Intelligent Bio Solutions Inc. INBS shares are racing higher Friday after the company announced preliminary, unaudited second-quarter financial results. Here’s a look at what’s going on.
The Details:
Intelligent Bio Solutions expects approximate unaudited revenue of $1.56 million for the six months ended Dec. 31, 2023, representing an increase of 337% year-over-year, and approximate unaudited second-quarter revenue of $760,000 representing an increase of 114% compared to the same period the prior year.
“Our product sales are steadily on the rise due to a growing awareness of our drug screening solution, entry into new markets and expansion of our global footprint. Last year, we expanded into New Zealand, and we anticipate further market expansion throughout Asia-Pacific this year,” said Harry Simeonidis, CEO at Intelligent Bio Solutions.
Intelligent Bio Solutions shares are moving on very heavy trading volume with more than 46.4 million shares already traded in the session. According to data from Benzinga Pro, the stock has a float of only 726,316 shares after the stock effected a 1-for-12 reverse split on Monday.
Intelligent Bio Solutions shares have a significant amount of short interest. 45.66% of shares being sold short which, when combined with the heavy trading volume, may be contributing to the stock’s large move on Friday.
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INBS Price Action: According to Benzinga Pro, Intelligent Bio Systems shares are up 84% at $4.44 at the time of publication.
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