If you are interested in the medical technology space then it may be a good move to keep an eye on Intelligent Bio Solutions Inc (NASDAQ:INBS), which has been in the news lately. The company is involved in the development of fast, non-invasive, and intelligent testing solutions.
The stock is now trading in the oversold zone with RSI trading at 27. Considering the stock has seen selling pressure over the past few session and trading at a 52-week low, INBS could see a short squeeze and quick bounce back.
Yesterday, the medical device company was in focus once again after it made a major new announcement. The company announced that it had managed to secure 8 new customers spread across a number of locations across Australia. The company further noted that the 8 new customers had an employee strength of 10000 combined. The new customers were added by Intelligent Bio Solutions after having launched its Intelligent Fingerprinting Drug Screening System around two months ago in the country.
Ever since the company made its entry into Australia, its sales force had put in considerable efforts to drive sales and that resulted in the addition of eight new customers in the new market. The new customers belong to a wide range of industries starting from Mining and Aviation to Construction and Agriculture.
The company noted in its news release that the strong market expansion in a new market was an indication of the rising demand for alternative screening solutions in different sectors. The company’s solutions was particularly important in such sectors in which workplace safety was of considerable importance.
The President and Chief Executive Officer of Intelligent Bio Solutions Harry Simeoidis spoke about the latest breakthrough as well. He noted that the company was focused on further growth and in delivering a dignified and convenient alternative to businesses so as to meet their drug screening needs.
He also stated that the rapidity with which the company expanded its footprint was also a testament to the effectiveness of the technology that it offered in its unique product.