Intelligent Bio Solutions reported that it added 33 new customer accounts in its fiscal first quarter, a 50 % increase over the 22 new accounts recorded in the same period a year earlier. The addition brings the company’s total active accounts to 480, up from 447 at the end of the prior year’s first quarter.
The new accounts are largely first‑time adopters, with 91 % of the 33 new customers joining the company for the first time and the remaining 9 % representing expansions within existing customer organizations. The new clients span maritime, transportation and logistics, electrical and electronic manufacturing, construction, and government administration.
Growth was strongest in the United Kingdom, where distributor activity across Europe and the Middle East has accelerated. The company’s international expansion strategy is reflected in the geographic distribution of the new accounts.
Despite the customer‑growth headline, Intelligent Bio Solutions continues to face financial challenges. The company reports negative operating and net margins, a distressed financial‑strength score, and a current ratio below one, indicating liquidity pressure. Management highlighted ongoing efforts to secure FDA 510(k) clearance for its Intelligent Fingerprinting Drug Screening System and to add new assays for ketamine and tramadol, positioning the firm for broader U.S. market entry.
The global drug‑testing market is estimated at $4.6 billion in 2023 with a projected 5.6 % CAGR. The U.S. market accounts for roughly 75 % of that size, making FDA clearance a critical milestone for the company’s growth ambitions. While the new customer acquisition signals market acceptance of the company’s non‑invasive fingerprint‑sweat technology, the financial context underscores the need for continued investment and margin improvement to sustain long‑term profitability.
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