Welcome to our dedicated page for Intelligent Bio Solutions news (Ticker: INBS), a resource for investors and traders seeking the latest updates and insights on Intelligent Bio Solutions stock.
Intelligent Bio Solutions Inc. develops medical technology for rapid, non-invasive testing, centered on fingerprint sweat drug screening. Its updates commonly cover the Intelligent Fingerprinting Drug Screening System, Drug Screening Cartridges, DSR-Plus reader, lateral-flow test strip manufacturing, and the reader-and-consumable sales model used in workplace testing markets outside the United States.
Company news also focuses on clinical and regulatory work supporting an FDA 510(k) pathway for codeine detection, cybersecurity and validation testing tied to the system, European patent protection for fingerprint chemical analysis, manufacturing scale-up for readers and cartridges, customer deployments in the United Kingdom, and periodic revenue reports by product category.
Intelligent Bio Solutions (Nasdaq: INBS) showcased its Intelligent Fingerprinting Drug Screening Solution at the UK's premier Health & Safety Event 2024. The event, featuring over 250 exhibitors and 11,500 attendees from major brands like Amazon and Rolls Royce, provided a platform for INBS to demonstrate its innovative technology. Key decision-makers, who constituted 77% of attendees, engaged with the solution, noting its pivotal role in enhancing workplace safety. Live demonstrations with clients like Stewart Osmond from WTW highlighted the technology's effectiveness in combating drug driving in the logistics sector. Discussions with a South American distributor suggested potential expansion into Chilean hospitals and emergency services. The event was marked as the most successful yet by INBS, validating the necessity and global relevance of their drug screening technology.
Intelligent Bio Solutions Inc. (INBS) reported an 80% increase in revenue for the fiscal third quarter and a 193% increase for the nine months ended March 31, 2024. Cash and cash equivalents stood at $9.40 million. The company started FDA 510(k) clinical studies with Cliantha Research and aims for US entry in 2025. INBS secured 26 new customer accounts, totaling around 16,779 employees. The total revenue for the fiscal third quarter was $0.82 million, a 80% hike from the previous year. A net loss of $2.98 million was reported, including non-cash expenses. The Company raised approximately $10.76 million in the fiscal quarter. Financial highlights include growth in revenue from sales of goods and a decrease in net loss attributable to INBS. Operational highlights consist of significant partnerships and a new European patent for its technology.
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