-71% p.a.
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Introduction to our strategy no description yet Quick Summary Metric Value Return % p.a. -71 Days active 511 …
tickers: INBS
source: Benzinga
tickers affected by this
| ticker | polarity | why? |
|---|---|---|
| INBS | positively | The strong revenue figures indicating significant growth for Intelligent Bio Solutions (INBS) in Q2 are likely to have a positive impact on the company’s stock price, attracting investors and driving up demand for INBS shares. |
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summary
Intelligent Bio Solutions Inc. Shares Soar on Impressive Q2 Financial Results
Intelligent Bio Solutions Inc. (INBS) shares are skyrocketing today following the announcement of their preliminary, unaudited second-quarter financial results. The company disclosed strong revenue figures, indicating significant growth compared to the previous year.
According to their unaudited financial statements, Intelligent Bio Solutions reported approximate revenue of $1.56 million for the six months ended December 31, 2023, representing a remarkable 337% increase year-over-year. Additionally, their unaudited second-quarter revenue of $760,000 reflects a substantial 114% growth compared to the same period in 2022.
Harry Simeonidis, CEO at Intelligent Bio Solutions, attributed their success to the rising demand for their drug screening solution, expansion into new markets, and the company’s global reach. He mentioned that they recently ventured into the New Zealand market and have plans for further expansion throughout the Asia-Pacific region in the coming year.
Intelligent Bio Solutions shares have encountered heavy trading volume, with over 46.4 million shares already traded during today’s session. Notably, the stock recently underwent a 1-for-12 reverse split, resulting in a float of only 726,316 shares.
The stock’s surge can also be attributed to the significant short interest it holds, with 45.66% of shares being sold short. Combined with the heavy trading volume, this short interest likely contributes to the stock’s significant movement today.
As of the time of publication, Intelligent Bio Solutions shares are up 84% at $4.44.
Please note that this article is for informational purposes only and does not constitute investment advice.
