Why Intelligent Bio Solutions Stock Is Ripping Higher

Intelligent Bio Solutions Inc. INBS shares are racing higher Friday after the company reported second-quarter and six-month financial results.

The Details:

Intelligent Bio Solutions reported revenue from sales of goods increased by $400,000 from $360,000 to $760,000 for the quarter ended Dec. 31, 2023, representing a 114% increase year-over-year. Revenue from sales of goods increased by $1.2 million from $360,000 to $1.56 million for the six months ended Dec. 31, 2023, representing a 337% increase year-over-year.

The company attributed the growth in revenue to the acquisition of Intelligent Fingerprinting Ltd. and growth of the company’s Asia Pacific business, in addition to expansion into new regions and growth in existing markets and regions.

“We are very pleased with our fiscal Q2 and six-month revenue results, reflecting our commitment to continuous growth of our customer base and global presence,” said Harry Simeonidis, CEO at Intelligent Bio Solutions. 

“Our product sales have grown significantly, up 30% for cartridges and 91% for readers in the six months ending December 31, 2023, compared to the same period last year. This increase in volume has boosted our revenue growth to over 110% year over year, and we are seeing a growing awareness of our drug screening solution as we enter new markets and expand our global footprint," Simeonidis continued. 

According to Benzinga Pro, a remarkable 45.66% of Intelligent Bio Solutions shares are being sold short, which may be contributing to the stock's large move when combined with heavy trading volume. 

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INBS Price Action: According to Benzinga Pro, Intelligent Bio Solutions shares are up 205% at $8.89 at the time of publication.

Image: Darko Stojanovic from Pixabay