Intelligent Ultrasnd - Trading update
16/01/2023 07:00
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RNS Number : 7469M Intelligent Ultrasound Group PLC 16 January 2023
16 January 2023
Intelligent Ultrasound Group plc
("Intelligent Ultrasound" or the "Group")
Trading update
Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic'
ultrasound company, specialising in artificial intelligence (AI) software and
simulation, continued to make significant progress across the business and
announces that Group revenue for the year to 31 December 2022 is expected to
have increased by 33% to £10.1m (2021: £7.6m).
The Group's simulation revenues are expected to have grown by 28% to £9.4m
(2021: £7.4m), driven by strong sales in the UK. Overall direct to market
sales that combine the UK and US, are expected to have grown by almost 50% to
£7.7m (2021: £5.2m). However, the Group's reseller markets in Europe and
Asia are expected to have declined 19% to £1.7m (2021: £2.2m), largely due
to the impact of Covid-19 on the Chinese market.
The Group's clinical AI related revenues are expected to have grown by over
220% to £0.7m (2021: £0.2m). Although still relatively modest at this early
stage of commercialisation, the sales exceeded market expectations and
Directors believe this growth demonstrates that these first AI-related
products are beginning to gain commercial traction. The Group remains
confident that its 'Classroom to Clinic' ultrasound business strategy will
enable the growth of both its simulation and AI-related revenue to continue in
2023.
In November 2022, the Group announced that it had raised £5.2m (net: £4.8m)
from shareholders via a placing and as a result cash at bank as of 31 December
2022 was £7.2m (31 December 2021: £5.0m).
Stuart Gall, CEO of Intelligent Ultrasound Group plc, commented: "This has
been another very positive year for the Group. We increased Group revenue by
over 30% and we continued to build our partnership with GE Healthcare, the
world's leading ultrasound company, with the launch of SonoLyst on their
Voluson Expert 22 ultrasound machine. As well as this, our ScanNav Anatomy PNB
software received FDA De Novo clearance for sale in the US, and we raised over
£5m from our shareholders to take the Group to profitability by the end of
2024.
"We are delighted with this significant progress, are well placed to continue
on an upward trajectory in 2023, and also remain excited about the long-term
potential of our 'Classroom to Clinic' business."
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) 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 1,450 simulators have been sold to over 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 image interpretation by providing the user with real-time AI-based
anatomy highlighting for a range of ultrasound guided regional anesthesia
procedures; and NeedleTrainer that teaches real-time ultrasound-guided
needling and incorporates ScanNav Anatomy PNB.
www.intelligentultrasound.com (http://www.intelligentultrasound.com/)
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