Intelligent Bio Solutions Inc. (NASDAQ: INBS) The company’s recent accomplishments suggest that it might be a noteworthy stock to watch not only in December 2023 but also for the foreseeable future.
The company maintained positive momentum across various aspects. In the initial fiscal quarter concluding on September 30, 2023, reported a 191% year-over-year increase in combined revenue and government support income. Notable milestones in the quarter included a distribution agreement signed with TSCOM in July 2023 and the ISO recognition awarded to its Intelligent Fingerprinting System (IFP) for drug screening in September 2023.
Recently, Intelligent Bio Solutions revealed the achievement of notable milestones related to the incorporation of tramadol and ketamine into its fingerprint drug test library. Presently, the IFP provides tests for cocaine, cannabis, methamphetamine, and opiates. The company is strategically expanding its library to encompass additional substances, aiming to capture a broader share of the market.
A significant facet of the company’s current path is its entry into several new markets. Intelligent Bio Solutions extended its business footprint in the United States by securing VKHP Haulage as a user of its IFP Screening System. Another noteworthy development was the company’s expansion into the New Zealand market. It’s worth mentioning that preceding its entry into the New Zealand market, the company had already established a presence in the larger Australian market, making it a logical progression. On August 1, the company announced the signing of eight new clients in Australia a few months after initiating its marketing efforts in the country. Given its trajectory, Intelligent Bio Solutions is likely catching the attention of many investors.
From a technical perspective, Intelligent Bio Solutions Inc. (NASDAQ: INBS) exhibits the potential for a notable rebound in 2023. As a result, the stock’s trading activity in November 2023 exhibited a closing price high of $0.5775 and an intraday peak of $0.78. Currently, it is trading at $0.288, making it a noteworthy stock to keep a close eye on in the upcoming weeks.