Intelligent Bio Solutions Inc. - INBS STOCK NEWS

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced preliminary unaudited revenue results for fiscal year 2024, showing significant growth. The company reported:

• Q4 revenue of $0.73 million, up 64% year-over-year
• Full-year revenue of $3.11 million, a 148% increase from 2023
• 20% increase in cartridge sales and 26% increase in reader sales
• Over 1000 readers installed and more than 400 active customer accounts

INBS attributes this growth to increased market demand, brand awareness, and customer base expansion in safety-critical sectors. The company expects to file its Annual Report on Form 10-K during the week of September 16, 2024.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced progress in its clinical study plan for FDA 510(k) submission. The company has completed one-third of subject enrollment for its method comparison study, which involves 135 healthy adults across three sites. INBS has also finished the in-clinic portion of a pharmacokinetic study on opiates in human fingerprint sweat. The company aims to complete the in-clinic part of the method comparison study by September end, aligning with their goal to prepare the FDA 510(k) submission in Q4 2024. These studies are designed to demonstrate the ease of use and accuracy of the Intelligent Fingerprinting Drug Screening System in detecting opiates.

Intelligent Bio Solutions Inc. (NASDAQ: INBS) reported a significant 118% year-over-year growth in its customer employee base, reaching an estimated total of 1.4 million employees as of June 30, 2024. The company's Intelligent Fingerprinting Drug Screening System has seen increased adoption, particularly in high-risk industries. Key sectors served include Mechanical or Industrial Engineering (258,578 employees), Construction (203,777 employees), and Building Materials (194,402 employees).

The average number of global employees per new customer in fiscal year 2024 was 6,500, more than double the previous year's average. This growth underscores the importance of INBS's drug screening technology in ensuring workplace safety across industries where employee impairment can pose significant risks.

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).

Intelligent Bio Solutions Inc. (NASDAQ: INBS) highlights the growing need for drug testing solutions in key industries such as construction, manufacturing, transport and warehousing, mining, and automotive. The company cites alarming statistics on illicit drug use among workers, including:

- 17.8% of people aged 18 or older used illicit drugs in the prior month
- 8.6% of full-time workers aged 18-64 used illicit drugs in the prior month
- 70% of employers have felt effects of prescription drug usage
- Industry-specific data shows high rates of drug use, particularly in construction (11.6%) and transportation (27.6% among truck drivers)

INBS positions its Intelligent Fingerprinting Drug Screening System as a non-invasive, efficient solution for employers to maintain safe workplaces. The company reports strong growth and expansion into new markets.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has partnered with CenExel to conduct a method comparison clinical study as part of its FDA 510(k) pathway. The study will recruit 135 healthy adults across three sites to compare fingerprint sweat opiate screening tests with LC-MS/MS results. This marks the final phase of INBS's clinical study plan, following the completion of a pharmacokinetic study on opiates in human fingerprint sweat.

CEO Harry Simeonidis stated that the company remains on track for its planned FDA submission in Q4 2024. The study aims to demonstrate the accuracy of the Intelligent Fingerprinting Drug Screening System in detecting opiates. The clinical trial is set to commence in August 2024, bringing INBS closer to its goal of providing rapid, non-invasive testing solutions.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced QabasTech as its exclusive distributor in Saudi Arabia. This partnership aligns with INBS's growth strategy and Saudi Arabia's infrastructure projects and public safety initiatives. QabasTech, a leading technology provider in the country, will drive the adoption of INBS's innovative drug screening solution.

The collaboration aims to address Saudi Arabia's urgent need for effective drug abuse prevention methods. INBS's Intelligent Fingerprinting Drug Screening System is expected to support safety and security efforts across various sectors, including government, military, police, and drug rehabilitation centers. This move comes as Saudi Arabia intensifies its crackdown on drugs, presenting significant market opportunities for INBS.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has successfully completed biocompatibility testing for its Intelligent Fingerprinting Drug Screening System, a important step in the FDA 510(k) regulatory clearance process. The study, conducted according to ISO 10993 standards, confirmed the safety of all system materials for medical device use. This milestone advances INBS closer to bringing its non-invasive drug testing technology to the U.S. market.

Key points:

• Biocompatibility testing included cytotoxicity, sensitization, and irritation tests
• FDA agreed that the proposed testing approach is adequate for future 510(k) submission
• INBS plans to submit the 510(k) package in Q4 2024
• The company aims to launch the product in the U.S. market in 2025

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.