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There are certain innovative companies that have caught the attention of investors over the course of the past few months, and one of those is Intelligent Bio Solutions Inc. (NASDAQ: INBS).

Earlier this month, the company came into focus after Zacks Small Cap Research released a research report about the stock and set the target price at $10 a share. In that context, it could be a good move for investors to take a look at some of the highlights from the bullish research report and then make their minds up about the stock. Intelligent Bio Solutions has managed to hit a range of milestones through the course of 2023 so far.

Among the many milestones, the most important ones were the February 2023 reverse stock split and the March 2023 regaining of NASDAQ compliance. The company also raised capital with Ladenburg Thalmann, and in May it added the opioid fentanyl to its drug screening test. Last but certainly not least, the company also signed a distribution agreement for the South American region with TSCOM for its Intelligent Fingerprint Test. In the fiscal year that ended on June 30, 2023, Intelligent Bio Solutions managed to generate revenues to the tune of $2 million, which marked a significant improvement on the $437,000 generated in the prior year period.

In this context, it ought to be noted that the total revenues generated by the company included contributions from both intelligent fingerprinting and government support revenue. However, the loss from operations went up to $12.6 million for the fiscal year, as opposed to $8.3 million a year ago. Last but not least, the company launched its business in Australia a few months ago and has already managed to sign up a total of 10 clients. It could be a good time to add Intelligent Bio Solutions stock to your watch lists.