The medical technology firm, Intelligent Bio Solutions Inc. (Nasdaq: INBS), known for its innovative Intelligent Fingerprinting Drug Screening System for swift, non-invasive drug testing, has observed substantial enhancements in the sales performance of several products within its portfolio. The drug screening cartridges and readers provided by the company experienced a notable surge in sales compared to the same period last year, particularly in the fiscal quarter concluding on September 30, 2023.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) reported cartridge sales of 24,010 during the quarter, marking a 52% year-on-year surge compared to the 15,775 units sold in the prior year's corresponding quarter. The company further reported reader sales of 126 units compared to 66 units in the prior year’s corresponding quarter, marking an increase of 91%. The earnings derived from the sales of cartridges, readers and accessories have consistently increased from one calendar year to the next. Revenue climbed from $1.44 million in 2021 to $1.61 million by the end of 2022, and from January to October 2023, the company’s revenue was $1.93 million.
On December 5, 2023, the medical technology enterprise revealed that P&O Ferries, a leading Pan-European ferry and logistics firm, has implemented its ground-breaking Intelligent Fingerprinting Drug Screening System. The use of the system is intended to bolster the company's drug and alcohol testing policy. Previously, P&O had engaged an external drug testing service for the implementation of random urine tests for their maritime personnel. However, this testing procedure necessitated external testers, human resources assistance, and several two-hour training sessions, resulting in a costly and time-intensive process. The transition is expected to slash the company's overall drug testing costs by 90%.
On November 30, 2023, reports surfaced that Titan Cranes and Rigging Pty Ltd., a prominent material handling company, had adopted the drug screening system offered by the mentioned company. Titan is identified as one of Australia's leading material handling firms, supplying cutting-edge lifting equipment and skilled labor for major construction projects throughout Australia.
In November 2023, Intelligent Bio Solutions Inc. (NASDAQ: INBS) stock reached a notable closing high at $0.5775 and hit an intraday peak of $0.78. Currently, the stock is in oversold territory, suggesting a potential rebound and a return to an upward trend. This makes it a stock worth closely monitoring now and, in the weeks, ahead.
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