The medical technology industry has grown at a significant pace throughout the past few years, and it is no surprise that investors are now increasingly looking for options in this sector. One of the companies that investors could consider tracking at this point is Intelligent Bio Solutions Inc (NASDAQ: INBS).
Intelligent Bio Solutions is a medical devices company that is involved in providing fast, intelligent, and non-invasive testing solutions. One of the flagship offering is the Intelligent Fingerprinting Drug Screening System which is bringing about a revolution in portable testing through fingerprinting of sweat analysis. It also has many more applications in related fields.
The company announced on May 16 that its Intelligent Fingerprinting Drug Screening System would be able to detect fentanyl and fentanyl-laced street drugs from the sweat collected by its system. Considering the fentanyl menace in the United States it was a major new development.
As per data from the CDC, the number of fentanyl overdose deaths in the United States stood at more than 100,000 in the 12 months ended in November 2022. As much as 81.9% of those deaths involved the presence of at least an opioid and fentanyl was found to be the most popular one. Intelligent Bio Solutions is working on combatting the crisis by offerings its flagship product to detect the presence of fentanyl.
Earlier this month, the company reposted Q3 results for the period that ended on March 31, 2023. The total revenues and government support income brought in by Intelligent Bio Solutions stood at $574,738, a 199% rise year-over-year. The rise in revenues was primarily due to the acquisition of Intelligent Fingerprinting Ltd.
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