Full Press Release Details
Bio Solutions Inc. Reports Fiscal 2024 Third Quarter and
Financial Results and Operational Highlights
revenue increased 80% for the fiscal third quarter and 193% for the nine months ended March 31, 2024
and cash equivalents as of March 31, 2024, was $9.40 million
FDA 510(k) clinical studies plan with Cliantha Research and remains on track for planned submission by the end of 2024 and planned entry
26 new customer accounts throughout the quarter, representing a combined headcount of approximately 16,779 employees
YORK, May 8, 2024 -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.
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."
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."
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. |
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.
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.
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. |
Intelligent Bio Solutions Inc.
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.
more information, visit: http://www.ibs.inc/
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.
Pinto, Managing Director
KCSA Strategic Communications
Consolidated Balance Sheets
| 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 |
Consolidated Statements of Operations and Other Comprehensive Loss*
| Three Months ended March 31, | Nine Months ended March 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 |