Summary by Moomoo AI
Intelligent Bio Solutions Inc. reported financial results for Q2 FY2025 ended December 31, 2024. Revenue decreased to $607,494 from $764,063 YoY, primarily due to lower reader sales in the construction sector. However, gross profit margin improved significantly to 36.73% from 26.08% YoY, driven by increased high-margin cartridge sales and enhanced production efficiency.The company achieved major operational milestones, including the submission of its 510(k) premarket notification to the FDA for the Intelligent Fingerprinting Drug Screening System on December 18, 2024. Development and regulatory approval expenses increased to $506,944 from $348,452 YoY, reflecting investments in R&D and clinical studies. The company successfully completed its method comparison study, confirming the system's sensitivity, specificity, and accuracy.As of December 31, 2024, the company had $2.24 million in cash and cash equivalents. Through its ATM offering agreement with Ladenburg Thalmann, the company raised approximately $676,619 during the quarter. Management noted that additional funding will be required within the next 12 months to support ongoing operations and expansion plans.
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