NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ: INBS), a company specializing in non-invasive drug testing technology, has reached a significant milestone with the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers as of June 30, 2024. This figure represents a 65% increase from the 630 units installed the previous year.
The recent fiscal year, ending on June 30, 2024, saw the company sell 407 readers, marking a 26% growth from the 323 readers sold in the prior year. The Intelligent Fingerprinting Drug Screening System, which includes the DSR-Plus portable analysis unit and tamper-proof cartridges, offers rapid and reliable drug detection. Utilizing lateral flow assay technology and fluorescence-labelled antibodies, the system can analyze sweat from fingerprints and deliver results within 10 minutes.
President and CEO Harry Simeonidis expressed that the company's growth is a testament to the increasing market demand for their non-invasive drug screening products. He emphasized the company's commitment to supporting its customer base in addressing workplace drug use issues.
The company also reported a 20% year-over-year increase in cartridge sales, from 67,575 in 2023 to 81,075 in 2024, indicating a strong recurring revenue stream. Additionally, Intelligent Bio Solutions is progressing toward FDA clearance, with the FDA provisionally categorizing the cartridges as a Class II device, which requires a pre-market notification 510(k) and the FDA's clearance before marketing.
This milestone underscores the company's position as a leader in non-invasive drug testing technology and points to potential further expansion in the U.S. and international markets. The information is based on a press release statement from Intelligent Bio Solutions Inc.
In other recent news, Intelligent Bio Solutions Inc. has reported an 80% increase in revenue for its fiscal third quarter and a 193% increase for the nine months ending March 31, 2024, primarily driven by a surge in product sales. The company has secured a new partnership with a major European transport provider, marking a significant expansion in the transport and infrastructure sectors. The company has also expanded its UK customer network within the retail sector, introducing its fingerprint-based drug screening system to three major British retailers.
In terms of executive changes, the firm's board approved substantial salary increases for Chief Executive Officer Harry Simeonidis and Chief Financial Officer Spiro Sakiris. Additionally, the company has reported a recent change to its Board of Directors following the passing of board member Lawrence Fisher.
Intelligent Bio Solutions has also secured approximately $10.1 million in funding through a private placement transaction, allocated for advancing clinical trials and market expansion efforts. The company showcased its drug screening technology at The Health & Safety Event 2024 in the United Kingdom, indicating high interest from industry leaders. Furthermore, the company was granted a new European patent for its DSR-Plus Cartridge Reader, enhancing its intellectual property portfolio across 17 European countries. These are the recent developments from Intelligent Bio Solutions Inc.
InvestingPro Insights
Amid the notable milestones achieved by Intelligent Bio Solutions Inc. (NASDAQ: INBS), the company's financial metrics and market performance provide a broader context for its operational successes. With a market capitalization of just $3.52 million, INBS is a relatively small player in the biotechnology industry. Despite its size, the company has demonstrated impressive sales growth, with revenue surging by 247.42% over the last twelve months as of Q3 2024. This growth is partially reflected in the 65% increase in installed Intelligent Fingerprinting Drug Screening Readers and a 20% rise in cartridge sales. These figures indicate not only a strong demand for INBS's products but also the potential for a robust revenue stream moving forward.
An InvestingPro Tip highlights that analysts are anticipating sales growth in the current year for INBS, aligning with the company's reported operational growth. This optimism may be a driving factor for potential investors looking at the company's future prospects. Additionally, the company's cash position is stronger than its debt, which is a positive sign for financial stability. However, it's important to note that INBS is not profitable over the last twelve months, and the stock price has experienced significant volatility, with a price total return of -94.62% over the last year. This level of volatility and share price decline may concern some investors, considering the risks associated with the biotech sector.
InvestingPro offers additional insights into the company's financial health and market performance, with a total of 13 InvestingPro Tips available for INBS. These tips can provide investors with a more comprehensive understanding of the company's position and future outlook. For those interested in a deeper dive into Intelligent Bio Solutions Inc.'s financial details and stock performance, more InvestingPro Tips can be found at https://www.investing.com/pro/INBS.
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