Intelligent Bio Solutions Inc. Achieves Major Milestone with Over 1,000 Installed Intelligent Fingerprinting Drug Screening Readers as of June 30, 2024

Core Insights - Intelligent Bio Solutions Inc. (INBS) has achieved the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers, indicating a significant milestone and growing demand for its non-invasive drug testing technology [1][4] Sales Performance - In the fiscal year ending June 30, 2024, the company sold 407 readers, representing a 26% increase from 323 readers sold in the previous fiscal year [2] - The total number of installed readers reached 1,037 as of June 30, 2024, marking a 65% increase from 630 installed readers as of June 30, 2023 [2] Product Overview - The Intelligent Fingerprinting Drug Screening System includes a DSR-Plus portable analysis unit and tamper-proof cartridges, designed for quick and reliable drug detection using lateral flow assay technology [3] - Results from the system are available within 10 minutes, with a unique 16-hour detection window for drug use, making it suitable for workplace screening [3] Cartridge Sales and Revenue - The company experienced a 20% year-over-year increase in cartridge sales, rising from 67,575 cartridges in 2023 to 81,075 cartridges in 2024 [4] - Repeat sales of cartridges contribute to a robust and ongoing revenue stream for the company [4] Regulatory Progress - The company is making progress towards FDA clearance, with the FDA provisionally determining that the cartridges are a Class II type device requiring a pre-market notification 510(k) submission [4] Market Position and Future Outlook - Intelligent Bio Solutions is positioned for further expansion in both the United States and internationally, continuing to lead in non-invasive drug testing technology [4]