Intelligent Ultrasnd - Half-year Report
18/08/2022 07:00
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RNS Number : 3909W Intelligent Ultrasound Group PLC 18 August 2022
The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via the
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Intelligent Ultrasound Group plc
(the "Group" or the "Company" or "Intelligent Ultrasound")
Half Year Report
Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic'
ultrasound company, specialising in artificial intelligence (AI) software and
simulation, announces its unaudited half year results to 30 June 2022.
Financial highlights
· Growth in revenue of 62% to £5.9m (H1 2021: £3.6m)
o Simulation revenue increased by 56% to £5.6m (H1 2021: £3.6m)
o Clinical AI revenue, which is in the early stage of commercialisation,
increased by 486% to £0.3m (H1 2021: £0.1m)
· Operating loss for the period narrowed to £1.3m (H1 2021: loss of
£2.3m)
· Cash and cash equivalents at 30 June 2022 of £3.5m (31 December
2021: £5.0m)
Operational highlights
· Direct sales, which together cover the UK and USA, grew by over 80%
to £5.3m (H1 2021: £2.8m), helped by a high number of one-off orders from a
UK NHS training initiative in the first quarter. The zero-covid policy in
China negatively impacted Rest of World sales
· Announced an extension to the GE Healthcare agreement to enable GE
Healthcare to utilise the ScanNav Assist AI software in a new women's health
segment of automated ultrasound image analysis, that is outside the Group's
original agreement
· Secured the status of a Carbon Neutral Company - a significant
milestone as part of the Company's wider Environmental, Social, and Governance
(ESG) goals
Post-period end
· The ScanNav real-time AI technology was incorporated by GE Healthcare
into the new Voluson Expert 22 ultrasound machine, the second machine in the
Voluson portfolio to incorporate Intelligent Ultrasound's AI software as an
optional add-on
Stuart Gall, CEO of Intelligent Ultrasound commented: "This has been an
excellent start to the year. Although Covid-19 has restricted sales in China,
our simulation revenues grew by over 50% thanks to an outstanding performance
from the UK and sales of the new clinical AI related products are starting to
grow. The recent announcement that our ScanNav Assist software has now been
incorporated on GE Healthcare's new Voluson Expert 22 ultrasound machine is
particularly encouraging. We reduced our operating loss for the period to
£1.3m and we remain confident that we can meet the market expectations of
£10m revenue for FY2022. We continue to monitor closely our cash, investment
in R&D and overheads against the anticipated sales growth curve in 2023,
as we build a successful 'Classroom to Clinic' ultrasound business in this
exciting sector of the market."
Enquiries:
Intelligent Ultrasound Group plc www.intelligentultrasound.com (http://www.intelligentultrasound.com)
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate Finance)
Dale Bellis / Julian Morse (Sales)
Walbrook PR Tel: +44 (0)20 7933 8780 or intelligentultrasound@walbrookpr.com
(mailto:intelligentultrasound@walbrookpr.com)
Anna Dunphy Mob: +44 (0)7876 741 001
About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is one of the world's leading 'classroom to
clinic' ultrasound companies, specialising in real-time hi-fidelity virtual
reality simulation for the ultrasound training market ('classroom') and
artificial intelligence-based clinical image analysis software tools for the
diagnostic medical ultrasound market ('clinic'). Based in Cardiff in
the UK and Atlanta in the US, the Group has two revenue streams:
Simulation
Real-time hi-fidelity ultrasound education and training through simulation.
Our main products are the ScanTrainer obstetrics and gynaecology training
simulator, the HeartWorks echocardiography training simulator,
the BodyWorks Eve Point of Care and Emergency Medicine training simulator
with Covid-19 module and the new BabyWorks Neonate and Paediatric training
simulator. To date over 1,400 simulators have been sold to c. 700 medical
institutions around the world.
Clinical AI software
Deep learning-based algorithms to make ultrasound machines smarter and more
accessible using our proprietary ScanNav ultrasound image analysis technology.
