Intelligent Ultrasnd - 2021 Full Year Trading Update
13/01/2022 08:12
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RNS Number : 3401Y Intelligent Ultrasound Group PLC 13 January 2022
13 Jan 2022
Intelligent Ultrasound Group plc
("Intelligent Ultrasound" or the "Group")
2021 Full Year Trading update
Intelligent Ultrasound Group plc (AIM: IUG), the ultrasound artificial
intelligence (AI) software and simulation group, continued to make significant
progress across the business and is pleased to announce that Group revenue for
the year to 31 December 2021 is expected to have increased by 47% to £7.6m
(2020: £5.2m).
The Group's Simulation Division, performed particularly strongly, with revenue
expected to have grown by 44% to £7.4m (2019: £5.2m), helped by strong
direct sales in the UK and US markets that grew by 58% to £5.2m (2020:
£3.3m) and a recovery in the Group's reseller markets in Europe and Asia,
that grew by 16% to £2.2m (2020: £1.9m).
In addition to the Group's core ScanTrainer, BodyWorks and HeartWorks
simulator platforms, the division launched its new BabyWorks simulator
platform in the second half of the year, aimed at the global neonate and
paediatric markets. It will also launch its new HeartWorks 3D Echo simulator
module at the International Meeting on Simulation in Healthcare (IMSH) in Los
Angeles this month.
Revenue relating to the Group's Clinical AI Division is expected to be £0.2m
(2020: £0.0m). These first AI related products provide real-time support
to clinicians whilst they are scanning and include the ScanNav Assist
obstetric AI software that is utilised by GE Healthcare as SonoLyst on their
Voluson SWIFT ultrasound machine; the CE approved ScanNav Anatomy Peripheral
Nerve Block (PNB) regional anaesthesia highlighting device and NeedleTrainer
that incorporates the PNB software to teach ultrasound-guided needling skills.
The Group remains confident that the expected increase in face-to-face medical
exhibitions and congresses, that are fundamental to the launch process of the
Group's new products, and the continued roll-out of ScanNav Assist and PNB
will accelerate AI revenue growth in 2022. The need for an additional US-based
Human Factors study has pushed the regulatory approval and anticipated launch
of the PNB clinical system in the US to the summer, but the Group still
envisages the PNB system will contribute to US revenues in 2022.
Bringing all these AI related products to market during the year puts the
Group in a strong position to continue the growth of its 'Classroom to Clinic'
ultrasound business and be a global leader in AI related ultrasound software
and simulation.
Group operating loss for the year is expected to be between £4.2m and
£4.4m (2020: loss of £4.5m). This includes approximately £2.4m (2020:
£2.0m) of expensed R&D costs primarily attributable to investment in the
Group's Clinical AI Division. Group management, plc costs and share-based
payment charges included in the loss are expected to be £1.3m (2020: £1.0m).
Cash during the year has been well managed, with cash at bank at 31 December
2021 expected to be approximately £5m (31 December 2020: £8.8m) which
represents a significant improvement in the second half of the year. With a
number of potential growth opportunities relating to additional AI related
product
development programmes, as well as increases in the machine learning, direct
sales and marketing teams; the Group will continue to monitor investment,
overheads and cash against the anticipated sales growth curve in 2022 and
beyond.
In summary, the Group expects the strong performance of 2021 to continue in
2022, with growing revenue from the Group's simulation and AI related products
and the product development teams continuing to launch new products that will
support longer term revenue growth in the 'Classroom to Clinic' market.
Stuart Gall, CEO of Intelligent Ultrasound Group plc, commented: "This has
been a very positive year for the Group. We have increased Group revenue by
almost 50%, launched a range of AI products into the exciting real-time
ultrasound image analysis market, are building an excellent partnership with
the world's leading ultrasound company - GE Healthcare, and have also expanded
our simulation portfolio with a range of product extensions. All this has been
achieved despite the ongoing pandemic that has restricted our activities,
especially the US based studies required for regulatory clearance for new
products, as well as the critical phase of new product introduction at shows
and medical exhibitions. With a growing range of both AI and simulation
related products, an established operational base, and strong second half
sales continuing the trend from the first half of the year, we are well placed
to continue this growth during 2022 and beyond and remain excited about the
long-term potential of the 'Classroom to Clinic' business."
This announcement contains inside information for the purposes of the UK
version of Article 7 of Regulation (EU) 596/2014 ("MAR").
For further information, please contact:
Intelligent Ultrasound Group plc www. intelligentultrasound.com
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities - Nominated Advisor and Broker Tel: +44 (0)20 7397 8900
Giles Balleny (Corporate Finance)
Michael Johnson / Julian Morse (Sales)
Walbrook PR Tel: +44 (0)20 7933 8780 or intelligentultrasound@walbrookpr.com
Anna Dunphy / Paul McManus Mob: +44 (0)7876 741 001 / Mob: +44 (0)7980 541 893
About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) develops artificial
intelligence-based clinical image analysis software tools for the diagnostic
medical ultrasound market and hi-fidelity virtual reality simulators for the
ultrasound training market. Based in Cardiff in the UK and Atlanta in
the US, the Group operates two divisions:
Clinical AI Division
Focusses on developing deep learning-based algorithms to make ultrasound
machines smarter and more accessible. Products in the market include:
ScanNav Assist
ScanNav Assist uses machine-learning based algorithms to automatically
identify and grade ultrasound images. GE Healthcare's SonoLyst software on
their Voluson SWIFT ultrasound machine incorporates the ScanNav Assist AI
technology and has received CE and FDA regulatory approval. SonoLyst is the
world's first fully integrated AI tool that recognises the 20 views
recommended by the International Society of Ultrasound in Obstetrics and
Gynaecology mid-trimester practice guidelines for fetal imaging.
ScanNav Anatomy
ScanNav Anatomy PNB uses machine-learning based algorithms to simplify
ultrasound-guided needling by providing the user with real-time AI-based
anatomy highlighting software for a range of medical procedures. ScanNav
Anatomy has received CE approval and has also been submitted for FDA
regulatory approval.
ScanNav Anatomy PNB is therefore not available for sale in the US or any other
territory requiring government approval for this type of product.
Simulation Division
Focusses on hi-fidelity ultrasound education and training through
simulation. Its main products are the ScanTrainer OBGYN training simulator,
the HeartWorks echocardiography training simulator,
the BodyWorks Eve Point of Care and Emergency Medicine training simulator
with Covid module and the new AI-based Anatomy PNB training simulator and the
new BabyWorks Neonate and Paediatric training simulator. To date almost 1,300
simulators have been sold to over 650 medical institutions around the world.
www.intelligentultrasound.com (http://www.intelligentultrasound.com/)
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