NEW YORK, June 13, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (NASDAQ:INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced the implementation of a strategic and comprehensive reorganization and productivity plan to support the Company's global growth initiatives. Harry Simeonidis, President and CEO at INBS, commented, "This strategic realignment will refocus priorities to better serve our global markets, enh ...

Company Overview - Intelligent Bio Solutions Inc. (NASDAQ:INBS) is a medical technology company focused on delivering innovative, rapid, non-invasive testing solutions [5] - The company’s Intelligent Fingerprinting Drug Screening System utilizes fingerprint sweat analysis for drug testing, which is designed to be hygienic and cost-effective [5][11] Recent Developments - INBS has added a major European transport and infrastructure solutions provider to its client base, indicating growing interest in its technology within the transport and infrastructure sectors [3][8] - The new client will use INBS' Intelligent Fingerprinting Drug Screening System to monitor employee fitness for duty in the UK [3][4] Technology and Benefits - The Intelligent Fingerprinting Drug Screening System allows for quick, in-house drug testing, providing results in under ten minutes, which enhances operational efficiency and workplace safety [4][11] - The system screens for common workplace drugs, including opiates, cocaine, methamphetamine, and cannabis, making it a valuable tool for safety-critical industries [5][11] Market Position and Strategy - The addition of the new client follows a long-term relationship with an existing account in the same sector, demonstrating INBS' ability to establish enduring supply relationships [8] - The company is gaining traction across various industries, including construction, manufacturing, engineering, transport, logistics, and drug treatment organizations [5][8]

NEW YORK, June 06, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced that its management team will participate in the Sidoti Small-Cap Conference being held virtually June 12-13, 2024. Presentation Details Date: Wednesday, June 12, 2024 Time: 4:00 p.m. Eastern Time Registration/Webcast Link: https://sidoti.zoom.us/webinar/register/WN_BB5QumW3TK2N56X7MOPj ...

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 ...

NEW YORK, May 29, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced the successful recruitment and commencement of screening for subjects in its pharmacokinetic (PK) study, a critical component of the Company's FDA 510(k) regulatory pathway for clearance. Harry Simeonidis, President and CEO at INBS, commented, "As we navigate the FDA 510(k) regulatory pa ...

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- 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 mo ...

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- 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 mo ...

Core Insights - Intelligent Bio Solutions Inc. successfully showcased its Intelligent Fingerprinting Drug Screening Solution at The Health & Safety Event 2024, which is the largest annual technology showcase in the UK focused on workplace safety [1][2] - The event attracted over 250 exhibitors and more than 11,500 attendees, with a significant percentage of attendees being key decision-makers [2] Company Developments - Company representatives conducted live demonstrations of the drug screening technology, engaging with notable clients to address the issue of drug driving in the logistics sector [3] - Discussions were held with a South American distributor regarding a pilot program to integrate the technology into hospitals and emergency services in Chile, indicating potential global expansion [4] Market Position and Technology - The Intelligent Fingerprinting Drug Screening System is the first to utilize fingerprint sweat for rapid drug detection, providing results in under ten minutes for substances like cannabis, cocaine, opiates, and methamphetamine [5][6] - The technology is designed to be hygienic and cost-effective, making it suitable for safety-critical industries such as construction, manufacturing, and logistics [6] Leadership Commentary - The Vice President of Global Sales highlighted the event as the most successful yet for the company, emphasizing the growing commitment to workplace safety solutions [5] - The President & CEO reaffirmed the technology's suitability for evolving safety needs across industries, noting the enthusiastic feedback received during the event [5]

Year-over-year revenue increased 80% for the fiscal third quarter and 193% for the nine months ended March 31, 2024 Cash and cash equivalents as of March 31, 2024, was $9.40 million Commenced FDA 510(k) clinical studies plan with Cliantha Research and remains on track for planned submission by the end of 2024 and planned entry into the US in 2025 Secured 26 new customer accounts throughout the quarter, representing a combined headcount of approximately 16,779 employees NEW YORK, May 8, 2024 —Intelligent Bio ...

Financial Performance - Revenue for the quarter ended March 31, 2024, increased by $366,742 to $823,800 compared to $457,058 in the same period in 2023, attributed to customer base expansion[174] - Gross profit for the quarter ended March 31, 2024, was $178,489, a significant increase from $33,049 in the same period in 2023[172] - The company reported a net loss of $2,986,765 for the quarter ended March 31, 2024, compared to a net loss of $6,352,017 in the same period in 2023[172] - Revenue from sales of goods increased by $1,570,220, reaching $2,383,957 for the nine months ended March 31, 2024, compared to the same period in 2023[175] - Gross profit increased by $332,975 to $610,068 for the nine months ended March 31, 2024, due to revenue growth from an expanded customer base[180] - Net loss attributable to INBS decreased by $600,287 to $7,372,512 for the nine months ended March 31, 2024, primarily due to prior goodwill impairment charges[202] Operating Expenses - The total operating expenses for the quarter ended March 31, 2024, were $3,216,066, a decrease from $6,694,128 in the same period in 2023[172] - Selling, general and administrative expenses increased by $993,473 to $6,587,934 for the nine months ended March 31, 2024, primarily due to marketing and compliance costs[186] - Development and regulatory approval expenses increased by $543,349 to $923,712 for the nine months ended March 31, 2024, driven by in-house R&D staff costs[189] - Interest expenses decreased by $51,367 to $112,590 for the nine months ended March 31, 2024, due to the conversion of convertible notes into common shares[193] Cash Position - As of March 31, 2024, the company had a cash balance of $9.40 million after raising approximately $10.76 million through a warrant inducement transaction and a private placement offering[171] - Cash and cash equivalents as of March 31, 2024, were $9,397,523, with working capital of $5,814,284[204] - The company expects its cash and cash equivalents may be insufficient to fund its current operating plan for at least the next twelve months[205] Customer and Market Development - The company secured 26 new customer accounts during the quarter, representing a combined headcount of approximately 16,779 employees[171] - The company announced a partnership with Cliantha Research to conduct pharmacokinetic studies as part of its FDA 510(k) clinical studies plan, aiming for a product launch in the U.S. in 2025[171] - A new European patent for the DSR-Plus Cartridge Reader was granted, effective in 17 European countries[171] Risks and Uncertainties - The company operates in a competitive environment with ongoing risks and uncertainties that may affect future results[161] - Unrealized foreign currency translation loss increased by $66,239 to $144,026 for the quarter ended March 31, 2024, compared to the same period in 2023[199] Equity Interest - The company has a 50% equity interest in BiosensX (North America) Inc., which has a separate technology license agreement for glucose/diabetes management in North America[168] Cost of Revenue - Cost of revenue increased by $1,237,245 to $1,773,889 for the nine months ended March 31, 2024, driven by the increase in revenue from the acquisition of IFP[177]