Intelligent Bio releases shareholder letter on 2024 growth, 2025 strategy

Intelligent Bio Solutions (INBS) issued a letter to shareholders from Harry Simeonidis, President and CEO, reflecting on a year of growth in 2024 and its strategic path forward into the multi-billion dollar U.S. market in 2025. “As we begin 2025, I wanted to take the opportunity to recap on the progress we made in 2024 and key upcoming catalysts including our planned entrance into the multi-billion dollar U.S. market… We believe the potential total addressable market in the U.S. for our Intelligent Fingerprinting Drug Testing Solution is substantial… Taking a global view, the drug screening products market is projected to reach almost $15 billion in the next six years, presenting significant growth opportunities for the Company… With rising substance abuse cases, more stringent regulations, and an increased focus on workplace safety, we anticipate we will see growing demand for faster, non-invasive testing, like our Intelligent Fingerprinting Drug Testing Solution… Our plan to enter the U.S. market capitalizes on these trends, positioning our product as a rapid, accurate, non-invasive alternative to traditional methods… Our recently announced preliminary results for the fiscal second quarter ended December 31, 2024, demonstrate the progress we are making in improving our gross profit margins. We expect to report unaudited revenue of approximately $0.61 million for the three months and $1.48 million for the six months ended December 31, 2024… The market for our drug-testing solution is growing substantially, and by addressing the unique requirements of safety-critical industries, as well as aligning with the wide market demand for rapid, advanced drug testing solutions, we believe we are well-positioned to capture a share of this global market.”