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Why Is Intelligent Bio Solutions (INBS) Stock Down 24% Today?

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  • Intelligent Bio Solutions (INBS) stock is dropping on Monday after releasing its latest earnings report.
  • Results for the quarter were mixed.
  • However, today’s drop also comes after shares rallied on Friday.
INBS Stock - Why Is Intelligent Bio Solutions (INBS) Stock Down 24% Today?

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Intelligent Bio Solutions (NASDAQ:INBS) stock is falling on Monday following the release of the medical technology company’s earnings report for its fiscal second quarter of 2024.

The Intelligent Bio Solutions earnings release includes adjusted earnings per share of -$2.07. That’s better than the -$3.24 per share that Wall Street was expecting. It’s also an improvement over the -$5.56 per share reported in the same period of the year prior.

Unfortunately, Intelligent Bio Solutions’ revenue of $764,063 for the quarter missed analysts’ estimates by 24%. That’s despite it increasing from the $356,679 reported in its fiscal second quarter of 2023.

Harry Simeonidis, president and CEO of Intelligent Bio Solutions, said the following in the earnings report:

“Our product sales have grown significantly, up 30% for cartridges and 91% for readers in the six months ending December 31, 2023, compared to the same period last year. This increase in volume has boosted our revenue growth to over 110% year over year, and we are seeing a growing awareness of our drug screening solution as we enter new markets and expand our global footprint.”

INBS Stock Market Movement on Monday

With this earnings report comes a 24.3% drop in the price of INBS stock this morning. However, that comes after the earnings report sent shares of INBS rallying 134.9% during normal trading hours on Friday.

That means today’s drop is likely just INBS stock settling after that explosive rally. It also bears mentioning that only 392,000 shares have traded so far today, as compared to its daily average of about 3.4 million shares.

Investors seeking out even more of the most recent stock market news will want to keep reading!

We’re offering up coverage of all the latest stock market stories investors need to know about on Monday! A few examples include what’s happening with shares of Millennium Group (NASDAQ:MGIH) and DIH Holding US (NASDAQ:DHAI) stock as well as the biggest pre-market stock movers this morning. You can catch up on all of this news at the links below!

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On the date of publication, William White did not have (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.


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