Intelligent Bio Solutions Inc. ("Intelligent Bio Solutions," "INBS"
or the "Company") (Nasdaq: INBS), a medical technology company
delivering intelligent, rapid, non-invasive testing solutions,
today announced its financial results for its fiscal fourth quarter
and full-year ended June 30, 2023, and provided a business update.
“In the 2023 fiscal year, we maintained rapid
expansion of our customer footprint, successfully entering the
Australian market with accelerated uptake,” said Harry Simeonidis,
President and Chief Executive Officer of Intelligent Bio Solutions.
“Our year-over-year revenue growth represents the rising demand
for, and adoption of, our innovative drug screening solution. We
are confident that our Intelligent Fingerprinting Drug Screening
System will set a new benchmark for drug testing procedures with
its rapid collection time, portability and efficiency while
prioritizing employee dignity and privacy.”
“Receiving the FDA’s guidance on a regulatory
pathway for our Intelligent Fingerprinting Drug Screening Cartridge
in the fourth quarter was a pivotal step toward our expansion into
the U.S. market. We were also pleased to extend our market presence
into South America and scale our reach throughout the Asia-Pacific
region with the addition of our sales team in Australia. In
addition, we further strengthened the protection of our unique and
proprietary drug screening technology with the award of our 13th
patent. Given our considerable progress to date, we believe INBS is
well-placed to continue its growth over the next fiscal year,”
concluded Mr. Simeonidis.
Spiro Sakiris, Chief Financial Officer of
Intelligent Bio Solutions, further commented, “We are pleased to
see that our 2023 profit and loss is comparable to our 2022 fiscal
year results after allowing for net impairment of assets.”
Fourth Quarter and Full Year
Highlights:
- On June 28,
2023, the Company announced it had received guidance from the
United States Food and Drug Administration (the “FDA”) regarding
the regulatory classification of its Intelligent Fingerprinting
Drug Screening Cartridge. The FDA provisionally determined that the
cartridge falls within 21 CFR 862.3650, Opiate Test System, a Class
II type device that requires the submission of a pre-market
notification 510(k) and the FDA’s clearance prior to marketing,
providing INBS with a clear regulatory pathway as part of the
Company’s expansion strategy into the U.S.
- In June 2023,
the Company concluded its study on the Correlation of Glucose and
Cortisol between Oral Fluid and Blood Compartments. The study aimed
to determine the degree of correlation between saliva and blood
glucose and cortisol levels in subjects with and without diabetes.
The results of the study indicate that saliva sampling and analysis
has potential use in various applications, including as an aid in
screening for diabetes in unhygienic environments where blood
sampling is risky, and in point-of-care or at-home cortisol tests
where characterizing early morning levels and daily variation is
important. The Company intends to compile a white paper summarizing
the findings as it determines the next phase of development.
- On May 2, 2023,
the Company announced the recruitment of its Australian sales force
and the addition of a new distribution hub and office facility to
manage sales and operations, significantly expanding its ability to
service customers throughout the Asia Pacific region.
- On March 15,
2023, the Company announced its selection of Human and Supplement
Testing Australia (“HASTA”), Australia’s largest independent sports
drug testing laboratory, as its preferred drug testing specialist
in Australia to complete lab-based confirmation testing.
- On January 23,
2023, the Company published the results of Milestone 7, a phase of
its biosensor platform development at the University of Newcastle,
Australia, that included testing time-to-result (TTR), sensitivity,
and reproducibility. The results showed a record 4x improvement in
TTR, enabling the biosensor to return test results in under one
minute.
- During the
fiscal 2023 year, the Company continued to expand its customer base
by entering into sales contracts with Haulier, Eastern Airways,
Hozelock, Boughey Distribution, A&F Sprinklers and Dodman
Limited.
- Earlier in the
fiscal year, the Company completed the acquisition of Intelligent
Fingerprinting Limited (IFP), a company registered in England and
Wales (the IFP Acquisition). The IFP acquisition expanded the
Company’s platform of rapid, non-invasive diagnostic testing
technologies.
Fourth Quarter and Full Year Ended June
30, 2023, Financial Results
All amounts are expressed in U.S. dollars unless
indicated otherwise. All authorized, issued, and outstanding stock
and per share amounts reflect the 1-for-20 reverse stock split
effected by the Company on February 9, 2023, unless indicated
otherwise.
