Intelligent Bio Solutions (INBS) Q4 2024 earnings summary

Executive summary

• Fiscal Q4 revenue reached $0.73 million, up 64% year-over-year; full-year revenue was $3.11 million, up 148% year-over-year.

• Cash position as of June 30, 2024, was $6.30 million.

• Strong customer demand and recurring cartridge sales drove growth, with over 1,000 readers installed and more than 400 active business customers.

• Strategic expansion into new markets, including New Zealand and South America, and new partnerships contributed to revenue growth.

Financial highlights

• Full-year revenue increased to $3.11 million from $1.26 million year-over-year.

• Loss from operations improved to $10.28 million from $12.59 million year-over-year.

• Net loss attributable to the company was $10.16 million, compared to $10.63 million in the prior year.

• Gross profit for the year was $1.43 million, up from $0.33 million year-over-year.

• Operating expenses decreased by $1.53 million year-over-year.

Outlook and guidance

• On track for FDA 510(k) submission in Q4 2024, with anticipated opportunities in 2025.

• Plans for strategic geographical expansion to grow the customer network.