Intelligent Bio Solutions Inc. Hits 1,000 Fingerprinting Readers
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Intelligent Bio Solutions Inc. Hits Major Milestone in Drug Screening Technology
Acknowledging Growth in Installed Readers
Intelligent Bio Solutions Inc. (NASDAQ: INBS), a leading innovator in non-invasive drug testing technology, has announced the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers with customers. This significant milestone underscores the growing demand for the Company's advanced drug screening technology.
Yearly Sales Surge
In the fiscal year ending, the Company achieved a remarkable sale of 407 readers, reflecting a 26% increase from the previous fiscal year's 323 sales. The total number of installed readers stood at 1,037, demonstrating a 65% rise from 630 installed units in the same period last year.
Technological Innovation Behind the System
Overview of the Intelligent Fingerprinting System
The Intelligent Fingerprinting Drug Screening System is composed of a DSR-Plus portable analysis unit along with tamper-proof cartridges, providing quick and reliable drug detection. Utilizing lateral flow assay technology and fluorescence-labelled antibodies to analyze sweat from fingerprints, the system produces results within 10 minutes. Its unique 16-hour detection window enhances its suitability for workplace screening.
Leadership's Commitment to Expansion
Harry Simeonidis, President and CEO at INBS, remarked on the Company's sustained growth in new reader and cartridge sales. The milestone of having over 1,000 installed readers reflects an increasing awareness and demand for the non-invasive drug screening system. The Company remains dedicated to supporting its expanding customer base in addressing workplace drug use concerns.
Revenue Streams and Future Prospects
Rising Cartridge Sales
The Company has experienced significant growth in cartridge sales as well, with a 20% year-over-year increase from 67,575 cartridges in the previous year to 81,075 cartridges. This repeat sales model contributes to a strong and ongoing revenue stream for INBS.
Regulatory Progress and Market Expansion
Intelligent Bio Solutions is actively progressing toward FDA clearance, with the FDA provisionally classifying the cartridges of the Intelligent Fingerprinting Drug Screening System as a Class II device, necessitating a pre-market notification 510(k) submission prior to marketing. This regulatory advancement positions the Company for further expansion both domestically and internationally in the non-invasive drug testing market.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is committed to pioneering non-invasive medical technology solutions aimed at enhancing drug testing and screening processes to foster safer and healthier workplaces.
Frequently Asked Questions
What milestone did Intelligent Bio Solutions Inc. achieve recently?
The Company announced the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers.
What was the year-over-year growth in reader sales reported?
Intelligent Bio Solutions reported a 26% increase in reader sales year-over-year.
How does the Intelligent Fingerprinting Drug Screening System work?
The system analyzes sweat from fingerprints using lateral flow assay technology and provides results in 10 minutes.
What is the potential market impact of FDA clearance for INBS?
FDA clearance may facilitate broader market access and regulatory compliance, enhancing revenue opportunities for the Company.
Who is the CEO of Intelligent Bio Solutions Inc.?
Harry Simeonidis serves as the President and CEO of Intelligent Bio Solutions Inc.
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