Investors have been closely monitoring the medical technology industry, and with good reason, considering its innovative nature. An intriguing company in this sector worth exploring is Intelligent Bio Solutions Inc. (NASDAQ: INBS).
Specializing in swift, intelligent, and non-invasive drug testing solutions, Intelligent Bio Solutions Inc., also a prominent medical/healthcare technology company, made headlines on January 18, 2023, announcing that Robinson Brothers, one of the largest independent chemical manufacturers in the United Kingdom, had recently adopted its Intelligent Fingerprinting Drug Screening System.
Robinson Brothers initiated the use of the system to bolster its drug and alcohol testing policy. The chemical manufacturing facility, located in West Bromwich, England, operates round the clock. The Human Resources team identified shortcomings in the outsourced drug testing procedure, prompting the decision to adopt Intelligent Bio Solutions' system. This strategic move aims to bring drug testing protocols in-house, offering flexibility, portability, and ease of use. The shift is expected to facilitate random testing at the facility to meet Robinson Brothers' specific requirements.
Addressing the decision, Steve Doyle, the Human Resources Manager at Robinson Brothers, highlighted that the outsourced vendor's service relied on urine-based testing. This approach was deemed intrusive and unhygienic for all parties involved. Moreover, it posed productivity challenges as individuals undergoing testing had to endure waiting times. Providing more details, he emphasized that upon uncovering the fingerprint-based drug testing alternative, the company swiftly investigated options to conduct testing internally.
The impact of this recent development triggered an initial breakout for Intelligent Bio Solutions stock, propelling it into an upward trend. On Friday, January 19, 2024, the stock closed with a notable 15.79% increase, accompanied by trading volume below the average. Additionally, it surpassed its 10, 20, and 50-day moving averages (DMA), marking an improvement in its intermediate-term outlook by crossing above these crucial trendlines making it a stock worth monitoring now and the immediate future.
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