Why Intelligent Bio Solutions Shares Are Skyrocketing Today

Intelligent Bio Solutions Inc. INBS shares are skyrocketing on Friday.

The company said it expects an approximate unaudited revenue of $1.56 million for the six months ending Dec. 31, 2023, representing a significant increase of 337% compared to the same period the prior year.

Intelligent Bio said it expects an approximate unaudited revenue of $0.76 million for the second fiscal quarter ending Dec. 31, 2023 (street view at $1.01 million), representing an increase of 114% year over year.

“Our product sales are steadily on the rise due to a growing awareness of our drug screening solution, entry into new markets and expansion of our global footprint,” said Harry Simeonidis, president and CEO at Intelligent Bio Solutions. 

Intelligent Bio also projects a 30% increase in cartridge sales and a 91% surge in reader sales for the six months concluding on Dec. 31, 2023.

“Last year, we expanded into New Zealand, and we anticipate further market expansion throughout Asia-Pacific this year,” Simeonidis added.

On Jan. 25, the company announced 1-for-12 reverse split of its common stock, which has been in effect since Jan. 26. 

The reverse stock split is primarily intended to increase the company’s per share trading price, it said.

Price Action: INBS shares are trading higher by 104.15% to $4.90 on the last check Friday. 

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