Intelligent Bio Solutions Expands Presence in the UK Retail Sector with Major Account Acquisitions
Intelligent Bio Solutions (Nasdaq: INBS) announced a significant expansion in the UK retail sector by securing major account acquisitions. The company's Intelligent Fingerprinting Drug Screening System has been adopted by three prominent UK retailers, collectively employing over 55,000 people. These include a multinational clothing and accessories retailer, a major kitchen retailer, and a sports and leisure retailer. Two of these retailers have transitioned from traditional third-party saliva testing to INBS's fingerprint drug screening technology, which offers a more streamlined, hygienic, and non-invasive testing method. This transition addresses previous inefficiencies and aligns better with business policies. The innovative system tests for common drugs like cocaine, cannabis, methamphetamine, and opiates, delivering results within minutes. Doug Heath, VP of Global Sales at INBS, emphasized the growing demand for workplace drug testing beyond safety-critical industries, highlighting the inclusion of these retail giants into the company's expanding network.
- Secured major account acquisitions with three prominent UK retailers, collectively employing over 55,000 individuals.
- Adoption of INBS's fingerprint drug screening technology by key retailers, indicating market acceptance.
- Transition from traditional saliva testing to fingerprint technology enhances testing efficiency and business alignment.
- System tests for common drugs and provides quick results, enhancing workplace safety measures.
- No immediate financial figures or revenue projections from the new acquisitions were provided.
Insights
This news is significant for Intelligent Bio Solutions Inc. as it marks a substantial expansion into the UK retail sector. The adoption of the company's Intelligent Fingerprinting Drug Screening System by three major UK retailers implies robust potential revenue streams and increased market penetration.
From a financial perspective, the secured accounts, which employ over 55,000 individuals, highlight the commercial viability and attractiveness of INBS's technology. This could potentially lead to higher revenue growth rates in the near term. Additionally, transitioning from traditional saliva testing to fingerprint drug screening can result in cost savings and efficiency gains for these retailers, indirectly benefiting INBS through enhanced customer satisfaction and recurring business.
Revenue impact: The exact financial impact would depend on the terms of the agreements and the number of tests conducted, which aren't specified. However, it suggests a positive revenue trajectory. Investors should watch for upcoming financial reports to see the reflected revenue growth from these new accounts.
The expansion into the UK retail sector by Intelligent Bio Solutions represents a strategic move to diversify its customer base beyond traditional safety-critical industries. This is indicative of a broader market acceptance of non-invasive drug testing technologies and could set a precedent for other sectors to follow.
Market Adoption: The transition of two major retailers from saliva testing to fingerprint drug screening suggests a growing preference for more efficient and user-friendly testing methods. This could drive wider adoption across various sectors, positioning INBS as a prominent player in the drug testing market. The ability to deliver quick, hygienic results is particularly appealing in the fast-paced retail environment, enhancing operational efficiencies.
Retail investors should note the potential for enhanced brand visibility and market share growth for INBS as it penetrates new sectors. This move not only strengthens its foothold in the UK but also paves the way for future international expansion.
Intelligent Bio Solutions' Intelligent Fingerprinting Drug Screening System is a sophisticated technological advancement in the field of drug testing. Utilizing fingerprint sweat, this system provides rapid results with higher convenience and hygiene compared to traditional methods.
Technological Advantage: The switch from saliva testing to fingerprint drug screening underscores the system's technical superiority. It addresses inefficiencies associated with traditional methods, such as longer processing times and potential discomfort for individuals being tested. The seamless integration and the ability to handle high testing volumes make it highly suitable for large organizations like the mentioned UK retailers. This technological edge could drive further adoption in various sectors, reinforcing INBS's market position.
For retail investors, the technological robustness of INBS's product is a significant plus, indicating sustained competitive advantage and potential for continued growth in adoption.
NEW YORK, June 27, 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 the expansion of its customer network within the UK retail sector. This includes the adoption of INBS' Intelligent Fingerprinting Drug Screening System by three prominent UK retailers, among the largest and most recognized in the country.
The recently secured accounts employ over 55,000 individuals and include a British multinational retailer specializing in clothing, footwear, and accessories, a major UK-based kitchen retailer and manufacturer, and a British retail group specializing in sports and leisure clothing, footwear, and equipment. Two retailers have transitioned from traditional third-party saliva testing to INBS's fingerprint drug screening technology. The switch to a more streamlined, hygienic, and less invasive testing methodology has addressed business and policy alignment issues and previous testing inefficiencies, facilitating smoother processes that enable larger testing volumes.
Doug Heath, Vice president of Global Sales at INBS, commented, "Our reach continues to extend into new sectors, indicating a demand for drug testing beyond just safety-critical industries. We're seeing more businesses taking proactive measures to ensure workplace safety and protect their reputation as responsible employers. We are very pleased to welcome these prominent retail partners into our growing network."
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
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Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
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