- Earnings call transcript Q1 2023

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Operator

Greetings. And welcome to the Intelligent Bio Solutions Inc.

First Quarter 2023 Earnings Conference Call. Currently, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation.

conference being this reminder, a call recorded. is As

Hand, today company of available company’s Limited. are us and Board; on the Simeonidis, A is the has call the Philip Officer; the Financial Chairman website. Joining press Harry release Intelligent results and from CEO the been Sakiris, issued Chief now Chairman afternoon announcing on Executive of Spiro and Fingerprinting the update and this

to or you Relations to be received bottom like news release. you If please Department Investor earnings the added release company’s the if list, haven’t at distribution of the the would this contact noted

of Some which the involves Act Reform of XXA on Section of XXXX, are call the Private Act XXXX Securities of and Securities forward-looking Exchange the XXXX, conference Securities of statements the Act Litigation risks the XXE of statements within uncertainties. meaning of and this Section

limitation, develop realize Solutions, from regulatory statements include, Bio collaborations, and others. Inc.’s on approvals, test, diagnostic Intelligent its secure among to without ability commercial partnership commercialize and call this its Forward-looking benefits and

or after different reflected the Solutions, made, of may forward-looking expectations as forward-looking materially of contained released occurring this have Bio factors these date. of events the only unanticipated should, forward-looking involve will, approximately in estimates, forward-looking to by implied statements Exchange included identify expectations the these update Inc. and statements. such no forward-looking events Intelligence Although statements of only projects, Intelligent or filings been Securities undertake are Bio the Any reflect in Solutions, other circumstances speak statements and or occurrence to has expressed including of Inc. outcomes the may, attempted date statements. to events. in any and that or results this could, contained such filed in these These results might, public forward-looking reasonable identify are from or uncertainty statements as release beliefs, intends, uncertainties with convey terminology, by future to to anticipates, predictions words statements the potential, obligation any expects, reflect Commission. release the company’s We running plans, other

EBITDA, Intelligent company conference and be this net call, income determining refer the performance. or an Harry, EBITDA major normally call income turn to I operations not calculated of loss. may is alternative to tax, please and operating non-GAAP considered adding like should would Harry to EBITDA by is over ahead. measure. income a loss, net any the back go Inc. depreciation Bio now Solutions, CEO not loss from other During of to amortization Simeonidis, to income

Harry Simeonidis

three included everyone and financial thank on-site manufacturing and acquisition with finalizing complementary In going our Thank testing and for Limited Not on-site a the the of increased October our but IFP, a announcement year-end forward. Without diagnostic IFP, future milestones technologies, have technology foundation review last Most you, financial or announced Fingerprinting and call and am Intelligent convenient, for the and platform change both business only our in is from expertise lays of in complementary reflected is CFO, fiscal then notably highly now, for the manufacturing preliminary to metrics going And months our I and testings for over also fourth we Operator. first and which point-of-care some broad Spiro, has with us or company quarter some Solutions. commercial doubt, achievement updated results the forecast will update the acquisition key in to Hand been Xth, a active a achievements. Intelligent of commercial on time Bio companies. for strong a from development comprehensive delivering business I regulatory IFP, significant turn you and on was which the capabilities. cash quarter Fingerprinting our Today, synergistic Intelligent call. joining then XXXX our of which Phil substance with an infrastructure of brief over burn. name for

confident acquisition are interest in is the and companies We best that shareholders for alike. this both

for in As test a specializing flow its opioids, evidence point-of-care minutes. is and of on-site This and and available substrate. specific a amphetamines collected proprietary manufacturer portable diagnostic cannabis. IFP matter IFP’s with as and brief in utilizing a recent of reintroduction, pioneering sample products, sweat primary medical including products, drugs of geographies of cocaine, system abuse is lateral developer fingerprint leverages and a misuse U.K.-based in testing analyzed commercially full

geographies in the Europe. Australia our by selling expanding globally process within are regions followed we be to within new of early year, and and in expect other the Asia We

with toward activities the diabetes. has refer Turning in Solutions for Intelligent as Bio glucose to what a to then saliva-based initiated to product, studies key intended now be biosensor conducted biosensor solution we simply parallel. which living non-invasive patients clinical is

of saliva variables The sample may eliminating in testing detection the and first that these affect optimize the of method. collection is to by glucose the intended studies levels in

