Intelligent Bio Solutions Inc., a medical technology firm, reported on Friday that they forecast an increase in their second-quarter revenue. This projection is primarily attributed to the escalating demand for their drug screening solution, along with their expansion into new international markets.
In the second quarter, they predict revenue to be approximately $0.76 million, which represents a significant increase of 114 percent compared to the corresponding period in the previous year.
Moreover, for the six-month period that ended on December 31, 22023, revenue is expected to be around $1.56 million. Remarkably, this is a 337 percent increase from last year, noted the company.
In the wake of this announcement, the shares of Intelligent Bio Solutions witnessed an impressive surge of 41.91 percent, reaching $3.41 in the pre-market activity on the Nasdaq.
