Intelligent Bio Solutions (NASDAQ:INBS) stock is rising higher on Thursday following the release of its earnings report for its fiscal first quarter of 2024.
The big news that investors are celebrating is the company’s revenue of $910,000. That’s a massive jump, even if it is below the $950,000 Wall Street was expecting for the quarter. That’s because the company didn’t have any revenue to report in the same period of the year prior.
In addition to that, diluted EPS reported by Intelligent Bio Solutions was -$1.04. Yet again, that’s an improvement over the -$1.62 reported in its fiscal first quarter of 2023. For the record, analysts were predicting EPS of -64 cents for the quarter.
Harry Simeonidis, President and CEO of Intelligent Bio Solutions, said the following in the earnings report:
“We expanded our market presence in South America while advancing our reach in existing markets. We are now focused on executing our plan to enter the U.S. market after receiving FDA guidance on a regulatory pathway for our Intelligent Fingerprinting Drug Screening Cartridge earlier this year.”
INBS Stock Movement Today
With this latest earnings report, shares of INBS stock are seeing incredibly heavy trading on Thursday morning. That has more than 17 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is about 492,000 shares.
INBS stock is up 55.5% as of Thursday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