ongoing strip. study While and these studies underway measuring Preparations actively and for is in with saliva by designed the Solutions effectively state-of-the-art University a the the leveraging and one glucose Australia. the infrastructure reproducibility facility manufacturing the otherwise progress manufacturing way construction recent second Intelligent is to IFP continues accuracy to impinge is both IFP’s of any Newcastle, the assess of acquisition. of neither biosensor at of expertise, Meanwhile, and its or Bio financially

company the applications both commercial in with the of The mind. end construction to Specifically testing, commence other for test also but and anticipates very aimed development potential before clinical of year at much support primarily XXXX. demand glucose production calendar to biocentre

of not experience, to will and be to that of Phil, and of turning before Isenberg development David IBS. introducing also strategic and would integration and further Jason Phil, Chairman and will call like into I be ahead. Both IFP’s who as to IFP, a product be it over the Board pivot welcome Finally, the turn bring the Phil, of Mr. both wealth our operational, insights remiss we please technical Jenkins and future. now to individuals of to biosensor call Mr. the our grow IFP, over go and Directors. would invaluable our

Philip Hand

I Thanks, to the welcome calls. the Harry, partake in and opportunity company’s earnings

the The Let’s legacy relationships widespread IFP to into get these requiring that of open technical reflects Drug in plan, eyes and new an being accreditation is those some FDA requires Goldstar global straight with wins point-of-care Food work as Administration, line estimated drug been market garnering though fingerprint see highly estimated launch platform adoption the unique market. is value States of Bio believe favorable. and the recent in Airways of The has organization from and additional approximate wide and into Glass begun proving Systems serve global of context million on-site and billion the compared $X.X have test traditional the estimated to of and testing be $X interactions with disruptive the In the those to and as set Transport, testing access that adoption. United approval displace approximately are we fingerprint saliva earnest its it. IFP, the will two-year a FDA. tests, on our of a urine to The contracts interactions U.S. squarely and $X compound the Initial to and comprise the the of $X we IFP of XX% and to as an Each X.X%. and client is drug Group. market with commercial when overall relative Among market, pursuit remains, annual of announced testament rollout. million U.S. these Adding workplace warrant testing many sufficient with product Intelligent all, attention recently expansion methods Eastern opportunity. practical opportunity billion U.S. rate testing, sales both have this advantages, to invasive to which alone envision to U.S. Solutions is anticipated growth ultimately funding XXXX,

of the finally, prospective the as food technology, these for Bio Salmonella Intelligent intends foresees for of and treatments, diagnostic food for including knowledge property, in the such fructosamine. as cortisol, fingerprint epilepsy testing diagnostic Intelligent potential on quality C-peptide for platform biological applications and assurance Based full explore the opioids saliva-based potential portfolio testing German already [inaudible], severe testing such proprietary Solutions diseases, pain, measles. testing of including IFP Proteus. prior control Solutions disease, fingerprint Lyme dengue, measles GBS’ with dengue, Bio current of antipsychotics, also drugs to in identified, with applications base intellectual supply the infectious contaminants areas being, beyond As also breadth MRSA, abuse, capabilities and and And

of intellectual is Thank rate that us coming both the reducing testing. tests, less The IFP management at will for integrated for which rapid clearly to that global area conventional detailed flow costs without property a lighter into another assays, a CE marking umbrella. for demand CFO, COVID the is been nasal I is our review potential along behind turn fingerprint with more like would both than and saliva-based to tests, Bio over for material quarter to with IFP’s COVID-XX, financials. is have call of IBS the our you, just receipt and to XX% contains now allow lateral Spiro. the no would waste team continue test technology associated single-use to Solutions that third grow under invasive ongoing now screening of beyond Moving Intelligent Sakiris, plastic the demonstrates attainable Spiro diagnostic recent compared throat not logistics a antigen and

Spiro Sakiris

I quarter Solutions brief Bio Phil. first results. overview will now you, Intelligent a Thank of provide XXXX

and $X.XX in As liabilities and facility XX, to million, major cash, proposed overhead. being equipment securities conversion Newcastle, pilot XXXX, relating equivalents currency due This for on June purchases of change XXXX. to exchange component balances our XXXX, and was marketable company’s approximately reduction this of commissioned the being cash manufacturing to XX, facility, the losses primarily of of foreign from the totaled the September this USD from compared to $X.XX general million June rate expenditure approximately current

of to of XXth recognized This year current same year pilot plan per and same of share, September operating net cover glucose IFP the and and had in the share support that current million XXXX XXXX or sufficient to in company financial for $X.XX is This into of year. net $X.XX ended due securities the up or last was runway the income expenditure its the potential loss ended capital as be primarily commitments is for of exercise zero income the of for preliminary period marketable XX, nor September For is support the million period per of and million manufacturing the cash of to the incorporate does $X.XX view first XXXX. facility. last loss XXXX, The the compared company in North decrease increased with from planned half year. resources, XXXX, $X.XX cash period result respectively. new compared a revenue September government a Government This forecast XX, the a the loss the qualifying expenses equivalents incurred of and setting cash, agreement. option not will license the American markets product $X.XX

it we our year With Lastly, like for incorporate reporting to will earnings financials complete, a to call full will XXXX to amongst IFP. over questions turn said, release, next switching now be our in that Operator? December outstanding I’d being reporting. our any to summary when we the That it Operator calendar participants. XX that back comes be will

