Intelligent Bio Solutions Inc. - INBS STOCK NEWS

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced a distribution partnership with Spirit Group, an Australian Indigenous-owned marketing and consulting agency. Spirit Group will distribute INBS' Intelligent Fingerprinting Drug Testing Solution to government and corporate clients across Australia. This solution includes on-site screening and a back-to-lab confirmatory testing service.

As part of this collaboration, Spirit Group will donate 10% of its proceeds from Intelligent Fingerprinting Drug Screening System sales to the National Centre of Indigenous Excellence (NCIE), supporting youth drug prevention and mentoring programs. This partnership aims to expand INBS' presence in Australia while creating meaningful impact and positive change beyond workplace safety.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced that GPS Marine, a leading provider of marine construction and logistics services, has adopted its Intelligent Fingerprinting Drug Screening System. This move aims to enhance workplace safety in maritime services.

GPS Marine, which operates across the UK's inland waterways and coastal regions, will use INBS' technology to conduct efficient, non-disruptive drug tests ensuring employees are fit for work. The system's portability and rapid 10-minute results allow for continuous safety monitoring with minimal operational delays.

Michele Steadman, Compliance and HR Manager at GPS Marine, emphasized that workforce safety is their highest priority, especially in safety-critical environments. John Spencer, Managing Director at GPS Marine, highlighted the system's quick and easy-to-use nature, which doesn't disrupt their workflow.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has successfully completed in-clinic testing for its clinical study plan, a important step towards FDA 510(k) submission. The studies, including a pharmacokinetic (PK) study and a method comparison and usability study, aim to validate the accuracy and reliability of INBS's sweat-based drug testing method.

The PK study's clinical phase concluded in June 2024, with data under review. The method comparison study involved 135 subjects across three sites. These studies are designed to demonstrate that INBS's fingerprint sweat testing is comparable or superior to traditional methods like blood, saliva, and urine tests.

INBS expects to complete clinical data analysis and submit the 510(k) package in the fourth quarter of 2024. FDA clearance would allow INBS to market its product as a clinically validated tool, potentially transforming drug screening in various sectors.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced that Thanet Earth, the UK's largest greenhouse complex, has adopted its Intelligent Fingerprinting Drug Screening System for in-house drug testing. This partnership aims to enhance workplace safety without disrupting daily operations in Thanet Earth's high-paced food production environment.

Thanet Earth, a leader in the UK's horticultural sector, produces millions of tomatoes, cucumbers, and peppers annually for major retailers nationwide. The company is known for its state-of-the-art approach to sustainable farming and integration of cutting-edge technology.

Emma Bullock, Head of People at Thanet Earth, expressed enthusiasm about the partnership, highlighting the system's ability to ensure team safety and efficiency. The Intelligent Fingerprinting Drug Screening System allows for quick, discreet, and effective workplace drug testing, which is important in maintaining safety and preventing disruptions in food production.

Intelligent Bio Solutions Inc. (Nasdaq: INBS) reported strong financial results for fiscal 2024. Fourth-quarter revenue reached $0.73 million, up 64% year-over-year, while full-year revenue totaled $3.11 million, a 148% increase from the previous year. The company's cash position stood at $6.30 million as of June 30, 2024.

INBS saw a 20% increase in cartridge sales and a 26% increase in reader sales for the fiscal year. With over 1,000 readers installed, the company is generating consistent recurring revenue from cartridge sales across its 400+ business customer base.

Key operational highlights include the completion of the in-clinic portion of the Pharmacokinetic study for FDA 510(k) clearance, expansion into New Zealand, and new partnerships with various companies. INBS remains on track for its planned FDA 510(k) submission in Q4 2024.

Intelligent Bio Solutions Inc. (Nasdaq: INBS), a pioneer in non-invasive drug testing technology, has announced its participation in the upcoming Sidoti Small-Cap Virtual Conference scheduled for September 18-19, 2024. The company's management team is set to present on Thursday, September 19, 2024, at 2:30 p.m. Eastern Time.

Interested parties can register for the webcast through the provided Zoom link. For those seeking additional information about the conference or wishing to arrange one-on-one meetings with INBS management, contacting a Sidoti representative or reaching out to KCSA Strategic Communications via email at INBS@ksca.com is recommended.

This participation underscores INBS's commitment to engaging with investors and showcasing its innovative solutions in the biotechnology sector.

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.