NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ: INBS), a medical technology company known for its non-invasive drug screening technology, has entered into a strategic partnership with B2i Digital to enhance its investor relations through digital marketing campaigns. This collaboration aims to spotlight the company's patented technology and upcoming product launch in the United States.
The partnership will see B2i Digital, a firm specializing in digital marketing for investment outreach, employ advanced strategies to target healthcare technology investors, informing them of Intelligent Bio Solutions' innovative drug screening system and its growth potential. B2i Digital's CEO, David Shapiro, noted the significance of the company's technology in providing rapid and reliable drug screening solutions for safety-critical industries.
Harry Simeonidis, President and CEO of Intelligent Bio Solutions, emphasized the importance of this partnership for the company's U.S. market entry plans. The company's Intelligent Fingerprinting Drug Screening System, which is currently awaiting FDA 510(k) submission and clearance, is expected to offer a convenient alternative to traditional drug testing methods. The system utilizes fingerprint sweat analysis for quick sample collection and results, catering to sectors such as construction, logistics, and drug treatment outside the U.S.
The press release also outlined B2i Digital's role in creating company profiles and launching targeted campaigns to attract relevant investors based on sector and company story. B2i Digital was founded by David Shapiro, who previously served as the Chief Marketing Officer for Maxim (NASDAQ:MXIM) Group LLC.
While the press release contains forward-looking statements regarding the company's future developments and regulatory approvals, it is important to note these statements are predictions and subject to risks and uncertainties.
Intelligent Bio Solutions' partnership with B2i Digital marks a strategic move to strengthen its investor relations and market presence as it prepares for its anticipated product launch in the U.S. market in 2025. The information provided is based on a press release statement.
In other recent news, Intelligent Bio Solutions reported a 10% year-on-year and 20% quarter-on-quarter revenue increase, amounting to approximately $0.87 million for the fiscal first quarter. The company also announced a strategic expansion in Saudi Arabia, projecting a rise in global sales by 15% year-on-year. Additionally, the company completed a crucial phase in its FDA 510(k) submission process for its sweat-based drug testing method.
In terms of client acquisitions, Pyrotek Pty Ltd will implement Intelligent Bio Solutions' drug testing solution across its Australian operations. Furthermore, the medical technology firm reported an 80% increase in revenue for the fiscal third quarter and a 193% rise for the nine months ending March 31, 2024, primarily due to a surge in product sales.
Intelligent Bio Solutions also announced a $3 million stock offering with Ladenburg Thalmann & Co. Inc., aimed at funding working capital and other corporate purposes. The company awarded a significant number of fully vested shares to its top executives, including CEO Harry Simeonidis and CFO Spiro Sakiris, as part of its 2024 compensation analysis and evaluation. These are the recent developments from Intelligent Bio Solutions Inc.
InvestingPro Insights
As Intelligent Bio Solutions Inc. (NASDAQ: INBS) gears up for its U.S. market entry, InvestingPro data offers additional context to the company's financial position and market performance. Despite the company's innovative drug screening technology and strategic partnership with B2i Digital, INBS faces some financial challenges.
InvestingPro data reveals that INBS has experienced significant revenue growth, with a 147.58% increase in the last twelve months as of Q4 2024. This aligns with the company's focus on expanding its market presence and preparing for the U.S. product launch. However, the company is not currently profitable, with an operating income margin of -330.46% for the same period.
Two relevant InvestingPro Tips highlight both positive and challenging aspects of INBS's financial situation:
1. INBS holds more cash than debt on its balance sheet, which could provide some financial flexibility as it pursues its growth strategy.
2. The company is quickly burning through cash, which may be a concern as it invests in product development and marketing efforts.
These insights underscore the importance of the company's partnership with B2i Digital to attract investors and potentially secure additional funding for its expansion plans. Investors considering INBS should weigh its growth potential against its current financial challenges.
For a more comprehensive analysis, InvestingPro offers 8 additional tips for INBS, providing a deeper understanding of the company's financial health and market position.
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