The Company’s combined revenue and government
support income increased by 355% to $1.99 million for the fiscal
year ended June 30, 2023, including revenue from sales of goods of
$1.26 million, compared to fiscal year 2022. The increase in
revenue is due to the acquisition of IFP in October 2022, whose
results of operations are consolidated, and the launch of
fingerprint drug testing in the APAC region via Intelligent Bio
Solutions (APAC) Pty Ltd. The acquisition provided the Company with
access to the commercially available Intelligent Fingerprinting
Drug Screening System which is currently being marketed throughout
Europe and the Asia Pacific Region.
Net loss attributable to INBS for fiscal year
2023 was $10.6 million, compared to a net loss of $8.3 million for
the prior fiscal year. This increase is primarily driven by an
impairment of goodwill of approximately $4.2 million, partially
offset by a recognition of fair value gain on revaluation of
convertible notes and holdback Series C Preferred Stock during the
current period of approximately $2.2 million.
As of June 30, 2023, the Company’s cash and cash
equivalents totalled approximately $1.5 million.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (the "Company")
(Nasdaq: INBS) is a medical technology company delivering
intelligent, rapid, non-invasive testing solutions. The Company
believes that its Intelligent Fingerprinting Drug Screening System
will revolutionize portable testing through fingerprint sweat
analysis, which has the potential for broader applications in
additional fields. This hygienic, and cost-effective system is
designed to screen for recent use of drugs commonly found in the
workplace, including opioids, cocaine, methamphetamine, and
cannabis. With sample collection in seconds and results in under
ten minutes, this technology would be a valuable tool for employers
in safety-critical industries. Additionally, the Company's
biosensor platform has the potential to test for up to 130
indications, ranging from glucose to immunological conditions and
communicable diseases. The Company’s current customer segments
include construction, manufacturing and engineering, transport and
logistics firms, drug treatment organizations, and coroners.
For more information, visit:
http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.’s ability to develop and commercialize its
diagnostic tests, realize commercial benefit from its partnerships
and collaborations, and secure regulatory approvals, among others.
Although Intelligent Bio Solutions Inc. believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions
Inc. has attempted to identify forward-looking statements by
terminology, including ''believes,'' ''estimates,''
''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,''
''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,''
''approximately'' or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors, included in Intelligent
Bio Solutions’ public filings filed with the Securities and
Exchange Commission. Any forward-looking statements contained in
this release speak only as of its date. Intelligent Bio Solutions
undertakes no obligation to update any forward-looking statements
contained in this release to reflect events or circumstances
occurring after its date or to reflect the occurrence of
unanticipated events.
Company Contact: Intelligent
Bio Solutions Inc. info@ibs.inc
Media Contact: Cheryl Billson
Comma Communications cheryl.billson@commacomms.com
Investor Contact:Valter
PintoKCSA Strategic CommunicationsINBS@kcsa.com
|
Intelligent Bio Solutions Inc.Condensed
Consolidated Balance Sheets*(Amounts in US$) |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,537,244 |
|
|
$ |
8,238,301 |
|
Accounts receivable, net |
|
|
293,861 |
|
|
|
- |
|
Inventories, net |
|
|
979,907 |
|
|
|
- |
|
Grant receivable, current portion |
|
|
- |
|
|
|
1,529,882 |
|
Research and development tax incentive receivable |
|
|
498,758 |
|
|
|
353,048 |
|
Other current assets |
|
|
552,791 |
|
|
|
746,761 |
|
Total current assets |
|
|
3,862,561 |
|
|
|
10,867,992 |
|
Property and equipment,
net |
|
|
690,175 |
|
|
|
391,408 |
|
Operating lease right-of-use
assets |
|
|
546,475 |
|
|
|
- |
|
Intangible assets, net |
|
|
5,255,401 |
|
|
|
- |
|
Long-term grant
receivable |
|
|
- |
|
|
|
1,092,773 |
|
TOTAL
ASSETS |
|
|
10,354,612 |
|
|
$ |
12,352,173 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,610,028 |
|
|
$ |
1,625,089 |
|
Current portion of operating lease liabilities |
|
|
223,447 |
|
|
|
- |
|
Current portion of deferred grant income |
