NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology firm, has announced a new partnership with a major European transport and infrastructure provider to implement its Intelligent Fingerprinting Drug Screening System in the United Kingdom. This addition to INBS's client portfolio underscores the company's growing influence in the transport and infrastructure sectors.
The newly acquired client, which has not been named, will use INBS's technology to conduct on-site drug tests to ensure employee fitness for duty. This system represents a shift from the client's previous method, which involved sporadic urine testing with a two-hour response time from a third-party provider. The use of INBS's fingerprint-based drug screening is expected to enhance workplace safety and operational efficiency while ensuring compliance with industry standards.
INBS's solution offers a non-invasive, rapid method for detecting common drugs of abuse such as cocaine, cannabis, methamphetamine, and opiates through fingerprint sweat analysis. The test is designed to be hygienic and cost-effective, with sample collection taking seconds and results available in under ten minutes.
The company's president and CEO, Harry Simeonidis, commented on the significance of the new partnership, emphasizing the establishment of enduring supply relationships within the industry. INBS has previously established a customer relationship with VANTEC Europe Limited, a global transport and logistics provider, which has been using the system since 2021. Diane Elgar from VANTEC has shared positive feedback on the technology's impact on their operations.
Intelligent Bio Solutions Inc. positions its drug screening product as a pioneering solution in portable testing, with potential applications extending beyond drug testing to various indications, including communicable diseases and immunological conditions. The company's customer base spans several industries, including construction, manufacturing, and logistics.
The information in this article is based on a press release statement from Intelligent Bio Solutions Inc.
In other recent news, Intelligent Bio Solutions Inc. has been making significant strides in its operations and market presence. The medical technology firm reported an 80% surge in revenue for its fiscal third quarter and a 193% increase for the nine months ending March 31, 2024. This growth was primarily driven by a significant uptick in product sales, with cartridge and reader sales climbing by 17% and 20% respectively for the quarter.
In a recent development, the company secured approximately $10.1 million in funding through a private placement transaction. The newly acquired funds are earmarked for general corporate purposes, including advancing clinical trials for the company's Intelligent Fingerprinting Drug Screening System and market expansion efforts.
Moreover, the company showcased its drug screening technology at The Health & Safety Event 2024 in the United Kingdom, indicating high interest and engagement from industry leaders. The company also discussed a pilot program with its South American distributor to introduce the technology in Chile's hospitals and emergency services.
In addition, Intelligent Bio Solutions expanded its intellectual property portfolio with the grant of a new European patent for its DSR-Plus Cartridge Reader. This patent protection now extends to 17 European countries, reinforcing the company's global reach.
InvestingPro Insights
In light of Intelligent Bio Solutions Inc.'s (NASDAQ:INBS) recent announcement of its new partnership in the UK, it's essential to consider the company's financial health and market performance. An InvestingPro Tip that stands out is that analysts anticipate sales growth in the current year for INBS. This is a positive signal for potential investors, as it suggests confidence in the company's ability to expand its revenue streams, possibly buoyed by new partnerships like the one with the European transport and infrastructure provider.
However, it's important to note that the company is quickly burning through cash, which could raise concerns about its long-term financial sustainability. This is reflected in the company's significant cash burn rate, which investors should monitor closely, especially in the context of INBS's aggressive expansion strategy.
From a market perspective, INBS's stock price has experienced notable volatility, as indicated by a substantial decline over the last week, month, and three months. The price has fallen significantly over the last year, with a one-year price total return as of mid-2024 of -95.13%, emphasizing the stock's high-risk nature. This volatility could be a point of consideration for investors looking for stability in their portfolio.
InvestingPro Data shows a market capitalization of 6.17 million USD, reflecting the small size of the company within the industry. Additionally, the revenue growth over the last twelve months as of Q3 2024 is an impressive 247.42%, potentially underscoring the company's capability to increase sales significantly.
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