Intelligent Bio Solutions Inc. (NASDAQ: INBS) remains on track to enter the U.S. market in 2025. Sales momentum at Intelligent Bio Solutions remained strong, with the addition of 26 new accounts in the first fiscal quarter. These new accounts included 16,779 employees. Another key aspect is that Intelligent Bio Solutions continues to enhance its intellectual property portfolio. Recently, its DSR-PLUS Cartridge Reader received a European patent for unitary use. See May 2024 Update Now!
Ladenburg Thalmann, a renowned Wall Street firm founded in 1876, issued a buy rating and target price of $12 for Intelligent Bio Solutions Inc. (NASDAQ: INBS), a leader in medical technology, is making strides with its innovative fingerprint drug testing device. This product offers a quick, efficient alternative to traditional urine or saliva tests, which can be costly, slow, and hazardous. There’s a growing need for faster, reliable, and economical drug testing solutions, especially in workplace environments. Market forecasts suggest an expansion from $5.3 billion in 2023 to approximately $28.3 billion by 2032. Intelligent Bio Solutions is set to secure a considerable market share with its pioneering fingerprint testing technology.
While focusing on operations, the company's fundamentals have strengthened. In Q3 of FY 2024, reflecting 80% year-on-year growth. For the nine months ending March 2024, total revenues reached $2.28 million, marking a 193% increase compared to the same period last year. Strong financial health is crucial for growth-oriented companies, and Intelligent Bio Solutions is well-capitalized. Recently, the company raised approximately $10.76 million through a private placement and warrant inducement transaction. By the end of Q1 2024, the company had cash and cash equivalents of $9.40 million, significantly up from $1.1 million in the previous year’s quarter. According to The Street Reports, the company is projected to generate $73.5 million in revenues by 2028. Additionally, its IFB products have gained significant traction in European and Asian markets.
Another company standout is the medical tech firm Intelligent Bio Solutions Recent key operational developments may fuel significant future growth is a partnership with Cliantha Research for pharmacokinetic (PK) studies within the FDA's clinical studies plan.
Active across these sectors, medical devices companies include: Perspective Therapeutics Inc (NYSEAMERICAN: CATX), Tandem Diabetes Care Inc (NASDAQ: TNDM), Pacific Biosciences of California Inc (NASDAQ: PACB), Novocure Ltd (NASDAQ: NVCR), BIOLASE Inc (NASDAQ: BIOL), ReShape Lifesciences Inc (NASDAQ: RSLS), Nano-X Imaging Ltd (NASDAQ: NNOX)
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