Current products on the market utilising this technology are GE
Healthcare's SonoLyst software that is incorporated in their Voluson Expert
22 and SWIFT ultrasound machines; ScanNav Anatomy PNB that simplifies
ultrasound-guided needling by providing the user with real-time AI-based
anatomy highlighting for a range of medical procedures; and NeedleTrainer
that teaches real-time ultrasound-guided needling and incorporates ScanNav
Anatomy PNB.
www.intelligentultrasound.com (http://www.intelligentultrasound.com/)
NOTE: ScanNav Anatomy PNB is CE approved, but not yet available for sale in
the US or any other territory requiring government approval for this type of
product.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022
This has been an excellent trading period for the Group. A very strong
simulation revenue performance in the UK was combined with encouraging growth
in clinical AI software sales that puts us in a strong position to meet our FY
2022 target of £10m and continue the growth of the business into 2023.
Importantly, post-period end in July, our ScanNav Assist real-time AI
technology was incorporated by GE Healthcare into the new Voluson Expert 22
ultrasound machine, the second machine in the Voluson portfolio to incorporate
Intelligent Ultrasound's AI software as an option add-on.
We continue to believe that our 'classroom to clinic' ultrasound vision will
enable us to build a successful business in this exciting sector of the
market.
Simulation
Revenue
Our simulation revenue grew by 56% to £5.6m (H1 2021: £3.6m), our best start
to the year since we listed the Company in 2014.
Our record sales were driven by an exceptional performance from the UK's
direct sales team, who increased revenue by over 160% to £4.0m (H1 2021:
£1.6m). The UK revenues were helped by a high number of one-off orders from a
UK NHS training initiative in the first quarter. Although all our simulator
sales are considered one-offs, we judged c.£1.4m of these UK sales to be
exceptional.
Sales from the Group's direct sales team in USA showed a small decline of 13%
to £1.1m (H1 2021: £1.3m), but the region is expected to grow sales in the
second half of the year and with long-term growth expected from the US
markets, we invested in increasing the size of the sales team during the
period.
Sales from the Group's reseller network were impacted by the closing of the
Chinese market due to Covid-19 and to a lesser extent by the impact of the war
in Ukraine that has resulted in our sales into Russia being put on hold. As
a result, Rest of the World revenue declined by 38% to £0.5m (H1 2021:
£0.8m). With sales in China and Russia not expected to recover in the second
half of the year, we anticipate our simulation reseller sales will improve in
2023.
Research and Development
In January 2022 at the International Meeting on Simulation in Healthcare
(IMSH) in Los Angeles, we officially launched the new BabyWorks neonate and
paediatric training simulator and the new 3D Echo add-on module for
HeartWorks. Both products are expected to contribute to simulator revenues in
H2 2022 and grow sales in 2023. During the year we also launched the new START
2.0 remote e-learning modules for the BodyWorks and HeartWorks platforms.
Clinical AI software
Revenue
Our clinical AI revenue, which is in the early stage of commercialisation,
grew five-fold to £0.3m (H1 2021: £0.1m) as we continued to focus on moving
AI into the clinic to give real-time support to clinicians whilst they are
scanning.
We now have three products launched in the market:
· ScanNav Assist that is incorporated in two of GE Healthcare's Voluson
ultrasound machines - the newly launched Expert 22 and the SWIFT
· ScanNav Anatomy Peripheral Nerve Block ("PNB"), our own CE approved,
direct-to-market device, that simplifies ultrasound-guided needling by
providing the user with real-time AI-based anatomy highlighting for a range of
medical procedures
· NeedleTrainer, our own direct-to-market device, that teaches
real-time ultrasound-guided needling and incorporates ScanNav Anatomy PNB
Good progress has been made in the early commercialisation of these AI related
products and with ScanNav Anatomy PNB anticipated to receive FDA clearance in
the second half of 2022, and a handheld compatible version of NeedleTrainer
expected to launch in September 2022, AI revenue is expected to continue to
grow in H2 and in 2023. To this end, we now have two dedicated salespeople
selling NeedleTrainer and ScanNav Anatomy PNB in the UK and USA and will look
to increase this resource as sales traction grows during 2023.
