The medical devices sector has been on the radars of investors for quite a while due to the innovations in the sector. Here is a better look at four stocks from the sector that could be worth tracking.
Intelligent Bio Solutions Inc. (NASDAQ:INBS) has hit a new milestone as a game-changing medical technology company focused on delivering intelligent, rapid, non-invasive testing solutions. The company has unveiled an intelligent fingerprint drug screening system poised to revolutionize healthcare and work environments.
Unveiled at the 2023 Workplace Health & Safety Show in Sydney, Australia, on September 20, the solution seeks to make it easy for workplace health and safety managers to conduct non-invasive workplace drug testing. The portable system can be used in any environment at any given time and is thus expected to be a key deterrent to drug abuse in workplace environments.
The Intelligent Fingerprint Drug Screening System is the first fingerprint-based drug testing system capable of analyzing fingerprint sweat for any recent drug use. It proved highly effective in detecting any traces of cannabis, cocaine, opiates, and methamphetamine in under ten minutes. Therefore, it stands out as a quick, easy, non-invasive, and dignified alternative to traditional point-of-care drug testing systems.
The company has already received strong interest and responses from key decision-makers and professionals from various industries about the non-invasive testing solution. As a commitment to workplace safety grows stronger and the need to conduct regular workplace drug screening increases, demand for non-invasive solutions should increase.
The new fingerprint testing system boasts applications in various sectors, having already been deployed in safety-critical industries such as construction, manufacturing, engineering, transport, and logistics. It will also find great use in drug treatment organizations.
Intelligent Bio Solutions has already set sights on making workplace solutions available in as many markets as possible. The focus is on the European and Australian testing markets, as it also plans to make the solution available in the Asia-Pacific region.
MaxCyte Inc. (NASDAQ: MXCT) The company is focused on pursuing cell engineering perfection so that it can harness the potential of cells to the maximum and improve the lives of patients. MaxCyte Inc. has been involved in the creation of the best-in-class platforms, fine-tuning the finer aspects of transfection work flow, and coming up with futuristic solutions for more than 20 years. On August 9, the company announced its financial results for the three and six months ended on June 30, 2023.
In the second quarter, MaxCyte recorded revenues of $9 million, which worked out to a drop of 6% year on year. The core business revenues dropped by 14% year on year and hit $8.3 million in the second quarter. The company revealed that it expected core revenues for 2023 to be similar to the 2022 figure. At the end of the quarter, the company reported cash, cash equivalents, and short-term investments of $216.1 million.
Cerus Corporation (NASDAQ: CERS): The company is entirely focused on safeguarding the blood supply globally and seeks to become a major player in the worldwide blood products space. Cerus Corporation is based out of Concord, California, and is involved in the development of vital technologies as well as blood components that are pathogen-protected. The company supplies those products to hospitals and blood centers.
On August 2, the company announced its financial results for the second fiscal quarter that ended on June 30, 2023. Cerus Corporation recorded revenues of $47.7 million, which included $38.9 million in product revenues and government contract revenues of $8.9 million. The company had also been awarded additional funding of $8.7 million by the United States Department of Defense so as to continue its work on the lyophilized Intercept Fibrinogen Complex (LyoIFC). The additional funding brought the total value of the contract to $17.8 million.
Novo Integrated Sciences Inc.'s (NASDAQ:NVOS) stock gained momentum in Friday's trading session on a higher volume. The stock is reacting to the company's announcement about signing a master collateral transfer agreement.
Late Thursday, the company said that it has signed a one billion dollar master collateral transfer agreement with Blacksheep Trust for the purpose and general use of monetization by Novo for a period of up to 15 years. The transfer is estimated to occur in one or more transactions during the current fiscal quarter following validation and authentication by third-party audit procedures.
Robert Mattacchione, Novo’s CEO and Chairman of the Board, stated, “Novo has secured its core business capital needs with previously disclosed financings and financing opportunities. We believe the pending monetization of this One Billion Dollar collateral transfer transaction represents the solution to the Company’s hypergrowth expectations, and this transaction will allow the Company to proceed with its international growth objectives. We expect our ability to leverage this collateral will provide us with a self-sufficient capital platform ensuring opportunistic and strategic advantage.”
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