Operator

Yes. Vandermosten first Zacks. the And question with John from Thank [Operator you. Instructions] comes

John Vandermosten

to Harry role new voices Spiro. and you added congratulations that and merger your and on good to hear companies CEO welcome back everyone since the the you close. added, Hi, new all the to of also that you clients Phil

of I couple effort the good. with Australia start So I different topics. initial on IFP. few out questions are I pretty off with and just in guess, things starting will had Zealand a New

see, to first some l start items of you are for the are when of, that guess, you sale milestones you that and You to the will expect had that. have some with What I there do What accomplish take that region? place? you guess, the expect mentioned

Harry Simeonidis

so solution in end-to-end need the return a we to your that but Australian kind Australian for to the are the without Yeah. market have are And test to -- IFP what test. very the efforts seeing people the now Appreciate Look thanks, in the able verify reach is U.K. John. Harry. been words. for to now, doing giving process similar we market, to in on-site the if lab is they the ability past This

through in base gone also can phase technology and for units, have regulatory good so are clients. the we they looking start the we and testing minimal. are requirements. and demo We bring So condo providing next showing we understand laboratory they to what is at The our options back are

would So just seeing aggressive. some very is XXXX in foresee to don’t quarter we is can unbelievable logistics success affordable start actually Remember just like an the and plan to are substance able the on-site first seeing at and point-of-care We that sales getting problems the the the this that of abusive expect be any U.K. we through in people technology we test and very way for abuse minimally solution. in see

in doing we the currently back go U.K. the So we in going what Australia. replicate are that seeing to of are what we going we off and or are already to

and terms revenue key for because the there. our of said, business out like expecting, the of customers increase is growth of not success are that in the we but we client terms in strong base, are earning expecting have of we that’s So number I

John Vandermosten

Great. follow-on approach are the there of And pursue, to any areas think, I Asia. -- first? regions States, then obviously then any there’s kind and that there are going Is United to easier you

Harry Simeonidis

us the and represents and focused Phil market one holy getting grail is like of overall U.K. on U.S. the really the the the are we is, said for Look, there. that’s -- XX%

there Our the going two plan in regulatory do. need that requirements we is to get through to all within years,

in are we terms that So and regions right, the technology so that’s it. years. get our want to inquired We want have they end-to-end exciting expect that to sure our it two already we very that of to hands on other make solution. many and There in giving do

there, labs back bodies So to we base get testing. with well that have work pathology as to to

from we all are from to seeing out interest and the Japan, very all is within the aggressively Asia of in world looking places So a Indonesia, of are there, answer your then mostly the we lot demand question, Europe. over from and

ability technology can that results any just today. the have base sure verify testing they anyone that make be go at the to point-of-care. It’s to to ordered the want have by So to to we back laboratory they

John Vandermosten

had there. the presentation be generator you this -- Great. out future? in And saw I is police your that is that then a potentially that could that in U.K. What force and revenue project big

Harry Simeonidis

explain to on pass this you here am details do who is that lead take Phil, going one. And I what do Absolutely. will want I to Phil, to one? it the over really can the on

Philip Hand

point-of-care driving has a a impaired fingerprinting The have to use interest Yeah. Yeah. Hi, got about police we people new on of technologies of a now that be into a alcohol to lot might side advent number market of John. of in drivers out And things to in that of have turning context quite the quite we being European from using bring driving testing the in Good The to with solution, under thought influence speak drugs to road to scenario been a at with force from extend you changed quite market the and police easily there Harry looking and that. the and and technology side it away the be the from terms fingerprint thanks, past. Harry. and of countries testing has not be -- is drug influence the actually, how the intelligent might the But potentially interest U.K. of the lot respect moving that already in drug we significant lot U.K. and that can identified Europe. to process usage. they through active to has Yeah. large able to just a of talked U.K. with pretty like really market a of as garnered doesn’t the wise

