Intelligent Bio Solutions Inc. - INBS STOCK NEWS

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.

Intelligent Bio Solutions (Nasdaq: INBS) has secured two significant customer accounts within the UK warehouse and logistics sector. These newly signed deals involve over 15,000 employees across 70 locations, which will implement INBS' Intelligent Fingerprinting Drug Screening System. The first account switched from saliva testing to INBS' solution due to previous inefficiencies, while the second account transitioned following recommendations from existing INBS clients. This expansion highlights growing trust in INBS' non-invasive, efficient, and cost-effective drug screening technology. The company’s unique system uses fingerprint sweat to test for common drugs, offering rapid results that enhance safety and operational efficiency.

Intelligent Bio Solutions (Nasdaq: INBS) is advancing its 510(k) FDA submission with a Pharmacokinetic (PK) study for its fingerprint drug screening technology. After completing subject screening, the company will start dosing and sampling subjects today, aiming to finish by June 2024. The study focuses on how opiates are metabolized, distributed, and excreted, particularly through human sweat. Results are expected by late July 2024. FDA clearance, targeted for 4Q 2024, would allow INBS to enter the US market by 1H 2025. The technology offers quick, non-invasive drug testing for substances like cocaine, cannabis, methamphetamine, and opiates.

Intelligent Bio Solutions (Nasdaq: INBS) has announced a strategic reorganization plan aiming to support its global growth initiatives, especially its planned entry into the U.S. market in 2025. The company will transition from a UK-based model to a global framework, leveraging its diverse international team to enhance efficiency and collaboration. This restructuring includes breaking down operational regions into silos to improve resource alignment and streamline operations. INBS is known for its innovative non-invasive drug testing solutions using fingerprint sweat, providing rapid results for common drugs of abuse.

Intelligent Bio Solutions (Nasdaq: INBS) announced the integration of its Intelligent Fingerprinting Drug Screening System by a major European transport and infrastructure provider within its UK operations. This strategic move aims to enhance employee safety and operational efficiency through rapid, non-invasive drug testing. Previously reliant on sporadic urine testing with a two-hour response time, the new system allows for quick, on-site random testing. The addition of this prominent client underscores the growing adoption of INBS' innovative technology in the transport sector. VANTEC Europe , an existing customer, has used the system since 2021, reporting positive outcomes. INBS' solution tests for common drugs, including cocaine, cannabis, methamphetamine, and opiates, providing results in minutes.

Intelligent Bio Solutions (Nasdaq: INBS) will participate in the Sidoti Small-Cap Conference on June 12-13, 2024. The medical technology company, known for its intelligent, rapid, non-invasive testing solutions, will have its management team present on June 12 at 4:00 p.m. Eastern Time. The event will be held virtually, and attendees can register via a provided webcast link. For more information or to arrange one-on-one meetings with the INBS management team, interested parties can contact Sidoti representatives or email KCSA Strategic Communications.

Intelligent Bio Solutions (Nasdaq: INBS) has successfully recruited subjects and begun screening for its pharmacokinetic (PK) study, a important step in obtaining FDA 510(k) clearance. This study will enhance the understanding of opiate metabolism, distribution, and excretion in human sweat by comparing results from fingerprint sweat specimens with those from blood, saliva, and urine. The company aims to complete the screening phase by June 2024. The study is conducted in collaboration with Cliantha Research and utilizes INBS's non-invasive Intelligent Fingerprinting Drug Screening System.

Intelligent Bio Solutions (INBS) reported significant growth in its UK operations, with revenues reaching approximately $2.38 million for the nine months ending March 31, 2024, marking a 193% year-over-year increase. The UK contributed to 93% of this revenue. Higher margin cartridge revenue accounted for 49% of total revenue. INBS expanded its customer base to over 400 clients across 15+ industries in the UK and acquired 111 new accounts within a year. The company's growth is driven by organic lead generation through B2B referrals. INBS plans to submit for FDA 510(k) approval and launch its product in the US by mid-2025. Drug test cheating, highlighted by a Quest Diagnostics report, underscores the necessity for INBS's rapid and reliable drug testing solutions.

Intelligent Bio Solutions (Nasdaq: INBS) showcased its Intelligent Fingerprinting Drug Screening Solution at the UK's premier Health & Safety Event 2024. The event, featuring over 250 exhibitors and 11,500 attendees from major brands like Amazon and Rolls Royce, provided a platform for INBS to demonstrate its innovative technology. Key decision-makers, who constituted 77% of attendees, engaged with the solution, noting its pivotal role in enhancing workplace safety. Live demonstrations with clients like Stewart Osmond from WTW highlighted the technology's effectiveness in combating drug driving in the logistics sector. Discussions with a South American distributor suggested potential expansion into Chilean hospitals and emergency services. The event was marked as the most successful yet by INBS, validating the necessity and global relevance of their drug screening technology.