Intelligent Bio Solutions Inc. Achieves Significant Milestone in Drug Screening Technology
Growth in Installed Readers
Intelligent Bio Solutions Inc. (NASDAQ: INBS), a prominent innovator in non-invasive drug testing technology, has proudly announced that it has installed over 1,000 Intelligent Fingerprinting Drug Screening Readers with its customers. This important milestone highlights the increasing demand for the Company’s cutting-edge drug screening technology.
Surge in Yearly Sales
For the fiscal year ending, the Company reported impressive sales of 407 readers, marking a 26% increase from the previous fiscal year's total of 323. With a total of 1,037 installed readers, this reflects a substantial 65% rise from the 630 units installed during the same period last year.
Innovative Technology Behind the System
Overview of the Intelligent Fingerprinting System
The Intelligent Fingerprinting Drug Screening System consists of a DSR-Plus portable analysis unit paired with tamper-proof cartridges, enabling quick and reliable drug detection. By utilizing lateral flow assay technology and fluorescence-labelled antibodies to analyze sweat collected from fingerprints, the system delivers results in just 10 minutes. Its distinctive 16-hour detection window makes it particularly suitable for workplace screening.
Leadership's Commitment to Growth
Harry Simeonidis, President and CEO of INBS, commented on the Company’s ongoing growth in sales of new readers and cartridges. The achievement of over 1,000 installed readers signifies a growing awareness and demand for the non-invasive drug screening system. The Company is committed to supporting its expanding customer base in tackling workplace drug use challenges.
Revenue Streams and Future Opportunities
Increase in Cartridge Sales
The Company has also seen substantial growth in cartridge sales, with a 20% year-over-year increase from 67,575 cartridges in the previous year to 81,075 cartridges. This repeat sales model plays a crucial role in creating a strong and sustainable revenue stream for INBS.
Advancements in Regulation and Market Growth
Intelligent Bio Solutions is making significant strides toward obtaining FDA clearance. The FDA has provisionally classified the cartridges of the Intelligent Fingerprinting Drug Screening System as a Class II device, which requires a pre-market notification 510(k) submission before they can be marketed. This regulatory progress positions the Company for further growth both in domestic and international markets within the non-invasive drug testing sector.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is dedicated to leading the way in non-invasive medical technology solutions that aim to improve drug testing and screening processes, ultimately promoting 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.
