In recent years, the medical technology industry has experienced significant growth, drawing consistent interest from investors. An intriguing company in this sector worth considering is Intelligent Bio Solutions Inc. (NASDAQ: INBS). The company is renowned for developing the Intelligent Fingerprinting Drug Screening System, offering a novel and rapid solution for drug screening. See Complete Report Here
Intelligent Bio Solutions (NASDAQ: INBS) announced today unaudited revenue figures for the first quarter of 2024, reporting an impressive 80% increase compared to the same period last year. For the nine-month period ending March 31, 2024, the company expects unaudited revenue of around $2.38 million, showing a substantial 193% growth from the previous year. INBS is optimistic about its cartridge and reader sales, projecting a 17% increase in cartridge sales and a 20% rise in reader sales for Q1 2024, representing their highest quarterly cartridge sales since acquiring Intelligent Fingerprinting Limited in 2022. Looking ahead, INBS anticipates continued growth, with expected cartridge and reader sales increases of 25% and 63%, respectively, from July 1, 2023, to March 31, 2024, compared to the same period the prior year.
This year, it was announced that the company had forged a collaboration with Cliantha Research to conduct a pharmacokinetic (PK) study as part of the FDA 510(k) pathway for its system. The initial phase of this study will involve recruiting up to 40 healthy adults as participants. The recruitment process is scheduled to take place throughout March and April 2024. The studies are set to begin in May 2024, with sample analysis expected to conclude by June 2024.
Moreover, the management is confident that their renewed internal focus will yield higher-quality accounts this year.
The Intelligent Fingerprinting Drug Screening System stands out as a distinctive product due to its compact and portable design, making it ideal for drug screening anytime, anywhere. Its unique feature lies in requiring only fingerprint sweat for analysis, enabling quick and non-invasive sample collection.
The sample collection process doesn't necessitate expert supervision and can be efficiently completed at a low cost within a short timeframe. This streamlined process could offer significant benefits, especially for large organizations.
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