What's Going On With Intelligent Bio Solutions Stock?

Intelligent Bio Solutions Inc. INBS shares are rocketing higher Thursday on abnormally-high volume. The company reported first-quarter financial results on Wednesday.

What To Know:

Intelligent Bio Solutions reported quarterly losses of $1.04 per share, missing the analyst consensus estimate of 64 cents by 62.5%. The company reported quarterly sales of $109.87 thousand, missing the consensus estimate of $950 thousand by 88.43% and representing a 64.71% decrease over sales of $311.32 thousand from the same period last year.

"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, CEO of Intelligent Bio Solutions.

"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."

Shares of INBS are moving on abnormally-high trading volume Thursday. According to data from Benzinga Pro, more than 171.5 million shares have been traded in the session, far exceeding the stock's 100-day average of slightly more than 520 thousand shares.

INBS has a float of only 4.552 million shares and reached an intraday high of 78 cents, according to data from Benzinga Pro.

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INBS Price Action: According to Benzinga Pro, Intelligent Bio Solutions shares are up 145% at 56 cents at the time of publication.

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