The medical technology space has garnered a considerable amount of attention over the course of the past few years, and there are now several companies that investors could look into. One of the foremost players in that space is Intelligent Bio Solutions Inc. (NASDAQ:INBS). The company is best known for providing fast, intelligent, and non-invasive testing solutions.
On Wednesday, shares of INBS were one of the biggest gainers and soared 13.20% on a hefty volume of 1.41 million shares—14x its 10-day average volume.
On October 5, the company came into focus after announcing that its path-breaking Intelligent Fingerprinting Drug Screening System had been adopted by VKVP Haulage, a specialized container logistics firm. However, that was not all. In the same news release, Intelligent Bio Solutions announced that it had completed 25,000 fingerprinting tests with Auctus Management Group, an existing customer.
The new client already has its own in-house alcohol testing program in place, but the solution from Intelligent Bio Solutions would be used to complement the existing protocols. It would also help in bringing about the best practices in the industry to the HGV fleet of trucks operated by VKVP Haulage.
Roland Hollings, the Transport and Fleet Manager at VKVP, spoke about the development as well. He noted that the Intelligent Fingerprinting Drug Screening System from Intelligent Bio Solutions was a great solution that could be used in-house as and when required.
He went on to add that at the time, VKVP Haulage had been drug testing using the system for some weeks and noted that random in-house testing had already had a positive impact. The Chief Executive Officer of Auctus Management Group, Richard Toy, spoke about the positive impact of the drug testing system. He noted that Auctus had bagged one of the biggest construction projects in Europe, and the fact that the company noted in its proposal that it would use Intelligent Bio Solutions’ system proved to be a major factor in winning the project.