So the we to talking right are bodies.

are talking in U.K. here Home to the Office We the

We are Transport. of talking to the Department

some the start put think and of significant process As we areas. interest is and we as Harry through sure seen the in said, of to in finish countries, place. certainly, pickup market have the see product other make some XXXX from whole will that in it’s go we of important to start beyond, But European into sort I those to

John Vandermosten

next that. question release your that equipment are you press facility. you anticipating And have more saw is the it. in for to When received some Got on manufacturing flows cash funding I for grant the roll in? the

Harry Simeonidis

on Spiro government I John, go but on said, will coming our the continuing we manufacturing project in great aggressively back. terms are of question that. the get Spiro? And the to into financial grants details facility, like we

Spiro Sakiris

Hi. John. question. for Thanks. that Thank you, Thanks

process, in it’s flowing milestones. the money based from the all grant with Now around

we achieve then of and beforehand So as proceeds get we the the the funds we expend milestone, each grant.

So stage on be next to will once then different coming grant -- the up shortly to that now working we what leading until is that market out is happens. stage we are do the there’s of But after the that and basically that’s through. that, we announce reimbursement stages the come manufacturing and next looking the

John Vandermosten

Okay.

sounds like some right? that now, right already it will replenished get cash it grant your So that spent you level looking is have reimbursement from when money comes, the at

Spiro Sakiris

And as You we right. got will on that we -- speak. exactly work be will that

John Vandermosten

biosensor. demand the tell Okay. a sense cortisol here, me around What you next the I pursue but and that. am the where saw Well, I I for for does is? you there And jumping what was looks like question, that’s -- I of test news. don’t next know market your for good that what the have Can

Harry Simeonidis

out done a be actually in that But terms in we -- our a opportunity. still the currently test believe test analyzing better the we it and more test. and market are non-invasive a one, Yeah. the is of solution, It that terms being with overall could Look, of that’s in a market.

to stage at identify that market. actually now the We are

have parameters. point, it So the So through but opportunity? every that Is One is But regulatory I down, answer now, me product is don’t there going test need is we the that is get what the there’s at develop here is, now. to right IBS are But John, for how to approved. to and what how big we that’s the right with it market on go market? looking do we a easy two the substantial. are

substantiate the make now test of have want to got down we there we in that go that and is it but market of, we does path? cortisol in to to speak. stage ability we and sense for us terms that just are there We for a So exploring as believe,

John Vandermosten

Got that Okay. is being saliva near future any -- the regarding together blood on it. And there article in something would what study, see or put correlation a you have that we is if and general targeted that, timing there that, out do for the journal so?

Harry Simeonidis

get we -- them want actually publicizing understand, you we won’t We to, results, it where stage, End we be. anything to no. as this at until can the be perimeters

next So the QX of in our the of we we results. that we expect terms back probably we publicizing are the, year the in of probably, on maybe that start clinical believe more next where end in release when of terms some and can update QX early be will trials, that’s the or

Philip Hand

Very good.

John Vandermosten

you for Appreciate taking Okay. Well, thank it. questions. my

Harry Simeonidis

your appreciate Always John. you, Thank questions. No.

Operator

session. like comments. to Thank I you. for our This closing floor turn the concludes Mr. to Simeonidis would any question-and-answer

Harry Simeonidis

of customers abuse. ever, huge in screening substance The for over can especially the business. intelligent which I the Inevitably team getting together real and Phil, possible the on market significant I entire under terms and forefront and are deliver of quarter, really two in to We from look the technology the granted, a new we that perseverance both in and forward. we the all as can are and globally. there the pulling taken And of Solutions and market very the heard terms in the strong closing, penetration intend progress likely acquisition IFP to empowering see, point-of-care forward abuse -- are continue innovations, testing team for line and Intelligent region and be generally solutions to our diabetes more you for foundation a forward going vertical drive We a control. commitment exciting you innovation than the Operator. Bio you, world. thank Look, last areas in support who as like in as integrating has sincerely over the Thank had us have our our sharing excited at the U.S., their every in ongoing as you businesses as demand, non-invasive solutions path all our high of overall energy equal pursuit shareholders, now to details substance in in and of focused and laid need we progress. goal And is appreciate diagnostic the

any online please reach Department or other require questions. you. with Thank other further Investor your you out us If Relations further any information, visit

Operator

Thank you. has conference Thank The concluded. you for attending now today’s presentation.

disconnect now your lines. may You

Intelligent Bio Solutions (INBS) 12 Nov 222023 Q1 Earnings call transcript