Index falls as earnings results weigh; pound above $1.33, Bodycote soars
NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a micro-cap healthcare technology company valued at $15.5 million, has collected new data reinforcing the security and performance of its Intelligent Fingerprinting Drug Screening System, the company announced Wednesday. According to InvestingPro analysis, the company maintains a favorable cash position relative to its debt, though it’s currently operating at a loss.
The data will strengthen the company’s FDA 510(k) submission, with findings expected to be submitted to the FDA in August. The company completed cybersecurity testing, including penetration testing and electromagnetic compatibility testing, to validate the system’s resilience in various operating environments. The stock has shown strong momentum, with InvestingPro data showing a remarkable 60% gain year-to-date, suggesting growing investor confidence in the company’s prospects.
INBS also confirmed its technology’s reliability through advanced quantification techniques, including human eccrine sweat testing. Using an Ultra-Micro Balance scale capable of measuring down to 0.0000001 grams, the company verified its ability to detect and analyze trace levels of sweat in a single fingerprint.
"Our ongoing dialogue with the FDA throughout the 510(k) process has been constructive and forward-looking," said Peter Passaris, Vice President of Product Development.
Harry Simeonidis, President and CEO, noted that the company’s R&D team has invested over 6,000 hours into testing, data aggregation, analysis, and technical reporting.
The company’s drug testing technology uses fingerprint sweat analysis to detect common drugs of abuse, including opiates, cocaine, methamphetamine, and cannabis. Sample collection takes seconds with results available in under ten minutes.
INBS currently supports more than 450 accounts across 24 countries through 18 distribution partners. With analysts forecasting sales growth of 273% for the current year, according to InvestingPro, the company is pursuing FDA clearance for its opiate test system for codeine and plans to enter the U.S. market in 2025. InvestingPro subscribers have access to 12 additional investment tips and comprehensive financial metrics for INBS.
This information is based on a company press release statement.
In other recent news, Intelligent Bio Solutions Inc. announced a global distribution agreement with SMARTOX to distribute its SmarTest Patch drug detection product internationally, excluding the United States and Canada. This agreement builds on their existing partnership, as SMARTOX already distributes Intelligent Bio Solutions’ fingerprint drug testing solution in the U.S. forensic market. Additionally, Intelligent Bio Solutions has added the SmarTest Patch to its lineup of non-invasive drug testing solutions. This wearable device allows for continuous drug detection through sweat over a 7 to 10-day period and can detect substances such as cocaine, opiates, methamphetamines, marijuana, and fentanyl.
In another development, the company has expanded its fingerprint-based drug screening technology across Scandinavia through a partnership with distributor Spjotgard. This collaboration is facilitating the adoption of Intelligent Bio Solutions’ non-invasive drug screening system in Sweden, Norway, and Denmark, with growing interest in Finland. Furthermore, Intelligent Bio Solutions has deployed over 50 of its Intelligent Fingerprinting Drug Screening Readers in the U.S., conducting over 7,000 screening tests, including 1,500 in 2024. The company also amended the employment agreements of its President and CEO, Harry Simeondis, and CFO, Spiro Sakiris, revising their post-employment non-compete obligations.
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