What's Going On With Opiate Screening Tests-Focused Intelligent Bio Solutions Stock On Monday?

Monday, Intelligent Bio Solutions Inc. INBS stock is trading higher with a session volume of 62.49 million compared to the average volume of 154k, as per data from Benzinga Pro.

The company reported preliminary fiscal fourth-quarter 2024 revenue of $0.73 million, up 64% year-over-year compared to the consensus of $1.43 million.

The fiscal year 2024 sales increased 148% to $3.11 million compared to the consensus of $4.18 million.

INBS expects a 20% increase in cartridge sales and a 26% increase in reader sales for 2024.

The company attributes key drivers of revenue growth to market demand, increasing brand and product awareness, and expansion of its customer base.

The company announced on Thursday its progress toward completing the clinical study plan required for its FDA 510(k) submission.

Intelligent Bio Solutions is a medical technology company offering rapid, non-invasive testing solutions.

In August 2024, Intelligent Bio Solutions announced its partnership with CenExel to perform the method comparison study as part of its clinical study plan.

The study involves recruiting 135 healthy adult subjects and comparing the results of fingerprint sweat opiate screening tests.

The company completed approximately one-third of the subject enrollment targets for its method comparison study, including screening, consenting, and fingerprint sweat specimen collection activities.

Additionally, the company recently completed the in-clinic portion of a pharmacokinetic (PK) study on opiates in human fingerprint sweat and is currently analyzing the collected specimens and data from the study.

Harry Simeonidis, President and CEO at INBS, commented, “Our team and CRO partner are working together effectively to remain on track with our plan to complete the in-clinic portion of the method comparison study by the end of September. This progress aligns with our overarching goal of preparing a 510(k) submission for the FDA in the fourth calendar quarter of 2024.” 

The Intelligent Fingerprinting Drug Screening System, consisting of a DSR-Plus portable analysis unit and tamper-proof cartridges, is designed to offer drug detection using lateral flow assay technology and fluorescence-labeled antibodies to analyze sweat from fingerprints.

Results are available within 10 minutes, with a 16-hour detection window for drug use.

In August, the company announced the installation of over 1,000 Intelligent Fingerprinting Drug Screening Readers with customers as of June 30, 2024.  

The company sold 407 readers in the fiscal year ending June 30, 2024, a 26% increase from the prior fiscal year.

As of June 30, 2024, the total number of installed readers was 1,037, a 65% increase from 630 installed readers as of June 30, 2023.

Price Action: INBS stock is up 77.80% at $2.81 at the last check on Monday.