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NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a micro-cap healthcare technology company with a market value of $12.3 million, is expanding its fingerprint-based drug screening technology across Scandinavia through its partnership with distributor Spjotgard, according to a company press release issued Wednesday. According to InvestingPro data, the company has shown promising momentum with a 30.88% price return over the past six months, while maintaining a healthy balance sheet with more cash than debt.
The collaboration is driving adoption of INBS’s non-invasive drug screening system in Sweden, Norway, and Denmark, with growing interest in Finland. Spjotgard, founded in 2021, has positioned INBS’s technology as its flagship solution. This expansion aligns with analysts’ expectations of continued sales growth, as revealed by InvestingPro analysis, which shows a 3.87% revenue growth in the last twelve months.
"From the very beginning, we’ve seen strong interest in fingerprint-based testing across the region," said Hans Svensson, joint owner of Spjotgard. "Our customers, especially in workplace safety and education, are seeking more hygienic, easy to use and less invasive alternatives."
The drug screening system delivers results in under 10 minutes using fingerprint sweat samples. It is primarily used for random testing, post-incident investigations, and for-cause testing in logistics, construction, warehousing, education, and criminal justice sectors.
In Sweden, concerns about drug driving incidents and youth drug misuse are prompting organizations to explore more proactive testing strategies.
Spjotgard is expanding its regional presence through collaborations with providers of drug-detection dogs and alcohol testing services. The company is actively conducting customer demonstrations in Sweden and plans to target Norway more aggressively in coming months.
"Scandinavia is setting a high standard in progressive drug testing policy, particularly Sweden, which is often seen as a model for neighboring countries," said Doug Heath, Vice President of Global Sales at Intelligent Bio Solutions.
INBS currently has over 450 accounts across 24 countries for its drug screening technology, which offers an alternative to traditional methods that require supervision or removing staff from work for testing. Trading at $1.78 per share, InvestingPro analysis suggests the stock may be undervalued, with additional insights available through their comprehensive financial health analysis and 10+ exclusive ProTips for this company.
In other recent news, Intelligent Bio Solutions Inc. has deployed over 50 of its Intelligent Fingerprinting Drug Screening Readers across the United States through a partnership with SMARTOX. This deployment has facilitated more than 7,000 screening tests, including 1,500 in 2024 alone. The company’s fingerprint-based drug screening system provides a non-invasive alternative to traditional testing methods, delivering results in under ten minutes. Additionally, Intelligent Bio Solutions has secured a new U.S. patent for its drug screening technology, which is central to its testing system that identifies drugs through fingerprint sweat analysis. This patent adds to the company’s portfolio, bringing its total active U.S. patents to six. The technology screens for commonly abused substances such as opiates, cocaine, methamphetamine, and cannabis. Intelligent Bio Solutions is currently pursuing FDA clearance for its opiate test system for codeine, aiming to expand into broader U.S. markets. The company has also submitted a recent FDA 510(k) application, positioning itself for future growth in the U.S. market.
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