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Intelligent Bio Solutions Inc. Achieves Major Milestone with Over 1,000 Installed Intelligent Fingerprinting Drug Screening Readers as of June 30, 2024
NEW YORK, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (NASDAQ: INBS) (“INBS” or the “Company”), a leading innovator in non-invasive drug
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"NEW YORK, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (NASDAQ: INBS) (“INBS” or the “Company”), a leading innovator in non-invasive drug testing technology, today announced the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers with customers as of June 30, 2024. This achievement marks a significant milestone for INBS, underscoring the growing demand for the Company’s advanced drug screening technology. In the fiscal year ending June 30, 2024, the Company sold 407 readers, a 26% increase from 323 readers sold in the prior fiscal year. As of June 30, 2024, the total number of installed readers was 1,037, a 65% increase from 630 installed readers as of June 30, 2023. The Intelligent Fingerprinting Drug Screening System, consisting of a DSR-Plus portable analysis unit and tamper-proof cartridges, is designed to offer quick and reliable drug detection using lateral flow assay technology and fluorescence-labelled antibodies to analyze sweat from fingerprints. With results available within 10 minutes and a unique 16-hour detection window for drug use, the Intelligent Fingerprinting Drug Screening System is an ideal solution for workplace screening. Harry Simeonidis, President and CEO at INBS, commented, \"Our growth remains strong as we continue to increase the number of new reader and cartridge sales year on year. Reaching over 1,000 installed readers is a major milestone that demonstrates an increasing awareness of and demand for our non-invasive drug screening system. As we expand, we remain committed to supporting our loyal and growing customer base as they proactively tackle common workplace issues associated with drug use.” The Company has also seen significant growth in cartridge sales, with a 20% year-over-year increase from 67,575 cartridges in 2023 to 81,075 cartridges in 2024. The repeat sales of these cartridges create a robust and ongoing revenue stream for INBS. Additionally, the Company is making progress towards FDA clearance, with the FDA provisionally determining that the cartridges of the Intelligent Fingerprinting Drug Screening System are a Class II type device that requires the submission of a pre-market notification 510(k) and the FDA’s clearance prior to marketing. Intelligent Bio Solutions is positioned for further expansion, both in the United States and internat...