Intelligent Bio Solutions Broadens UK Customer Base by Securing Two Key Accounts with Over 70 Locations and Over 15,000 Employees in the Warehouse and Logistics Sector
Intelligent Bio Solutions (Nasdaq: INBS) has secured two significant customer accounts within the UK warehouse and logistics sector. These newly signed deals involve over 15,000 employees across 70 locations, which will implement INBS' Intelligent Fingerprinting Drug Screening System. The first account switched from saliva testing to INBS' solution due to previous inefficiencies, while the second account transitioned following recommendations from existing INBS clients. This expansion highlights growing trust in INBS' non-invasive, efficient, and cost-effective drug screening technology. The company’s unique system uses fingerprint sweat to test for common drugs, offering rapid results that enhance safety and operational efficiency.
- Secured two major customer accounts in the UK warehouse and logistics sector.
- New accounts involve over 15,000 employees at more than 70 locations.
- Existing customer referrals indicate growing brand trust and product loyalty.
- Intelligent Fingerprinting Drug Screening System is recognized for cost-savings, portability, and efficiency.
- Switching from saliva to fingerprint drug testing addresses previous inefficiencies and promotes operational efficiency.
- None.
Insights
The announcement by Intelligent Bio Solutions Inc. (INBS) of securing two significant customer accounts in the UK is a noteworthy development for the company. These new clients, operating within the warehouse and logistics sector, highlight the growing acceptance of INBS' Intelligent Fingerprinting Drug Screening System. This technology is positioned as a game-changer due to its non-invasive, efficient and reliable nature. The choice of these companies to switch from traditional saliva testing methods to INBS' fingerprinting system underscores the latter's perceived advantages in operational efficiency and cost savings.
For a retail investor, this indicates that INBS is successfully penetrating markets that have stringent requirements for drug testing. The adoption by major players in the logistics sector, a field characterized by a need for rapid and reliable testing methods, suggests a broader potential market for INBS' technology beyond just healthcare. The referral from existing customers also shows a positive brand reputation and customer satisfaction, which are critical for long-term growth.
However, investors should consider the competitive landscape. While INBS' technology is innovative, ensuring they stay ahead requires continuous improvement and maintaining high customer satisfaction levels. The company's ability to scale and manage new accounts without compromising service quality will be crucial. Monitoring any future customer feedback or additional large account wins will provide more insight into the sustained growth prospects.
From a financial perspective, the acquisition of these new accounts is significant for INBS. Adding over 15,000 employees across more than 70 locations potentially translates into substantial recurring revenue streams, given the recurring need for drug testing in such environments. This growth in customer base will likely improve INBS' revenue visibility and stability. The emphasis on cost-savings and operational efficiency provided by INBS' solution could also mean that these clients will remain long-term customers, contributing to a more predictable and sustainable revenue model.
For investors, this development could be a positive signal of revenue growth potential. Given that one of the clients is renowned for its innovation in supply chain solutions, there may be additional opportunities for INBS to leverage this relationship to secure further accounts within this sector. Furthermore, cost-savings and portability are critical factors in large-scale operations and if INBS consistently demonstrates these benefits, it might see increased adoption.
Investors should keep an eye on the financial performance in the upcoming quarters to gauge the impact of these new accounts on the company's top and bottom lines. Additionally, understanding the pricing structure and margins associated with these new contracts would provide a clearer picture of the financial implications.
NEW YORK, June 20, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced that it has successfully signed two new major customer accounts within the UK warehouse and logistics sector within the past three months. These accounts employ more than 15,000 individuals at more than 70 locations and will adopt INBS’ innovative Intelligent Fingerprinting Drug Screening System at the majority of their UK sites.
One account, an award-winning company known for its innovation in business and specializing in developing and deploying supply chain solutions, switched to INBS' Intelligent Fingerprinting Drug Screening System to address the inefficiencies with its former saliva testing method. The second account had been using saliva testing in-house for initial screening and confirming samples with a third-party service. This account was secured following strong recommendations from two of INBS' existing customers, demonstrating a growing trust in and awareness of the Company's unique technology in vital sectors. INBS now provides both businesses with its simple, reliable and non-invasive testing solution that promotes operational efficiency and employee dignity.
Doug Heath, Vice President of Global Sales at INBS, commented, “These key customer wins, particularly those through existing customer referrals, show that brand recognition and product loyalty are on the rise. Our solution is becoming well-recognized as a highly competitive alternative to traditional methods and is increasingly selected for its overall cost-savings, portability and effectiveness in promoting safety and workplace efficiency. We look forward to working with these new accounts to ensure they fully leverage our technology to enhance their business operations.”
INBS' first-of-its-kind solution uses fingerprint sweat to provide a quick, hygienic, and easy-to-use method for drug testing, delivering results in just minutes. This unique approach tests for common drugs of abuse, including cocaine, cannabis, methamphetamine, and opiates.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the Company's biosensor platform has the potential to test for various indications, ranging from immunological conditions to communicable diseases. The Company's current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions' public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
LinkedIn | Twitter
Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
FAQ
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