8-K
INTELLIGENT BIO SOLUTIONS INC. (INBS)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 6, 2025
INTELLIGENT
BIO SOLUTIONS INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-39825 | 82-1512711 |
|---|---|---|
| (State of<br><br> <br>Incorporation) | (Commission<br><br> <br>File Number) | (IRS employer<br><br> <br>identification no.) |
135West, 41^st^ Street, 5th Floor
NewYork, NY 10036
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (646) 828-8258
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of each class | Trading<br> Symbol(s) | Name<br> of each exchange on which registered |
|---|---|---|
| Common<br> Stock, $0.01 par value | INBS | The<br> Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item2.02 Results of Operations and Financial Condition.
On February 6, 2025, Intelligent Bio Solutions Inc. (the “Company”), issued a press release (the “Press Release”) announcing preliminary unaudited selected financial results for the fiscal quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item9.01 Financial Statements and Exhibits.
| No. | Description |
|---|---|
| 99.1 | Press release dated February 6, 2025 |
| 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date:<br> February 6, 2025 | ||
|---|---|---|
| INTELLIGENT BIO SOLUTIONS INC. | ||
| By: | /s/ Spiro Sakiris | |
| Name: | Spiro<br> Sakiris | |
| Title: | Chief<br> Financial Officer |
Exhibit99.1
PressRelease
IntelligentBio Solutions Expects to Achieve 32.6% Gross Profit Expansion and Increased Profitability on Higher-Margin Sales
Grossprofit expected to surge by 32.6%
Unauditedrevenue of $0.61 million for fiscal Q2 and $1.48 million for the six months ended December 31, 2024
Higher-margincartridge sales driving profitability and long-term growth
ExpandingU.S. and international market presence with FDA submission and strategic partnerships
NEWYORK, February 6, 2025 – Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its preliminary unaudited selected financial results for the fiscal second quarter and six months ended December 31, 2024.
Forthe fiscal 2025 second quarter and six-month period, the Company anticipates:
| ● | Unaudited<br> revenue of approximately $0.61 million for the three months ended December 31, 2024. |
|---|---|
| ● | Unaudited<br> revenue of approximately $1.48 million for the six months ended December 31, 2024. |
| ● | Gross<br> profit to increase 32.6% from $0.43 million to $0.57 million for the six months ended December<br> 31, 2024. |
| ● | Gross<br> profit margin expected to increase to 38.5% from 27.7% for the six months ended December<br> 31, 2024. |
| ● | The<br> anticipated increase in gross profit and gross profit margin is driven by the Company’s<br> ongoing efforts to maximize recurring revenue from the sale of cartridges used in its Intelligent<br> Fingerprinting Drug Screening System. Cartridge sales are expected to continue to outpace<br> reader sales, serving as a primary source of recurring revenue with a higher profit margin.<br> The sustained growth in gross profit and gross profit margin supports INBS’ long-term<br> financial stability and expansion. |
“Ourstrong financial performance underscores the momentum we are building. Despite quarterly fluctuations, our total calendar year revenuegrew 23% year-on-year, reflecting our sustained upward trajectory. More importantly, our strategic focus on higher-margin cartridge salesis driving a significant 11-point expansion in gross profit margin, reinforcing the strength of our business model,” said HarrySimeonidis, President and CEO at Intelligent Bio Solutions. “As we continue scaling, our growing base of 400+ accounts and internationalexpansion efforts position us for sustained profitability and long-term success.”
During the fiscal second quarter, the Company submitted its 510(k) premarket notification to the FDA for its Intelligent Fingerprinting Drug Screening System and strengthened its market reach through strategic partnerships. The Company’s 510(k) submission represented a key achievement as it plans to enter the multi-billion-dollar U.S. drug screening market in 2025. The strategic partnerships are expected to increase opportunities for the Company in the U.S. market and internationally, with a focus on expanding brand awareness of the Company and leveraging its proprietary fingerprint sweat-based drug screening technology to address evolving workplace and law enforcement drug testing needs in key regions.
The preliminary unaudited revenue results for the fiscal second quarter and the six months ended December 31, 2024, are based on information available to management as of the date of this press release and are, therefore, subject to adjustments based on the Company’s completion of its quarter-end financial close process. The Company expects to disclose financial results for the fiscal second quarter ended December 31, 2024, in its upcoming Quarterly Report on Form 10-Q, expected to be filed with the Securities and Exchange Commission during the week commencing February 10, 2025.
AboutIntelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, 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. Designed as a hygienic and cost-effective system, the test screens for the recent use of drugs commonly found in the workplace, including opiates, 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. The Company’s current customer segments outside the US include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: http://www.ibs.inc/
Forward-LookingStatements
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 successfully develop and commercialize its drug and 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.
CompanyContact:
Intelligent Bio Solutions Inc.
info@ibs.inc
Investor& Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com