On February 2, 2024, the stock of Intelligent Bio Solutions Inc. (NASDAQ: INBS) experienced the most substantial percentage increase, ranking sixth in terms of trading volume amid considerable attention. The stock surged by 146.89%, reaching a closing price of $5.95, with a substantial trading volume of 95.15 million shares—43 times higher than its average volume. The stock closed above its 50-day moving average, improving its intermediate-term outlook by crossing an important trendline.
The company disclosed anticipations of unaudited revenues amounting to $1.56 million for the six-month period concluding on December 31, 2023. This projection signifies a remarkable 337% increase compared to the corresponding period in the preceding year. Additionally, the company shared expectations of unaudited revenues for the second fiscal quarter, concluding on December 31, 2023, at $0.76 million, reflecting a notable year-on-year growth of 114%.
The consistent increase in product sales for Intelligent Bio Solutions can be attributed to the increasing awareness of the company's drug screening solutions. As a medical technology firm, Intelligent Bio Solutions specializes in delivering rapid, innovative, and non-invasive testing solutions. The primary offering, the Intelligent Fingerprinting Drug Screening System, has played a pivotal role in this success. Moreover, the company has successfully penetrated new markets, contributing to the expansion of its global presence.
The company projected a 30% increase in cartridge sales and a substantial 91% surge in reader sales on a year-on-year basis for the six-month period concluding on December 31, 2023. With its recent expansion into New Zealand, there is anticipation of further footprint growth across the Asia-Pacific region. Intelligent Bio Solutions implemented a 1 for 12 reverse stock split effective on January 26, a strategic move aimed at enhancing the share price.
The company, in its latest press release, emphasized that the unaudited revenue figures disclosed for the second fiscal quarter and the latter half of 2023 were derived from information accessible to the management as of February 2, 2023. Nevertheless, there is a possibility of adjustments to those figures in the future as the closing process for the second fiscal quarter concludes. Intelligent Bio Solutions further stated its intention to release financial results for these periods in the forthcoming quarterly report on Form 10-Q, scheduled for submission to the United States Securities and Exchange Commission on February 5, 2023.
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