We continue to build an excellent partnership with GE Healthcare and in
January 2022 announced an extension to our existing exclusive women's
healthcare AI agreement with GE Healthcare to enable GE Healthcare to utilise
the ScanNav Assist AI software in a new segment of automated ultrasound image
analysis, that is outside the Group's original agreement. Although the terms
of the agreement and the timings of the related product launch are
undisclosed, this supplementary product line is expected to support the growth
of the Group's royalty revenues in the longer term.
Research and Development
In the first half of 2022 we continued to focus on developing our partnership
with GE Healthcare and commercialising ScanNav Assist, ScanNav Anatomy PNB and
NeedleTrainer. As such, our development work on the ScanNav Detect abnormality
detection software and the future ScanNav HealthCheck software for at-home
scanning remain in the very early stages of development:
Operations
We continue to operate out of our head office in the centre of Cardiff and
warehouse in Caerphilly and have successfully moved to a flexible work
environment, whereby employees combine office and at-home working that is
appropriate to the Company and employee.
Board changes
In June 2022, Professor Nazar Amso and David Baynes, who have been Directors
within the Group respectively for 17 and 12 years, retired from the Board. We
would like to take this opportunity to thank Nazar, the founder of the
original Company, and David, the representative of the original major
investor, for their significant contributions to the Company over the past
years.
Post period end in August, we appointed Dr Christian Guttmann to the Board.
Christian is a recognised leader in shaping the global agenda on AI
regulation, standards, and guidelines, as well as having outstanding AI
research, development and AI commercialisation experience. He has built over
100 novel AI systems and products and was the founder of the Global AI
Institute which advises government ministers, thinktanks and businesses around
the world.
Concurrent with his appointment, Andrew Barker, who has been a Non-executive
Director since 2017, has announced his intention to retire from the Board
effective 31 December 2022.
Christian will join the Audit and Risk Committee, effective with his
appointment. Andrew will continue as Chair of the Remuneration Committee until
31 December, after which Michele Lesieur will take over as Chair of the
committee.
Environmental, Social, and Governance (ESG)
In May we published our first ESG dashboard and report in the annual report
and accounts and announced that we had secured the status of a Carbon Neutral
Company - a significant ESG milestone in our wider ESG goals. The full report
can be viewed at https://www.intelligentultrasound.com/esg/
(https://www.intelligentultrasound.com/esg/)
Financial Review
· Revenue of £5.9m (H1 2021: £3.6m)
· Operating loss for the period of £1.3m (H1 2021: loss of £2.3m)
· Cash and cash equivalents at 30 June 2022 of £3.5m (31 December
2021: £5.0m)
· Net cash used in operating activities of £0.7m (H1 2021: £2.2m)
Driven by the exceptional simulation performance in the UK, H1 2022 revenues
reached a record £5.9m, an increase of 62% compared to the first half of 2021
(H1 2021: £3.6m). Gross profit for the period increased by over 60% to £3.8m
(H1 2021: £2.3m), an increase of £1.5m due to a mix of higher sales volumes
and an improvement in average gross margin arising from the higher proportion
of UK direct sales in the period. Clinical AI revenues from the expanded AI
product range grew to £0.3m in H1 2022 (H1 2021: £0.1m).
Total research and development (R&D) expenditure on product development
and regulatory costs in H1 2022 was £1.7m (H1 2021: £1.6m) of which £0.6m
(H1 2021: £0.5m) has been capitalised in the period. Clinical AI development
costs in H1 2022 include the additional Human Factors study performed in the
US as part of the FDA regulatory filing process for ScanNav Anatomy PNB, the
new handheld version of NeedleTrainer and the additional variants of the
ScanNav Assist software. In addition, development of new cardiac pathology
modules for BabyWorks started in H1 as well as ongoing development of
HeartWorks and ScanTrainer.
