Intelligent Bio Solutions Unveils Key Performance Indicator Growth in the United Kingdom as Drug Screening Industry Combats Drug Test Cheating and Searches for Simpler, Faster, Non-Invasive and More Cost-Effective Solutions
23 5월 2024 - 9:30PM
Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the
“Company”), a medical technology company delivering intelligent,
rapid, non-invasive testing solutions, today unveiled key
performance indicators from its United Kingdom operations. These
indicators have contributed to the Company’s growth as the drug
screening industry continues to combat drug test cheating and
searches for simpler, faster, non-invasive, and more cost-effective
solutions.
For the nine months ended March 31, 2024, total
revenue was, as previously reported, approximately $2.38 million,
an increase of 193% year-over-year, of which the UK accounted for
approximately 93% of revenue. During the nine-month period, the
percentage of higher margin cartridge revenue accounted for
approximately 49% of total revenue.
As of March 31, 2024, INBS provided its
innovative, rapid, non-invasive drug testing solutions to more than
400 customers across more than 15 industries in the UK. In the 12
months ended March 31, 2024, the Company acquired 111 new accounts.
The Company’s current growth in the UK is largely driven by organic
lead generation through B2B referrals as a growing awareness of the
Company’s drug testing solution spreads across the country. The
successful adoption of INBS’ drug testing solution in the UK
suggests promising potential for the Company in the United States
following its planned FDA 510(k) submission and anticipated product
launch in the first half of 2025.
The Company’s increasing market share in the UK
suggests a growing need for effective testing solutions that
address global drug challenges, including drug test cheating. The
trend of increased drug test cheating, as recently highlighted in
the May 15, 2024, Wall Street Journal (WSJ) article “More Workers
Are Cheating on Drug Tests” by Joseph De Avila, underscores the
necessity of a rapid on-site test such as INBS’ drug testing
solution. The WSJ article shows that the number of workers cheating
on drug tests is at its highest rate in more than 30 years.
According to the article “Workforce Drug Test Cheating Surged in
2023, Finds Quest Diagnostics Drug Testing Index Analysis of Nearly
10 Million Drug Tests”, published by Quest Diagnostics, signs of
drug test tampering in the general US workforce increased by more
than six-fold in 2023 compared to 2022, marking the highest rate in
more than 30 years of reporting by Quest. Additionally, substituted
urine specimens increased 633% on 2022, and invalid tests
increased by 45%. This data is based on a new analysis by Quest
Diagnostics of nearly 9.8 million workforce drug tests. These
trends emphasize the value of the Company’s solution, which
prevents foul play and ensures sample integrity, reducing the risk
of drug test cheating in the workplace.
“Our key performance metrics continue to grow as
we gain market share and scale in the UK,” said Harry Simeonidis,
President and CEO at INBS. “Our drug testing solution addresses
several key industry concerns, including simplifying the process,
rapid on-site results, non-invasive administration, and
cost-effectiveness. Furthermore, we are seeing employers shift
their approach to drug testing to combat the dramatic increase in
cheating. This is a growing concern and cannot continue, as the
safety of each individual exposed to these employees is of the
utmost importance. We are proud of the rapid progress we have made
in gaining market share in the UK and look forward to continue
offering a new and better solution to the industry globally.”
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is
a medical technology company delivering innovative, rapid,
non-invasive testing solutions. The Company believes that its
Intelligent Fingerprinting Drug Screening System will revolutionize
portable testing through fingerprint sweat analysis, which has the
potential for broader applications in additional fields. Designed
as a hygienic and cost-effective system, the test screens for
recent use of drugs commonly found in the workplace, including
opiates, cocaine, methamphetamine, and cannabis. With sample
collection in seconds and results in under ten minutes, this
technology would be a valuable tool for employers in
safety-critical industries. Additionally, the Company’s biosensor
platform has the potential to test for various indications, ranging
from immunological conditions to communicable diseases. The
Company’s current customer segments include construction,
manufacturing and engineering, transport and logistics firms, drug
treatment organizations, and coroners.
For more information,
visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.’s ability to successfully develop and commercialize
its drug and diagnostic tests, realize commercial benefit from its
partnerships and collaborations, and secure regulatory approvals,
among others. Although Intelligent Bio Solutions Inc. believes that
the expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions Inc. has
attempted to identify forward-looking statements by terminology,
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, included in Intelligent Bio Solutions’ public filings
filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. Intelligent Bio Solutions undertakes no obligation to
update any forward-looking statements contained in this release to
reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Company Contact:Intelligent Bio Solutions
Inc.info@ibs.incLinkedIn | Twitter
Investor & Media Contact: Valter
Pinto, Managing Director KCSA Strategic
Communications PH: (212) 896-1254 INBS@kcsa.com
Intelligent Bio Solutions (NASDAQ:INBS)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Intelligent Bio Solutions (NASDAQ:INBS)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024