Intelligent Bio Solutions Stock Rises On New Contract For Drug Testing Technology

• The new customer account represents one of INBS's most significant UK commercial deployments to date, the company said.
• Intelligent Bio’s Intelligent Fingerprinting Drug Screening System uses fingerprint sweat analysis to identify recent use of drugs commonly found in the workplace.
• Intelligent Bio is currently seeking FDA clearance to enter the U.S. workplace testing market beyond the Forensic Use Only category.

Shares of Intelligent Bio Solutions (INBS) jumped over 1% on Thursday morning after the company announced that it has secured a major new contract with one of UK's largest industrial service providers for its drug testing technology.

The unnamed company has operations across the energy, defense, nuclear, and industrial sectors and employs over 30,000 people globally, Intelligent Bio said. In the UK and Ireland alone, the company employs approximately 3,000 staff across multiple sites, it added.

Contract Details

The new customer account represents one of INBS's most significant UK commercial deployments to date, the company said. The medical technology stated that the adoption of its drug testing technology is part of the customer’s initiative to enhance workforce compliance and intended to replace the existing testing process based on urine collection and third-party testing.

Intelligent Bio’s Intelligent Fingerprinting Drug Screening System is expected to reduce downtime, increase productivity, and deliver rapid results at point of testing through fingerprint sweat analysis. The technology screens for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. It provides results in under ten minutes.

“Securing this account highlights the expanding market confidence in our technology and its growing role in transforming drug testing across some of the world's largest industrial operators.”
-Harry Simeonidis, CEO, Intelligent Bio Solutions

Plans Ahead

Intelligent Bio is currently seeking FDA clearance to enter the U.S. workplace testing market beyond the Forensic Use Only category.

The category "Forensic Use Only" applies to testing devices that have not been cleared by the U.S. Food and Drug Administration (FDA) for clinical or over-the-counter use. Instead, these products are intended exclusively for use by law enforcement.

What Are Stocktwits Users Saying?

On Stocktwits, retail sentiment around INBS jumped from ‘bearish’ to ‘bullish’ territory over the past 24 hours, while message volume jumped from ‘low’ to ‘high’ levels.

A Stocktwits user said that they are bullish on the long term outlook for the stock.

Another applauded the contract, terming it a sign of demand.

INBS stock is down by 28% this year and by about 31% over the past 12 months. 

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