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LONDON - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a micro-cap healthcare technology company with a market capitalization of approximately $11 million, has secured a contract with one of London’s largest public transport operators to provide its fingerprint-based drug screening technology across 14 operational sites, according to a press release statement. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates.
The transport operator, which employs over 4,400 staff and serves more than one million passengers daily with a fleet of over 1,400 low-emission vehicles, will implement the Intelligent Fingerprinting Drug Screening System throughout its multi-garage bus network. The contract comes as INBS shows promising revenue growth of 3.9% over the last twelve months, with analysts forecasting continued sales growth for the current year.
"We offer a system that supports rapid drug testing at scale, meaning less people out of action for less time," said Harry Simeonidis, President and CEO at Intelligent Bio Solutions.
The technology screens for recent use of drugs including opiates, cocaine, methamphetamine, and cannabis by analyzing fingerprint sweat. The system collects samples in seconds and delivers results in under ten minutes.
INBS reports that its drug testing technology has been adopted by over 450 accounts across 24 countries through 18 distribution partners. The company is currently expanding its presence in the UK, Europe, the Middle East, Africa, Asia Pacific, and plans to enter the U.S. market in 2025, pending regulatory clearance from the FDA. While the stock has shown strong momentum with a 13.6% year-to-date return, InvestingPro subscribers can access 8 additional key insights about INBS’s growth prospects and financial health metrics to make more informed investment decisions.
The transport operator’s fleet includes hybrid, electric, and hydrogen-powered buses, along with a purpose-built engineering and logistics facility.
In other recent news, Intelligent Bio Solutions Inc. has been actively working on enhancing its Intelligent Fingerprinting Drug Screening System, with new data collected to support its FDA 510(k) submission. The company has completed essential cybersecurity and electromagnetic compatibility testing to validate the system’s resilience, with findings expected to be submitted to the FDA in August. Additionally, Intelligent Bio Solutions has expanded its global reach through a new distribution agreement with Texas-based SMARTOX to distribute the SmarTest Patch internationally, excluding the United States and Canada. This agreement builds on their existing collaboration, as SMARTOX already distributes the company’s Intelligent Fingerprinting Drug Testing Solution in the U.S. forensic market.
The company has also added the SmarTest Patch to its lineup of non-invasive drug testing solutions. This wearable device, developed by SMARTOX, enables continuous drug detection through sweat over a 7 to 10-day period. In Scandinavia, Intelligent Bio Solutions is expanding its fingerprint-based drug screening technology through a partnership with distributor Spjotgard, increasing adoption in Sweden, Norway, and Denmark, with growing interest in Finland. Lastly, the company has amended the employment agreements for its President and CEO, Harry Simeondis, and CFO, Spiro Sakiris, which include revisions to post-employment non-compete obligations.
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