Intelligent Bio Solutions Strengthens UK Market Position with Addition of Key Manufacturing Accounts
Intelligent Bio Solutions (Nasdaq: INBS) has expanded its footprint in the UK manufacturing sector by securing several key accounts. New clients include a major automotive components manufacturer, a packaging manufacturer, and a beverage manufacturer, improving workplace safety with INBS' Intelligent Fingerprinting Drug Screening System. This system offers a non-invasive, rapid, and accurate alternative to traditional testing methods.
The automotive components manufacturer, operating five sites with 1,200 employees, previously faced delays with third-party urine testing. The new system enhances operational efficiency by enabling instant, on-site testing. Similarly, the packaging and beverage manufacturers, with 900 and 350 employees respectively, have implemented drug testing protocols for the first time, prioritizing swift and reliable methods.
Doug Heath, VP of Global Sales at INBS, emphasized the importance of maintaining a safe work environment through effective and easy-to-implement solutions. The Health and Safety Executive (HSE) has reported high injury rates in the UK manufacturing sector, underscoring the need for INBS' innovative drug screening solutions.
- Secured key accounts in the UK manufacturing sector.
- Adoption by a major automotive components manufacturer, increasing operational efficiency.
- New clients include packaging and beverage manufacturers, introducing drug testing protocols for the first time.
- Enhances workplace safety with non-invasive, rapid drug testing methods.
- None.
Insights
Intelligent Bio Solutions has expanded its market presence in the UK by securing key accounts in the manufacturing sector. This growth indicates that the company is successfully diversifying its revenue streams beyond its initial sectors of focus. The transition of a leading automotive components manufacturer from third-party urine testing to INBS' on-site fingerprint drug screening system suggests improved operational efficiency and cost savings for clients. The uptake by companies that had not previously implemented drug testing protocols reflects the market's growing trust in non-invasive, rapid testing methods.
From a financial perspective, these additional accounts are likely to contribute positively to INBS' revenue and profitability. The adoption of INBS' technology by significant players in the manufacturing sector could also serve as a proof of concept, potentially leading to more widespread adoption across other industries. Investors should monitor the impact of these new accounts on INBS' upcoming financial statements, particularly the potential increase in recurring revenue from ongoing drug screening services.
The expansion of Intelligent Bio Solutions into the UK manufacturing sector is a strategic move that taps into a market with a high rate of workplace injuries. The Health and Safety Executive's report on non-fatal workplace injuries highlights the need for effective drug screening, making INBS' timing particularly advantageous. The company's success in converting businesses from no previous drug testing protocols or from traditional methods to its innovative solution suggests strong market demand for rapid, non-invasive drug testing.
This market entry could position INBS favourably for future growth, as these initial successes may lead to a domino effect, attracting more manufacturers in need of efficient and reliable drug screening solutions. The company's ability to meet diverse needs across different sectors also demonstrates its product versatility and market adaptability. Retail investors should consider the potential for long-term market expansion and recurring revenue streams as key growth drivers for INBS.
NEW YORK, July 09, 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 addition of several key accounts in the UK manufacturing sector. This announcement follows recent successes in the warehouse and logistics, transport and infrastructure, and retail sectors as the Company's growth momentum continues.
Recent additions to INBS' customer account portfolio include three major manufacturers, each with unique needs and challenges in maintaining workplace safety. A leading automotive components manufacturer with five sites and 1,200 employees has transitioned from third-party urine testing to the Intelligent Fingerprinting Drug Screening System. The previous method involved long wait times for testing call-outs, which delayed critical safety checks. The company has improved testing and operational efficiency by adopting INBS' instant, on-site fingerprint drug testing. Other account additions include a major packaging manufacturer operating four sites with approximately 900 employees and a well-known beverage manufacturer with two sites and 350 employees. Neither company had previously implemented drug testing protocols. Both companies required a quick, non-invasive method to test staff, and fingerprint drug testing provided the ideal solution, allowing for rapid and reliable testing.
Doug Heath, Vice President of Global Sales at INBS, commented, "Our Intelligent Fingerprinting Drug Screening System provides businesses within the manufacturing sector with an efficient and non-invasive method to enhance workplace safety, ensuring that safety-critical staff are fit for duty at all times. We are proud to support these companies in their commitment to maintaining a safe and productive work environment by providing an effective and easy-to-implement solution."
Drug‐ and alcohol‐related impairment in the workplace has been linked to an increased risk of injury for workers. The Health and Safety Executive (HSE) reported that the UK manufacturing sector had a statistically significant rate of non-fatal workplace injuries, with 1,740 injuries per 100,000 workers in 2022/23. These figures highlight the need for effective drug screening methods to ensure worker safety.
INBS' innovative solution addresses workplace safety concerns by providing accurate, on-the-spot testing. The Intelligent Fingerprinting Drug Screening System screens for common drugs of abuse, including cannabis, opiates, cocaine, and methamphetamine, using sweat from the fingertips. This method offers a non-invasive, rapid alternative to traditional testing methods, ensuring employees are fit for duty.
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
FAQ
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