The operating loss in H1 2022 fell by 43% to £1.3m (H1 2021: £2.3m) due to
higher gross profit of £1.5m, offset by higher administrative expenses of
£0.5m. Administrative expenses increased partly due to higher sales related
costs such as sales commissions and distribution costs as well as headcount
increases in the US sales function offset by higher capitalised R&D costs.
The Group had cash and cash equivalents of £3.5m at 30 June 2022 (31 December
2021: £5.0m), a movement of £1.5m in the period (H1 2021: £2.9m). Operating
cash outflows before working capital movements were £0.9m lower in H1 2022
compared to H1 2021. After movements in working capital of £0.4m (H1 2022:
£0.9m) and the remainder of the 2020 R&D tax credits received in the
period of £0.2m (H1 2021: £nil), the net cash used in operating activities
reduced to £0.7m (H1 2021: £2.2m).
In the period, cash outflows from investing activities totalled £0.7m, of
which £0.6m related to capitalised R&D costs and £0.1m of property,
plant and equipment. The net cash outflow from financing activities was £0.1m
(H1 2021: £0.1m), principally relating to lease payments.
Outlook
This has been an excellent start to the year.
Although Covid-19 has restricted sales in China, our simulation revenues grew
by over 50% thanks to an outstanding performance from the UK and growing sales
of the new clinical AI related products. The recent announcement that our
ScanNav Assist software has now been incorporated in GE Healthcare's new
Voluson Expert 22 ultrasound machine is particularly encouraging.
We remain confident that we can meet the market expectations of £10m revenue
for FY2022, and we continue to monitor closely our cash, investment in R&D
and overheads against the anticipated sales growth curve in 2023, as we build
a successful 'Classroom to Clinic' ultrasound business in this exciting sector
of the market.
Stuart Gall
CEO
18 August 2022
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
Note Unaudited Unaudited Audited
6 months ended 6 months ended year
30 June 30 June ended
2022 2021 31 December
2021
£'000 £'000 £'000
REVENUE 4 5,900 3,639 7,596
Cost of sales (2,133) (1,365) (2,937)
GROSS PROFIT 3,767 2,274 4,659
Other income 6 - 2
Administrative expenses (5,121) (4,610) (8,993)
OPERATING LOSS (1,348) (2,336) (4,332)
Finance income - 1 1
Finance costs (19) (17) (37)
LOSS BEFORE INCOME TAX (1,367) (2,352) (4,368)
Taxation 5 333 333 758
LOSS ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS OF THE PARENT (1,034) (2,019) (3,610)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
Items that will or may be reclassified to profit or loss:
Exchange gain/(loss) arising on translation of foreign operations 175 (15) 33
OTHER COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD 175 (15) 33
TOTAL COMPREHENSIVE EXPENSE ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS OF THE (859) (2,034) (3,577)
PARENT
LOSS PER ORDINARY SHARE (PENCE) ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS OF THE 6
PARENT
Basic and diluted
(0.38) (0.75) (1.34)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
£'000 £'000 £'000
NON-CURRENT ASSETS
Intangible assets 7 2,776 1,958 2,558
Property, plant and equipment 1,277 1,263 1,400
Trade and other receivables 61 61 61
4,114 3,282 4,019
CURRENT ASSETS
Inventories 1,359 1,283 1,196
Trade and other receivables 2,193 2,716 2,650
Current tax asset 1,107 1,008 954
Cash and cash equivalents 3,544 5,849 4,950
8,203 10,856 9,750
TOTAL ASSETS 12,317 14,138 13,769
CURRENT LIABILITIES
Trade and other payables 8 (1,966) (1,895) (2,767)
Deferred income (284) (167) (206)
Lease liabilities (117) (206) (213)
Provisions (22) (22) (22)
(2,389) (2,290) (3,208)
NON-CURRENT LIABILITIES
Deferred income (349) (311) (320)
Lease liabilities (447) (564) (457)
Other payables (65) (65) (65)
(861) (940) (842)
TOTAL LIABILITIES (3,250) (3,230) (4,050)
NET ASSETS 9,067 10,908 9,719
EQUITY
Share capital 9 2,707 2,694 2,707
Share premium 25,959 25,959 25,969
Share warrants - 126 -
Accumulated losses (28,001) (25,400) (26,967)
Share-based payment reserve 1,580 1,095 1,373
