NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology firm, has expanded its intellectual property portfolio with the grant of a new European patent for its DSR-Plus Cartridge Reader. This non-invasive drug screening technology, which uses fingerprint sweat analysis, has now secured patent protection in 17 European countries, following successful protection in the United Kingdom.
The patent is part of the company's strategy to widen its global reach, particularly in the European market. The DSR-Plus Cartridge Reader is designed to provide a rapid, hygienic, and discreet method for detecting drug use, particularly in workplaces and safety-critical industries.
President and CEO Harry Simeonidis expressed that the European patent grant reinforces the company's intellectual property portfolio and is a testament to the innovation and effort of their team. He also highlighted the potential benefits of this technology for creating safer and healthier work environments across Europe.
The DSR-Plus Cartridge Reader is known for its ease of use, collecting sweat samples in under a minute and delivering results in less than ten minutes. This system is poised to offer an alternative to traditional drug screening methods, providing a dignified and effective solution.
Intelligent Bio Solutions Inc. believes that its Intelligent Fingerprinting Drug Screening System can revolutionize portable testing and has applications beyond drug screening, including testing for a range of other indications.
The company serves various customer segments, including construction, manufacturing, engineering, transport, logistics, drug treatment organizations, and coroners.
This news is based on a press release statement from Intelligent Bio Solutions Inc.
InvestingPro Insights
Intelligent Bio Solutions Inc. (NASDAQ:INBS) has made strides in expanding its European presence with the recent patent grant for its DSR-Plus Cartridge Reader. As the company focuses on growth, InvestingPro data and tips provide a deeper understanding of its financial health and stock performance.
The company's market capitalization stands at a modest $9.61 million, reflecting its position as a smaller player in the medical technology sector. Despite a challenging financial performance, with a negative P/E ratio of -0.08, indicating that the company is not currently profitable, there is a silver lining. Impressively, Intelligent Bio Solutions has experienced a substantial revenue growth rate of 589.79% over the last twelve months as of Q2 2024, suggesting potential for future profitability.
InvestingPro Tips highlight that analysts anticipate sales growth in the current year, which could be a positive sign for investors looking for growth opportunities. However, it's important to note that the company is quickly burning through cash and operates with a moderate level of debt. Additionally, the stock has been subject to high price volatility, which may concern risk-averse investors. The stock has also fared poorly over the last month, with a 17.18% negative price total return, and has seen a significant decline over the last year with an 89.34% drop.
For those interested in exploring further InvestingPro Tips, there are additional insights available that could aid in making more informed investment decisions. With the use of coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable tips.
For a comprehensive analysis, investors can consider the full spectrum of 12 additional InvestingPro Tips available for Intelligent Bio Solutions Inc., which can be found at: https://www.investing.com/pro/INBS. These tips provide a more detailed view of the company's financial health and market performance, which could be particularly beneficial given the company's recent European patent success and its implications for future growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.