Why Is INBS Stock Rising Today?
Synopsis
Intelligent Bio Solutions announced a partnership with Syrma Johari Medtech, a medical device engineering and manufacturing organization based in India.
- The company stated that its partnership with Syrma will help support and scale the production of its Intelligent Fingerprinting Drug Screening Reader.
- Intelligent Bio Solutions anticipates the Syrma partnership to deliver savings of more than 40% in its annual production costs.
- It expects these savings to translate into a 20-basis-point improvement in its gross margin compared to its prior manufacturing arrangement.
Intelligent Bio Solutions Inc. (INBS) shares soared more than 100% in Wednesday’s opening trade after the company announced a new manufacturing partnership to increase its production capability and boost margins.
The firm announced that it has partnered with Syrma Johari Medtech, a medical device engineering and manufacturing organization based in India.
Retail sentiment on Stocktwits regarding Intelligent Bio Solutions was trending in the ‘extremely bullish’ territory at the time of writing.
INBS’ Partnership
The company stated that its partnership with Syrma will help support and scale the production of its Intelligent Fingerprinting Drug Screening Reader.
Intelligent Bio Solutions expects the Syrma partnership to deliver “significant” operational and financial benefits, with the company anticipating savings of more than 40% in its annual production costs. It expects these savings to translate into a 20-basis-point improvement in its gross margin compared to its prior manufacturing arrangement.
INBS also stated that Syrma’s manufacturing capacity is four times its own, which it says will help it scale its commercial operations efficiently.
“Partnering with Syrma Johari is a strategically significant milestone for our business,” said Callistus Sequeira, Vice President of Global Quality and Operations at Intelligent Bio Solutions.
What Does Syrma Do?
Syrma is an India-based manufacturer that designs, develops, engineers, and manufactures medical devices for the global market. The company has 14 manufacturing locations and three design centers, with 90% of its business oriented toward exports.
INBS stock is down 44% year-to-date.
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