Investors are now increasingly focused on the medical technology sector due to its rapid advancement. Anyone looking for a medical technology company to look into at this point could do well to take a look into Intelligent Bio Solutions Inc. (NASDAQ:INBS).
The company, which is best known for providing non-invasive, fast, and intelligence testing solutions, announced its financial results for the first fiscal quarter that ended on September 30, 2023. The market seemed to have been highly enthused by the performance, and the Intelligent Bio Solutions stock soared 41.19% in the after-hours trading.
The company announced that the government support income and business revenues combined amounted to $0.91 million, which reflected a 191% year-on-year rise. The revenues generated from sales of goods came in at $0.8 million, which was a major improvement from $0 under the same overhead in the prior-year period.
The boost in revenues was brought about by the acquisition of Intelligent Fingerprinting Ltd. in October last year. That led to the launch of Intelligent Bio Solutions’ Intelligent Fingerprinting Drug Screening System in the Asia-Pacific Zone. The net loss attributable for the first fiscal quarter stood at $2.4 million, which was worse than the net loss of $1.2 million in the prior year quarter.
The rise in net loss was mainly brought about by the combination of the results of operations following the acquisition of Intelligent Fingerprinting, which had been offset by the fair value gain on the revaluation of holdback Series C preferred stock in the quarter. The latter amounted to $131,250.
At the end of the quarter, Intelligent Bio Solutions recorded cash and cash equivalents to the tune of $0.2 million. During the quarter, the company also expanded into the New Zealand market, which was a significant milestone for its Intelligent Fingerprinting Drug Screening System.