Intelligent Bio Solutions Inc. (NASDAQ: INBS) shares are seeing a significant increase today, rising 66.14% to $2.63, after the company released encouraging financial data. For the fiscal year that concluded on June 30, 2024, the firm released preliminary unaudited sales figures of $0.73 million and $3.11 million, respectively. Furthermore, in comparison to the previous year, INBS expects a 20% increase in cartridge sales and a 26% increase in reader sales for the fiscal year.
Drivers of Revenue Expansion
Intelligent Bio Solutions credits a number of critical variables, such as growing market demand, elevated brand and product awareness, and client base development, for this remarkable revenue growth.
The firm has significantly increased its reader install base, which currently exceeds 1,000 devices, as a result of its targeted efforts to provide new solutions across safety-critical industries where drug use presents considerable concerns. Because each reader needs a constant supply of cartridges to function, the company’s continued expansion is supported by a consistent source of recurring income.
Strategic Focus on Safety-Critical Sectors
Intelligent Bio Solutions has deliberately focused on sectors where dependable and non-invasive drug testing solutions are critical, including manufacturing, transportation, construction, and logistics. Through strategic alliances, the firm has expanded its reach into new areas and strengthened its position in these industries by meeting these crucial needs.
With over 400 active customer accounts and growing, INBS demonstrates its product’s strong market resonance and its ability to meet the testing needs of safety-critical industries.
Progress in Clinical Studies and Regulatory Milestones
In addition to its financial successes, Intelligent Bio Solutions has made significant strides in its clinical study plan required for the FDA 510(k) submission. The company recently announced a partnership with CenExel to conduct a method comparison study as part of this plan.
Having completed approximately one-third of the subject enrollment targets and the in-clinic portion of a pharmacokinetic (PK) study on opiates in human fingerprint sweat, Intelligent Bio (INBS) is currently analyzing the collected specimens and data, marking a crucial step forward in its regulatory journey.