{"id":812795,"date":"2025-02-13T08:38:52","date_gmt":"2025-02-13T13:38:52","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/intelligent-bio-solutions-announces-fiscal-q2-2025-financial-results-and-key-operational-achievements\/"},"modified":"2025-02-13T08:38:52","modified_gmt":"2025-02-13T13:38:52","slug":"intelligent-bio-solutions-announces-fiscal-q2-2025-financial-results-and-key-operational-achievements","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/intelligent-bio-solutions-announces-fiscal-q2-2025-financial-results-and-key-operational-achievements\/","title":{"rendered":"Intelligent Bio Solutions Announces Fiscal\u00a0Q2 2025 Financial\u00a0Results and Key Operational Achievements"},"content":{"rendered":"
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\n Gross profit increase of 32.6% and 11-point gross profit margin increase driven by higher-margin cartridge sales<\/em>\n <\/p>\n

\n Submitted FDA 510(k) and remain on track for planned expansion into multi-billion dollar U.S. market in 2025<\/em>\n <\/p>\n

\n Added strategic partnerships, increasing visibility across the Asia-Pacific Region and the U.S.<\/em>\n <\/p>\n

\n Secured 19 accounts during quarter, adding to 400+ active customer accounts in 19 countries<\/em>\n <\/p>\n

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Intelligent Bio Solutions Inc. (Nasdaq: INBS) (\u201cINBS\u201d or the \u201cCompany\u201d), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for the fiscal second quarter and six months ended December 31, 2024, and provided a business update.<\/p>\n

\n “Fiscal Q2 was a successful quarter for the business in<\/em>
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\n a number of<\/em>
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\n areas. From a financial standpoint, our business model is excelling, with higher-margin cartridge sales steadily increasing, contributing to our gross profit and margin growth. Our focus on deal size and growing the volume of cartridge sales has resulted in an 11-point increase in our gross profit margin,” said Harry Simeonidis, President and CEO at Intelligent Bio Solutions. “From a regulatory standpoint, our clinical studies returned strong results, and we achieved a significant milestone with the submission of our FDA 510(k) package in December. We remain on track to enter the multi-billion dollar U.S. market this year, and look forward to the opportunities this will present for the business. In addition, we successfully executed on our international expansion plans, adding key strategic partnerships in the Asia-Pacific Region and the U.S.”<\/em>\n <\/p>\n

\n “Our performance over the first half of fiscal 2025 shows that our focus on growing cartridge sales is translating to higher gross profit and margins. We were pleased that gross profit grew to 32.6% while gross profit margins increased to 38.5% from 27.7% for the six months ended December 31, 2024, year-over-year, showing that we have made strides in sustaining the Company\u2019s long-term financial strength,” said Spiro Sakiris, CFO at Intelligent Bio Solutions. \u201cWe expect cartridge sales to continue outpacing reader sales moving forward, maximizing our recurring revenue. We also continued to scale our customer base of over 400 accounts and expand our international presence, which we expect will continue to grow as we enter the U.S. market this year.\u201d<\/em>\n <\/p>\n

\n Fiscal Second Quarter & Recent\u00a0Operational\u00a0Highlights:<\/strong>\n <\/p>\n