Intelligent Bio Solutions Inc Stock Price, News & Analysis

Intelligent Bio Solutions (Nasdaq: INBS) announced the integration of its Intelligent Fingerprinting Drug Screening System by a major European transport and infrastructure provider within its UK operations. This strategic move aims to enhance employee safety and operational efficiency through rapid, non-invasive drug testing. Previously reliant on sporadic urine testing with a two-hour response time, the new system allows for quick, on-site random testing. The addition of this prominent client underscores the growing adoption of INBS' innovative technology in the transport sector. VANTEC Europe , an existing customer, has used the system since 2021, reporting positive outcomes. INBS' solution tests for common drugs, including cocaine, cannabis, methamphetamine, and opiates, providing results in minutes.

Intelligent Bio Solutions (Nasdaq: INBS) will participate in the Sidoti Small-Cap Conference on June 12-13, 2024. The medical technology company, known for its intelligent, rapid, non-invasive testing solutions, will have its management team present on June 12 at 4:00 p.m. Eastern Time. The event will be held virtually, and attendees can register via a provided webcast link. For more information or to arrange one-on-one meetings with the INBS management team, interested parties can contact Sidoti representatives or email KCSA Strategic Communications.

Intelligent Bio Solutions (Nasdaq: INBS) has successfully recruited subjects and begun screening for its pharmacokinetic (PK) study, a important step in obtaining FDA 510(k) clearance. This study will enhance the understanding of opiate metabolism, distribution, and excretion in human sweat by comparing results from fingerprint sweat specimens with those from blood, saliva, and urine. The company aims to complete the screening phase by June 2024. The study is conducted in collaboration with Cliantha Research and utilizes INBS's non-invasive Intelligent Fingerprinting Drug Screening System.

Intelligent Bio Solutions (INBS) reported significant growth in its UK operations, with revenues reaching approximately $2.38 million for the nine months ending March 31, 2024, marking a 193% year-over-year increase. The UK contributed to 93% of this revenue. Higher margin cartridge revenue accounted for 49% of total revenue. INBS expanded its customer base to over 400 clients across 15+ industries in the UK and acquired 111 new accounts within a year. The company's growth is driven by organic lead generation through B2B referrals. INBS plans to submit for FDA 510(k) approval and launch its product in the US by mid-2025. Drug test cheating, highlighted by a Quest Diagnostics report, underscores the necessity for INBS's rapid and reliable drug testing solutions.

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.