Intelligent Bio Solutions Inc Stock Price, News & Analysis

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced that Thanet Earth, the UK's largest greenhouse complex, has adopted its Intelligent Fingerprinting Drug Screening System for in-house drug testing. This partnership aims to enhance workplace safety without disrupting daily operations in Thanet Earth's high-paced food production environment.

Thanet Earth, a leader in the UK's horticultural sector, produces millions of tomatoes, cucumbers, and peppers annually for major retailers nationwide. The company is known for its state-of-the-art approach to sustainable farming and integration of cutting-edge technology.

Emma Bullock, Head of People at Thanet Earth, expressed enthusiasm about the partnership, highlighting the system's ability to ensure team safety and efficiency. The Intelligent Fingerprinting Drug Screening System allows for quick, discreet, and effective workplace drug testing, which is important in maintaining safety and preventing disruptions in food production.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) reported strong financial results for fiscal 2024. Fourth-quarter revenue reached $0.73 million, up 64% year-over-year, while full-year revenue totaled $3.11 million, a 148% increase from the previous year. The company's cash position stood at $6.30 million as of June 30, 2024.

INBS saw a 20% increase in cartridge sales and a 26% increase in reader sales for the fiscal year. With over 1,000 readers installed, the company is generating consistent recurring revenue from cartridge sales across its 400+ business customer base.

Key operational highlights include the completion of the in-clinic portion of the Pharmacokinetic study for FDA 510(k) clearance, expansion into New Zealand, and new partnerships with various companies. INBS remains on track for its planned FDA 510(k) submission in Q4 2024.

Intelligent Bio Solutions Inc. (Nasdaq: INBS), a pioneer in non-invasive drug testing technology, has announced its participation in the upcoming Sidoti Small-Cap Virtual Conference scheduled for September 18-19, 2024. The company's management team is set to present on Thursday, September 19, 2024, at 2:30 p.m. Eastern Time.

Interested parties can register for the webcast through the provided Zoom link. For those seeking additional information about the conference or wishing to arrange one-on-one meetings with INBS management, contacting a Sidoti representative or reaching out to KCSA Strategic Communications via email at INBS@ksca.com is recommended.

This participation underscores INBS's commitment to engaging with investors and showcasing its innovative solutions in the biotechnology sector.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced preliminary unaudited revenue results for fiscal year 2024, showing significant growth. The company reported:

• Q4 revenue of $0.73 million, up 64% year-over-year
• Full-year revenue of $3.11 million, a 148% increase from 2023
• 20% increase in cartridge sales and 26% increase in reader sales
• Over 1000 readers installed and more than 400 active customer accounts

INBS attributes this growth to increased market demand, brand awareness, and customer base expansion in safety-critical sectors. The company expects to file its Annual Report on Form 10-K during the week of September 16, 2024.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced progress in its clinical study plan for FDA 510(k) submission. The company has completed one-third of subject enrollment for its method comparison study, which involves 135 healthy adults across three sites. INBS has also finished the in-clinic portion of a pharmacokinetic study on opiates in human fingerprint sweat. The company aims to complete the in-clinic part of the method comparison study by September end, aligning with their goal to prepare the FDA 510(k) submission in Q4 2024. These studies are designed to demonstrate the ease of use and accuracy of the Intelligent Fingerprinting Drug Screening System in detecting opiates.

Intelligent Bio Solutions Inc. (NASDAQ: INBS) reported a significant 118% year-over-year growth in its customer employee base, reaching an estimated total of 1.4 million employees as of June 30, 2024. The company's Intelligent Fingerprinting Drug Screening System has seen increased adoption, particularly in high-risk industries. Key sectors served include Mechanical or Industrial Engineering (258,578 employees), Construction (203,777 employees), and Building Materials (194,402 employees).

The average number of global employees per new customer in fiscal year 2024 was 6,500, more than double the previous year's average. This growth underscores the importance of INBS's drug screening technology in ensuring workplace safety across industries where employee impairment can pose significant risks.

Intelligent Bio Solutions Inc. (NASDAQ: INBS) has reached a significant milestone with over 1,000 installed Intelligent Fingerprinting Drug Screening Readers as of June 30, 2024. The company sold 407 readers in the fiscal year 2024, a 26% increase from the previous year. The total number of installed readers reached 1,037, a 65% increase from June 30, 2023.

INBS also reported a 20% year-over-year increase in cartridge sales, from 67,575 in 2023 to 81,075 in 2024. The Intelligent Fingerprinting Drug Screening System offers quick and reliable drug detection within 10 minutes, using sweat from fingerprints. The company is making progress towards FDA clearance, with the FDA provisionally determining the cartridges as a Class II device requiring a pre-market notification 510(k).

Intelligent Bio Solutions Inc. (NASDAQ: INBS) highlights the growing need for drug testing solutions in key industries such as construction, manufacturing, transport and warehousing, mining, and automotive. The company cites alarming statistics on illicit drug use among workers, including:

- 17.8% of people aged 18 or older used illicit drugs in the prior month
- 8.6% of full-time workers aged 18-64 used illicit drugs in the prior month
- 70% of employers have felt effects of prescription drug usage
- Industry-specific data shows high rates of drug use, particularly in construction (11.6%) and transportation (27.6% among truck drivers)

INBS positions its Intelligent Fingerprinting Drug Screening System as a non-invasive, efficient solution for employers to maintain safe workplaces. The company reports strong growth and expansion into new markets.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has partnered with CenExel to conduct a method comparison clinical study as part of its FDA 510(k) pathway. The study will recruit 135 healthy adults across three sites to compare fingerprint sweat opiate screening tests with LC-MS/MS results. This marks the final phase of INBS's clinical study plan, following the completion of a pharmacokinetic study on opiates in human fingerprint sweat.

CEO Harry Simeonidis stated that the company remains on track for its planned FDA submission in Q4 2024. The study aims to demonstrate the accuracy of the Intelligent Fingerprinting Drug Screening System in detecting opiates. The clinical trial is set to commence in August 2024, bringing INBS closer to its goal of providing rapid, non-invasive testing solutions.