NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology company, announced today its participation at The Health & Safety Event 2024 in the United Kingdom, where it showcased its Intelligent Fingerprinting Drug Screening Solution. The event, a significant platform for workplace safety innovations, attracted over 11,500 attendees, including key decision-makers from major brands.
During the showcase, INBS conducted live demonstrations of its drug screening technology, which utilizes fingerprint sweat to detect recent drug use. Notable participants included Stewart Osmond from Willis Towers Watson (NASDAQ:WTW), who emphasized the technology's role in improving fleet safety and compliance in the logistics sector.
Furthermore, the company discussed a pilot program with its South American distributor to introduce the technology in Chile's hospitals and emergency services. Doug Heath, Vice President of Global Sales at INBS, stated that the event was their most successful to date, indicating high interest and engagement from industry leaders.
Harry Simeonidis, President & CEO at INBS, remarked on the positive feedback received, suggesting a growing commitment to workplace safety and the relevance of their technology globally.
The Intelligent Fingerprinting Drug Screening System is the first to use fingerprint sweat for rapid drug detection, with results available in under ten minutes. The technology screens for substances such as cannabis, cocaine, opiates, and methamphetamine, and is designed to be hygienic and cost-effective.
INBS serves various customer segments, including those in construction, transport, and drug treatment organizations. The company's biosensor platform is also being explored for potential applications in immunological conditions and communicable diseases.
InvestingPro Insights
Intelligent Bio Solutions Inc. (NASDAQ:INBS) has been making strides with its innovative drug screening technology, yet it's important for investors to consider the broader financial context of the company. According to recent data, INBS holds a market capitalization of approximately $6.77 million, reflecting its position in the market. The company's revenue has shown a significant increase, with a growth rate of 126.01% over the last twelve months as of Q3 2024.
While these growth figures may appear promising, it's important to note that INBS is not currently profitable, as evidenced by its negative P/E ratio of -0.68. Moreover, the company's stock price has experienced a substantial decline, with a year-to-date total return of -41.3%. This trend is consistent with the InvestingPro Tip that the price has performed poorly over the last decade and has fallen significantly over the last year.
Investors should also be aware that INBS does not pay dividends, which might be a consideration for those seeking regular income from their investments. For those interested in a deeper dive into the company's prospects, there are additional InvestingPro Tips available, which can offer valuable insights into Intelligent Bio Solutions Inc.'s financial health and future outlook. To explore these further, consider visiting the InvestingPro platform at https://www.investing.com/pro/INBS and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. As of now, there are 10 more InvestingPro Tips listed for INBS that could provide a more comprehensive analysis for potential or current investors.
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