Intelligent Bio Solutions (NASDAQ: INBS) has been making impressive strides in the medical devices market, growing at a compound annual growth rate of 5.9%. As a leading developer of non-invasive real-time monitoring and diagnostic tests for patients and primary health practitioners, it is spearheading the race to enhance non-invasive drug screening.
On August 24, Intelligent Bio Solutions reported fourth-quarter and full-year earnings. For the fiscal year ended June 30, 2023, the combined revenue and government support income soared 355% year-over-year to $1.99 million, including revenue from sales of goods of $1.26 million. This rise in revenue was largely due to the acquisition of IFP in October 2022, whose results of operations are consolidated, and the launch of fingerprint drug testing in the APAC region via Intelligent Bio Solutions (APAC) Pty Ltd.
During the latest quarter, the company had two major developments. One is that the company received guidance from the U.S. FDA on a regulatory pathway for its Intelligent Fingerprinting Drug Screening Cartridge. Another major development was that the company was granted its 13th patent following the award of a U.K. patent relating to the DSR-Plus Cartridge Reader.
The company boasts a cutting-edge intelligent drug screening system that detects commonly abused drugs via fingertip sweat analysis. Likewise, its solutions help eliminate the need for the invasive and unpleasant collection of urine, saliva, or blood to test for substance abuse. Consequently, it’s made drug screening a painless process that can be done anywhere, anytime, while adhering to the highest standards possible.
Customers and partners are increasingly taking note of the company’s ability to deliver intelligent, rapid, non-invasive testing solutions. Consequently, the company has secured eight new customers across various locations throughout Australia. The new customers employ over 10,000 individuals, providing one of the biggest markets for the company’s intelligent fingerprint drug screening system.
The new customer is the result of an aggressive marketing campaign as Intelligent Bio Solutions continues to expand its footprint around the globe. In Australia, the company is now servicing customers in the mining, aviation, construction, manufacturing, and agriculture industries with its unique fingerprint-testing solutions.
The strong demand for its solutions in Australia underscores the need for alternative screening solutions across multiple sectors in the race to ensure safety in the workplace. According to Chief Executive Officer Harry Simeonidis, the rapidly expanding customer footprint underscores the credibility of the company’s innovative technology. Likewise, the focus shifts to enhancing and advancing growth and delivering a convenient and dignified alternative to meet the ever-growing screening needs.
In June, Intelligent Bio Solutions received a second progress payment of $1.43 million as part of a scientific grant. The payment brought to $3.25 million the total payment that the company has received from the Australian Federal Government Department of Industry, Science, Energy, and Resources’ Modern Manufacturing Initiative.
Australia-South America Expansion
In addition to pushing for growth opportunities in Australia, Intelligent Bio Solutions has also moved to expand its footprint into South America. The company has consequently signed a South American Distribution Agreement. The agreement for the company’s Intelligent Fingerprint Drug Screening System is with Chile-based TSCOM SPA.
The agreement is poised to increase the presence of the company’s solutions and products across South America, creating yet another revenue stream. Intelligent Bio Solutions has already received the first order under the agreement from a Chile-based electrical distribution company, which affirms the need for the solutions in the region.
TSCOM Director Pablo Riera says they are seeing lots of local interest in the innovative fingerprint-based test in South America. Customers are increasingly recognizing the advantages of the fingerprint system, including ease of use in the in-house application and being noninvasive and more hygienic than traditional alternatives. Consequently, it has started carrying out training and helping clients enhance the introduction and use of the tool in various workplaces.
"Fingerprint drug testing is increasingly being regarded as the smart alternative for workplace drug screening. Since we acquired Intelligent Fingerprinting in Q3 2022, we have been working to expand our global reach for this innovative testing solution," said CEO Simeonidis.
In addition to pursuing growth opportunities across the globe, Intelligent Bio Solutions is also increasingly expanding into various markets across the United States. The company has already received guidance from the US Food and Drug Administration regarding the regulatory classification of the Intelligent Fingerprint Drug Screening Cartridge.
The intelligent system has been classified as a Class II device and will require pre-market notification (510k) and FDA clearance prior to marketing. The preliminary assessment marks an important milestone in the company’s bid to expand into the US market. Management expects the new system to redefine how US workplaces approach testing procedures while prioritizing employees’ dignity and simultaneously enhancing operational efficiency.
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