscal year. This increase is primarily driven by the
combined results of operations after the acquisition of IFP offset
by a recognition of fair value gain on revaluation of holdback
Series C Preferred Stock during the current quarter of
$131,250.
The Company ended the quarter with cash and cash
equivalents of approximately $0.2 million. On October 4, 2023,
subsequent to the quarter ended September 30, 2023, the Company
raised approximately $4.378 million prior to deducting underwriting
discounts and commissions and offering expenses via a registered
underwritten public offering of the Company’s securities. Net
proceeds to the Company, after deducting the underwriting discounts
and commissions and estimated offering expenses payable by the
Company, were approximately $3.35 million.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (the "Company")
(Nasdaq: INBS) is a medical technology company delivering
intelligent, 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. This hygienic, and cost-effective system is
designed to screen for recent use of drugs commonly found in the
workplace, including opioids, 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 up to 130
indications, ranging from glucose to immunological conditions and
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 press 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 screening 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.inc
Media Contact: Cheryl Billson
Comma Communications cheryl.billson@commacomms.com
Investor Contact:Valter
PintoKCSA Strategic CommunicationsINBS@kcsa.com
|
Intelligent Bio Solutions Inc.Condensed
Consolidated Balance Sheets(Amounts in US$) |
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2023(Unaudited) |
|
|
|
June 30, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
186,401 |
|
|
$ |
1,537,244 |
|
Accounts receivable, net |
|
|
567,510 |
|
|
|
293,861 |
|
Inventories, net |
|
|
965,091 |
|
|
|
979,907 |
|
Research and development tax incentive receivable |
|
|
559,588 |
|
|
|
498,758 |
|
Other current assets |
|
|
413,305 |
|
|
|
552,791 |
|
Total current assets |
|
|
2,691,895 |
|
|
|
3,862,561 |
|
Property and equipment,
net |
|
|
664,922 |
|
|
|
690,175 |
|
Operating lease right-of-use
assets |
|
|
471,532 |
|
|
|
546,475 |
|
Intangible assets, net |
|
|
4,872,141 |
|
|
|
5,255,401 |
|
TOTAL
ASSETS |
|
$ |
8,700,490 |
|
|
$ |
10,354,612 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
3,628,797 |
|
|
$ |
2,610,028 |
|
Current portion of operating lease liabilities |
|
|
227,414 |
|
|
|
223,447 |
|
Current portion of deferred grant income |
|
|
2,240,929 |
|
|
|
2,338,057 |
|
Current employee benefit liabilities |
|
|
406,964 |
|
|
|
358,942 |
|
Current portion of notes payable |
|
|
341,834 |
|
|
|
353,211 |
|
Total current liabilities |
|
|
6,845,938 |
|
|
|
5,883,685 |
|
Employee benefit liabilities,
less current portion |
|
|
27,732 |
|
|
|
24,902 |
|
Operating lease liabilities,
less current portion |
|
|
284,028 |
|
|
|
356,165 |
|
Notes payable, less current
portion |
|
|
306,234 |
|
|
|
402,862 |
|
Total liabilities |
|
|
7,463,932 |
|
|
|
6,667,614 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized,
2,330,399 shares issued and outstanding at September 30, 2023 and
June 30, 2023, respectively |
|
|
23,304 |
|
|
|
23,304 |
|
Treasury stock, at cost, 1,386 shares as of September 30, 2023 and
June 30, 2023, respectively |
|
|
(14 |
) |
|
|
(14 |
) |
Additional paid-in capital |
|
|
46,158,763 |
|
|
|
46,158,763 |
|
Accumulated deficit |
|
|
(44,232,777 |
) |
|
|
(41,807,573 |
) |
Accumulated other comprehensive loss |
|
|
(593,512 |
) |
|
|
(575,496 |
) |
Total consolidated Intelligent Bio Solutions Inc. equity |
|
|
1,355,764 |
|
|
|
3,798,984 |
|
Non-controlling interest |
|
|
(119,206 |
) |
|
|
(111,986 |
) |
Total shareholders’ equity |
|
|
1,236,558 |
|
|
|
3,686,998 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
8,700,490 |
|
|
$ |
10,354,612 |
|
|
|
|
|
|
|
|
|
|
|
Intelligent Bio Solutions Inc.Condensed
Consolidated Statements of Operations and Other Comprehensive
Loss*(Unaudited)(Amounts in US$) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
796,094 |
|
|
$ |
- |
|
Cost of revenue (exclusive of
amortization shown separately below) |
|
|
(563,763 |
) |
|
|
- |
|
Gross profit |
|
|
232,331 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
Government support income |
|
|
109,871 |
|
|
|
311,320 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
(2,457,060 |
) |
|
|
(1,450,418 |
) |
Development and regulatory approval expenses |
|
|
(103,947 |
) |
|
|
(79,274 |
) |
Depreciation and amortization |
|
|
(307,560 |
) |
|
|
- |
|
Total operating expenses |
|
|
(2,868,567 |
) |
|
|
(1,529,692 |
) |
Loss from operations |
|
|
(2,526,365 |
) |
|
|
(1,218,372 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(37,448 |
) |
|
|
(1,065 |
) |
Realized foreign exchange loss |
|
|
- |
|
|
|
(2,247 |
) |
Fair value gain on revaluation of financial instrument |
|
|
131,250 |
|
|
|
- |
|
Interest income |
|
|
139 |
|
|
|
7,606 |
|
Total other income |
|
|
93,941 |
|
|
|
4,294 |
|
Net loss |
|
|
(2,432,424 |
) |
|
|
(1,214,078 |
) |
Net loss attributable to non-controlling interest |
|
|
(7,220 |
) |
|
|
(5,785 |
) |
Net loss attributable to Intelligent Bio Solutions Inc. |
|
$ |
(2,425,204 |
) |
|
$ |
(1,208,293 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive loss, net
of tax: |
|
|
|
|
|
|
|
|
Foreign currency translation loss |
|
$ |
(18,016 |
) |
|
$ |
(135,559 |
) |
Total other comprehensive loss |
|
|
(18,016 |
) |
|
|
(135,559 |
) |
Comprehensive loss |
|
|
(2,450,440 |
) |
|
|
(1,349,637 |
) |
Comprehensive loss attributable to non-controlling interest |
|
|
(7,220 |
) |
|
|
(5,785 |
) |
Comprehensive loss attributable to Intelligent Bio Solutions
Inc. |
|
$ |
(2,443,220 |
) |
|
$ |
(1,343,852 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted* |
|
$ |
(1.04 |
) |
|
$ |
(1.62 |
) |
Weighted average shares
outstanding, basic and diluted* |
|
|
2,330,399 |
|
|
|
744,495 |
|
|
|
|
|
|
|
|
|
|
* |
|
Common Stock and per share amount have been retroactively adjusted
to reflect the decreased number of shares resulting from a 1 for 20
reverse stock split effected on February 9, 2023, throughout the
condensed consolidated financial statement unless otherwise
stated. |
|
|
|
Intelligent Bio Solutions (NASDAQ:INBS)
Historical Stock Chart
From May 2024 to Jun 2024
Intelligent Bio Solutions (NASDAQ:INBS)
Historical Stock Chart
From Jun 2023 to Jun 2024