Merger reserve 6,538 6,538 6,538
Foreign exchange reserve 119 (104) (56)
Other reserves 165 - 165
TOTAL EQUITY 9,067 10,908 9,719
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based payment
reserve Foreign exchange reserve
Share capital Share Share Accumulated losses Merger reserve Other reserves Total
premium warrants equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
AT 1 JANUARY 2021 2,694 25,959 126 (23,381) 842 6,538 (89) - 12,689
COMPREHENSIVE EXPENSE FOR THE PERIOD
Loss for the period - - - (2,019) - - - - (2,019)
Other comprehensive expense - - - - - - (15) - (15)
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Share-based payments - - - - 253 - - - 253
AT 30 JUNE 2021 2,694 25,959 126 (25,400) 1,095 6,538 (104) - 10,908
COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD
Loss for the period - - - (1,591) - - - - (1,591)
Other comprehensive income - - - - - - 48 - 48
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Issue of share capital 13 - - - - - - - 13
Exercise of share warrants - - (126) 24 - - - 165 63
Share-based payments - - - - 278 - - - 278
AT 31 DECEMBER 2021 2,707 25,959 - (26,967) 1,373 6,538 (56) 165 9,719
COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD
Loss for the period - - - (1,034) - - - - (1,034)
Other comprehensive income - - - - - - 175 - 175
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Share-based payments - - - - 207 - - - 207
AT 30 JUNE 2022 2,707 25,959 - (28,001) 1,580 6,538 119 165 9,067
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months ended 6 months 31 December 2021
30 June 2022 ended
30 June 2021
£'000 £'000 £'000
CASH FLOW FROM CONTINUING OPERATING ACTIVITIES
Loss before tax (1,367) (2,352) (4,368)
Add back:
Depreciation 287 254 508
Amortisation of intangible assets 363 470 680
Fair value adjustment to share warrants - - 3
Finance costs 19 16 36
Share-based payments expense 207 253 530
Operating cash flows before movement in working capital (491) (1,359) (2,611)
Movement in inventories (160) (236) (149)
Movement in trade and other receivables 531 (691) (592)
Movement in trade and other payables (743) 55 1,045
Movement in provisions - 12 12
Cash used in operations (863) (2,219) (2,295)
Income taxes received/(paid) 181 (2) 476
NET CASH FLOWS FROM OPERATING ACTIVITIES (682) (2,221) (1,819)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (157) (113) (503)
Interest receivable - 1 1
Internally generated and purchase of intangible assets (582) (465) (1,275)
NET CASH USED IN INVESTING ACTIVITIES (739) (577) (1,777)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of new shares - - 13
Principal elements of lease payments (112) (96) (195)
Finance costs paid (19) (16) (37)
NET CASH USED IN FINANCING ACTIVITIES (131) (112) (219)
(1,552) (2,910) (3,815)
NET DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,950 8,774 8,774
Exchange gains/(losses) on cash and cash equivalents 146 (15) (9)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,544 5,849 4,950
NOTES TO THE CONSOLIDATED INTERIM REPORT
for the six months ended 30 June 2022
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information contained in this interim report has not been
audited by the Group's auditor and does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006. The Directors approved and
authorised this interim report on 18 August 2021. The financial information
for the preceding full year is extracted from the statutory accounts for the
financial year ended 31 December 2021. Those accounts, upon which the
auditor issued an unqualified opinion and did not include a statement under
Section 498(2) or (3) of the Companies Act 2006, have been delivered to the
Registrar of Companies.
This interim report has been prepared in accordance with UK AIM Rules for
Companies. The Group has not applied IAS 34 "Interim Financial Reporting"
(which is not mandatory for AIM listed companies) in the preparation of this
interim report. The interim report has been prepared in a manner consistent
with the accounting policies set out in the statutory accounts for the
financial year ended 31 December 2021.