|
|
2,338,057 |
|
|
|
2,836,582 |
|
Current employee benefit liabilities |
|
|
358,942 |
|
|
|
201,332 |
|
Current portion of notes payable |
|
|
353,211 |
|
|
|
- |
|
Total current liabilities |
|
|
5,883,685 |
|
|
|
4,663,003 |
|
Employee benefit liabilities,
less current portion |
|
|
24,902 |
|
|
|
50,626 |
|
Operating lease liabilities,
less current portion |
|
|
356,165 |
|
|
|
- |
|
Long-term deferred grant
income |
|
|
- |
|
|
|
1,092,773 |
|
Notes payable, less current
portion |
|
|
402,862 |
|
|
|
- |
|
Total liabilities |
|
|
6,667,614 |
|
|
|
5,806,402 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, 10,000,000 shares
authorized: |
|
|
|
|
|
|
|
|
Series C preferred stock, 4,012,276 shares designated, 0 shares
issued and outstanding at June 30, 2023 and 2022, respectively |
|
|
- |
|
|
|
- |
|
Series D preferred stock, 500,000 shares designated, 0 shares
issued and outstanding at June 30, 2023 and 2022, respectively |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized,
2,330,399 and 744,495 shares issued and outstanding at June 30,
2023 and 2022, respectively* |
|
|
23,304 |
|
|
|
7,445 |
|
Treasury stock, at cost, 1,386 and 0 shares as of June 30, 2023 and
2022, respectively |
|
|
(14 |
) |
|
|
- |
|
Additional paid-in capital |
|
|
46,158,763 |
|
|
|
38,581,465 |
|
Accumulated deficit |
|
|
(41,807,573 |
) |
|
|
(31,175,853 |
) |
Accumulated other comprehensive loss |
|
|
(575,496 |
) |
|
|
(788,135 |
) |
Total consolidated Intelligent Bio Solutions Inc. equity |
|
|
3,798,984 |
|
|
|
6,624,922 |
|
Non-controlling interest |
|
|
(111,986 |
) |
|
|
(79,151 |
) |
Total shareholders’ equity |
|
|
3,686,998 |
|
|
|
6,545,771 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
10,354,612 |
|
|
$ |
12,352,173 |
|
|
* |
|
Common Stock has been retroactively adjusted to reflect the
decreased number of shares resulting from a 1 for 20 reverse stock
split throughout the consolidated financial statements unless
otherwise stated. |
|
|
|
|
|
Intelligent Bio Solutions Inc.Condensed
Consolidated Statements of Operations and Other Comprehensive
Income (Loss)*(Amounts in US$) |
|
|
|
Year Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
1,256,872 |
|
|
$ |
- |
|
Cost of revenue (exclusive of
amortization shown separately below) |
|
|
(930,204 |
) |
|
|
- |
|
Gross profit |
|
|
326,668 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
Government support income |
|
|
737,628 |
|
|
|
437,146 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
(8,026,703 |
) |
|
|
(4,920,103 |
) |
Development and regulatory approval expenses |
|
|
(507,424 |
) |
|
|
(3,853,919 |
) |
Depreciation and amortization |
|
|
(966,732 |
) |
|
|
- |
|
Goodwill impairment |
|
|
(4,158,670 |
) |
|
|
- |
|
Total operating expenses |
|
|
(13,659,529 |
) |
|
|
(8,774,022 |
) |
Loss from operations |
|
|
(12,595,233 |
) |
|
|
(8,336,876 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(223,534 |
) |
|
|
(7,539 |
) |
Realized foreign exchange loss |
|
|
(9,829 |
) |
|
|
(3,987 |
) |
Fair value gain on revaluation of financial instruments |
|
|
2,154,365 |
|
|
|
- |
|
Interest income |
|
|
9,676 |
|
|
|
14,426 |
|
Total other income |
|
|
1,930,678 |
|
|
|
2,900 |
|
Net loss |
|
|
(10,664,555 |
) |
|
|
(8,333,976 |
) |
Net loss attributable to non-controlling interest |
|
|
(32,835 |
) |
|
|
(27,925 |
) |
Net loss attributable to Intelligent Bio Solutions Inc. |
|
$ |
(10,631,720 |
) |
|
$ |
(8,306,051 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss), net of tax: |
|
|
|
|
|
|
|
|
Foreign currency translation income (loss) |
|
$ |
212,639 |
|
|
$ |
(126,875 |
) |
Total other comprehensive income (loss) |
|
|
212,639 |
|
|
|
(126,875 |
) |
Comprehensive loss |
|
|
(10,451,916 |
) |
|
|
(8,460,851 |
) |
Comprehensive loss attributable to non-controlling interest |
|
|
(32,835 |
) |
|
|
(27,925 |
) |
Comprehensive loss attributable to Intelligent Bio Solutions
Inc. |
|
$ |
(10,419,081 |
) |
|
$ |
(8,432,926 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted* |
|
$ |
(10.58 |
) |
|
$ |
(11.33 |
) |
Weighted average shares
outstanding, basic and diluted* |
|
|
1,004,593 |
|
|
|
733,263 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of
these consolidated financial statements.
|
* |
|
Common Stock and per share amount have been retroactively adjusted
to reflect the decreased number of shares resulting from a 1 for 20
reverse stock split throughout the consolidated financial statement
unless otherwise stated. |
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