Intelligent Bio Solutions Inc. Achieves Major Milestone with Over 1,000 Installed Intelligent Fingerprinting Drug Screening Readers as of June 30, 2024

Rhea-AI Summary

Intelligent Bio Solutions Inc. (NASDAQ: INBS) has reached a significant milestone with over 1,000 installed Intelligent Fingerprinting Drug Screening Readers as of June 30, 2024. The company sold 407 readers in the fiscal year 2024, a 26% increase from the previous year. The total number of installed readers reached 1,037, a 65% increase from June 30, 2023.

INBS also reported a 20% year-over-year increase in cartridge sales, from 67,575 in 2023 to 81,075 in 2024. The Intelligent Fingerprinting Drug Screening System offers quick and reliable drug detection within 10 minutes, using sweat from fingerprints. The company is making progress towards FDA clearance, with the FDA provisionally determining the cartridges as a Class II device requiring a pre-market notification 510(k).

Positive

• 26% increase in reader sales from 323 to 407 in fiscal year 2024
• 65% increase in total installed readers from 630 to 1,037
• 20% year-over-year increase in cartridge sales from 67,575 to 81,075
• Progress towards FDA clearance with provisional Class II device determination

Negative

• None.

Insights

Financial Analyst

The installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers marks a significant milestone for INBS, reflecting strong market traction. The 26% year-over-year increase in reader sales and 65% growth in installed base demonstrate accelerating adoption. Notably, the 20% increase in cartridge sales to 81,075 units suggests a robust recurring revenue stream. This business model, combining hardware sales with ongoing consumables, could lead to improved profit margins and cash flow predictability. However, investors should monitor the company's progress towards FDA clearance, as regulatory approval is important for broader market penetration and long-term growth prospects in the U.S. market.

Medical Research Analyst

INBS's Intelligent Fingerprinting Drug Screening System represents a paradigm shift in drug testing. Its non-invasive nature and rapid 10-minute results address key pain points in workplace drug screening. The 16-hour detection window is particularly noteworthy, offering a unique advantage over traditional urine or blood tests. This technology could potentially revolutionize workplace safety protocols, especially in industries where regular testing is crucial. The FDA's provisional classification as a Class II device suggests a moderate level of regulatory scrutiny, which could expedite the approval process compared to higher-risk devices. This progress towards FDA clearance is a critical step for INBS to expand its market reach and solidify its position in the competitive drug screening industry.

Market Research Analyst

The rapid adoption of INBS's drug screening technology indicates a growing market demand for non-invasive, quick-result testing solutions. This trend aligns with broader shifts towards more efficient and employee-friendly workplace policies. The international expansion potential mentioned suggests untapped markets that could drive future growth. However, the company may face challenges from established players in the drug testing industry and potential new entrants with similar technologies. INBS's success will likely depend on its ability to maintain technological superiority, secure key partnerships and navigate regulatory landscapes across different regions. Investors should watch for any announcements regarding strategic alliances or further geographical expansion, which could significantly impact the company's market position and valuation.

NEW YORK, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (NASDAQ: INBS) (“INBS” or the “Company”), a leading innovator in non-invasive drug testing technology, today announced the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers with customers as of June 30, 2024. This achievement marks a significant milestone for INBS, underscoring the growing demand for the Company’s advanced drug screening technology.  

In the fiscal year ending June 30, 2024, the Company sold 407 readers, a 26% increase from 323 readers sold in the prior fiscal year. As of June 30, 2024, the total number of installed readers was 1,037, a 65% increase from 630 installed readers as of June 30, 2023.

The Intelligent Fingerprinting Drug Screening System, consisting of a DSR-Plus portable analysis unit and tamper-proof cartridges, is designed to offer quick and reliable drug detection using lateral flow assay technology and fluorescence-labelled antibodies to analyze sweat from fingerprints. With results available within 10 minutes and a unique 16-hour detection window for drug use, the Intelligent Fingerprinting Drug Screening System is an ideal solution for workplace screening.

Harry Simeonidis, President and CEO at INBS, commented, "Our growth remains strong as we continue to increase the number of new reader and cartridge sales year on year. Reaching over 1,000 installed readers is a major milestone that demonstrates an increasing awareness of and demand for our non-invasive drug screening system. As we expand, we remain committed to supporting our loyal and growing customer base as they proactively tackle common workplace issues associated with drug use.”

The Company has also seen significant growth in cartridge sales, with a 20% year-over-year increase from 67,575 cartridges in 2023 to 81,075 cartridges in 2024. The repeat sales of these cartridges create a robust and ongoing revenue stream for INBS. Additionally, the Company is making progress towards FDA clearance, with the FDA provisionally determining that the cartridges of the Intelligent Fingerprinting Drug Screening System are a Class II type device that requires the submission of a pre-market notification 510(k) and the FDA’s clearance prior to marketing. Intelligent Bio Solutions is positioned for further expansion, both in the United States and internationally, as it continues to lead the way in non-invasive drug testing technology.

About Intelligent Bio Solutions Inc.

Intelligent Bio Solutions Inc. (NASDAQ: INBS) is dedicated to pioneering non-invasive medical technology solutions. Our mission is to deliver innovative, reliable, and user-friendly products that enhance drug testing and screening processes, ultimately contributing to safer and healthier workplaces.

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

How many Intelligent Fingerprinting Drug Screening Readers did INBS install by June 30, 2024?

Intelligent Bio Solutions Inc. (INBS) installed over 1,000 Intelligent Fingerprinting Drug Screening Readers by June 30, 2024, with the exact number being 1,037 readers.

What was the percentage increase in INBS reader sales for fiscal year 2024?

INBS reported a 26% increase in reader sales for fiscal year 2024, selling 407 readers compared to 323 in the previous fiscal year.

How much did INBS's cartridge sales grow from 2023 to 2024?

INBS's cartridge sales grew by 20% year-over-year, increasing from 67,575 cartridges in 2023 to 81,075 cartridges in 2024.

What is the detection window for drug use with INBS's Intelligent Fingerprinting Drug Screening System?

The Intelligent Fingerprinting Drug Screening System by INBS offers a unique 16-hour detection window for drug use.