Intelligent Bio Solutions Inc. - INBS STOCK NEWS

Intelligent Bio Solutions (INBS) reported preliminary unaudited Q1 FY2025 revenue of $0.87 million, showing a 10% year-on-year and 20% quarter-on-quarter growth. The company's Intelligent Fingerprinting Drug Screening System's cartridge sales are expected to become the primary revenue driver, offering higher profit margins than reader sales. With over 400 active customer accounts, INBS is experiencing growing recurring revenue. Global sales are projected to increase by 15% year-on-year, supported by expanded distribution in Saudi Arabia. Final Q1 results will be released in November 2024.

Intelligent Bio Solutions (INBS) celebrates one year of successful partnership with Mount Anvil, a London-based property developer, implementing their Intelligent Fingerprinting Drug Screening Solution. Mount Anvil, managing approximately 220 employees and 1000 supply chain workers daily, has purchased 5 readers and 1750 cartridges for on-site testing within the first year.

The non-invasive technology analyzes fingerprint sweat samples, delivering results within minutes without requiring specialized facilities. With over 400 customers across 19 countries, INBS plans FDA 510(k) submission in Q4 2024 and US market entry in H1 2025, targeting a drug screening market estimated at $15 billion by 2030.

Intelligent Bio Solutions Inc. (NASDAQ: INBS), a medical technology company specializing in rapid, non-invasive testing solutions, has announced its participation in the LD Micro Main Event XVII. The event is scheduled for October 28-30, 2024, at the Luxe Sunset Boulevard Hotel in Los Angeles.

INBS management will deliver a presentation on October 30 at 10:00 a.m. PT on Track 3. Investors can access the webcast through the company's investor relations website. Additionally, the management team will be available for one-on-one meetings with the investment community during the event. Interested parties can schedule meetings through their LD Micro representative or by contacting KCSA Strategic Communications via email at INBS@kcsa.com.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced that Pyrotek Pty , a global engineering solutions leader, has adopted INBS' non-invasive Intelligent Fingerprinting Drug Testing Solution across its Australian branches. This transition from traditional saliva testing to INBS' fingerprint sweat-based method will enhance workplace safety protocols, minimize downtime, and deliver faster, more cost-effective results.

Pyrotek, with operations in over 35 countries and more than 3,000 employees, can now conduct in-house drug screening tests for its entire workforce, reducing reliance on external providers. The company plans to expand INBS' solution across its Australian locations after initial implementation in Sydney.

INBS is preparing for FDA 510(k) submission in Q4 2024 and aims to enter the US market in the first half of 2025, targeting a drug screening products market with an estimated Total Addressable Market of ~$15 billion by 2030.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced a distribution partnership with Spirit Group, an Australian Indigenous-owned marketing and consulting agency. Spirit Group will distribute INBS' Intelligent Fingerprinting Drug Testing Solution to government and corporate clients across Australia. This solution includes on-site screening and a back-to-lab confirmatory testing service.

As part of this collaboration, Spirit Group will donate 10% of its proceeds from Intelligent Fingerprinting Drug Screening System sales to the National Centre of Indigenous Excellence (NCIE), supporting youth drug prevention and mentoring programs. This partnership aims to expand INBS' presence in Australia while creating meaningful impact and positive change beyond workplace safety.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced that GPS Marine, a leading provider of marine construction and logistics services, has adopted its Intelligent Fingerprinting Drug Screening System. This move aims to enhance workplace safety in maritime services.

GPS Marine, which operates across the UK's inland waterways and coastal regions, will use INBS' technology to conduct efficient, non-disruptive drug tests ensuring employees are fit for work. The system's portability and rapid 10-minute results allow for continuous safety monitoring with minimal operational delays.

Michele Steadman, Compliance and HR Manager at GPS Marine, emphasized that workforce safety is their highest priority, especially in safety-critical environments. John Spencer, Managing Director at GPS Marine, highlighted the system's quick and easy-to-use nature, which doesn't disrupt their workflow.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has successfully completed in-clinic testing for its clinical study plan, a important step towards FDA 510(k) submission. The studies, including a pharmacokinetic (PK) study and a method comparison and usability study, aim to validate the accuracy and reliability of INBS's sweat-based drug testing method.

The PK study's clinical phase concluded in June 2024, with data under review. The method comparison study involved 135 subjects across three sites. These studies are designed to demonstrate that INBS's fingerprint sweat testing is comparable or superior to traditional methods like blood, saliva, and urine tests.

INBS expects to complete clinical data analysis and submit the 510(k) package in the fourth quarter of 2024. FDA clearance would allow INBS to market its product as a clinically validated tool, potentially transforming drug screening in various sectors.

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.