The Company is a limited liability company incorporated and domiciled in
England & Wales and whose shares are quoted on AIM, a market operated by
The London Stock Exchange. The Group financial statements are presented in
pounds Sterling.
Going concern
The Board has reviewed recently updated cash flow forecasts for the period to
the end of 2023 based on latest trading and estimates and assumptions for
future product development projects, sales pipeline, revenues and costs and
timing and quantum of investments in the R&D programmes. The forecasts
indicate that the Group may need additional funding within the next 12 months.
Although there is no guarantee, the Directors have a reasonable expectation
that the Group will be able to obtain further financing to support its ongoing
development and commercialisation activities and continue in operational
existence for the next 12 months. On this basis, the Directors continue to
apply the going concern basis in preparing this Interim report. Accordingly,
the financial statements do not include any adjustments that would result from
the going concern basis of preparation being inappropriate.
2. BASIS OF CONSOLIDATION
The consolidated interim report incorporates the results of the Company and
its subsidiary undertakings.
3. NEW ACCOUNTING STANDARDS
Several amendments and interpretations apply for the first time in 2022, but
do not have an impact on the interim condensed consolidated financial
statements of the Group.
4. REVENUE ANALYSIS
The following table provides an analysis of the Group's revenue by type and
geography based upon location of the Group's customers.
Unaudited 6 months ended 30 June 2022 Simulation Clinical AI Total
£'000 £'000 £'000
United Kingdom 4,020 125 4,145
North America 1,096 83 1,179
Rest of World 484 92 576
5,600 300 5,900
Unaudited 6 months ended 30 June 2021 Simulation Clinical AI Total
£'000 £'000 £'000
United Kingdom 1,550 19 1,569
North America 1,261 - 1,261
Rest of World 777 32 809
3,588 51 3,639
Audited 12 months ended 31 December 2021 Simulation Clinical AI Total
£'000 £'000 £'000
United Kingdom 2,503 50 2,553
North America 2,733 - 2,733
Rest of World 2,154 156 2,310
7,390 206 7,596
5. TAXATION
Unaudited Unaudited Audited
6 months ended 30 June 2022 6 months ended 30 June 2021 year ended
31 December 2021
£'000 £'000 £'000
R&D tax credit 336 335 769
R&D tax credit relating to prior periods - - (11)
US corporation tax (3) (2) -
333 333 758
6. LOSS PER SHARE
Unaudited Unaudited Audited
6 months ended 30 June 2022 6 months ended 30 year ended
June 2021 31 December
£'000 2021
£'000 £'000
Loss for the year after taxation (1,034) (2,019) (3,610)
Number of shares: No. No. No.
Basic and diluted weighted average number of ordinary shares 270,653,485 269,396,792 269,964,886
Basic and diluted loss pence per share (0.38) (0.75) (1.34)
In the periods ended 30 June 2022, 30 June 2021 and 31 December 2021 there
were share options in issue which could potentially have a dilutive impact,
but as the Group is loss making in all periods, they are anti-dilutive and
therefore the weighted average number of ordinary shares for the purpose of
the basic and dilutive loss per share is the same.
7. INTANGIBLE ASSETS
The net book value of intangible assets at 30 June 2022 includes intellectual
property and brands acquired with the purchase of Intelligent Ultrasound
Limited totalling £0.7m (31 December 2021: £0.8m). The remaining net book
value of intangible assets relate to capitalised development costs of £2.0m.
8. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
£'000 £'000 £'000
Trade payables 874 894 1,353
Taxation and social security 137 180 179
Accruals 955 760 1,235
Warrants - 61 -
1,966 1,895 2,767
9. SHARE CAPITAL
Allotted, issued and fully paid: No. £'000
Ordinary shares of 1p each
Balance at 1 January 2022 270,653,485 2,707
Shares issued for cash - -
Balance at 30 June 2022 270,653,485 2,707
Balance at 31 December 2021 270,653,485 2,707
10. INTERIM ANNOUNCEMENT
A copy of this report will be posted on the Company's website at
www.intelligentultrasound.com (http://www.intelligentultrasound.com)
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