REG - Intelligent Ultrasnd - Half-year Report
17/08/2023 07:00
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RNS Number : 5666J Intelligent Ultrasound Group PLC 17 August 2023
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 2023.
Financial highlights
· Revenue for the period to 30 June 2023 has grown by 3% to £6.1m (H1
2022: £5.9m)
o H1 2022 revenue figures included £1.4m of one-off orders from the NHS in
the UK, so on an adjusted 'like-for-like'* basis, revenue in H1 2023 increased
by 35% (H1 2022 adjusted*: £4.5m)
o The Group's clinical AI products continue to gain traction and revenues
more than doubled to £0.7m (H1 2022: £0.3m)
· Operating loss increased by £0.2m to £1.5m (H1 2022: £1.3m) in the
period
· Cash at bank on 30 June 2023 was £3.3m (31 December 2022: £7.2m),
impacted by working capital seasonality in respect of timing of revenues and
receipts of inventory in H1
· Cash utilisation in H2 is expected to be materially lower
· The Group anticipates reaching profitability with its current cash
Operational highlights
· ScanNav Anatomy Peripheral Nerve Block (PNB) AI software upgrades
released in UK and US market
· BabyWorks 2.0 simulator product update released
· ScanTrainer Endometriosis simulator module released
Stuart Gall, CEO of Intelligent Ultrasound commented:
"This has been another positive start to the year. We are growing sales of our
AI-related clinical products, as they move out of the early phase of
commercialisation and we continue to have an excellent relationship with GE
Healthcare, our OEM partner in women's healthcare AI. Our simulation products
are performing well in the market and our new releases, including the
endometriosis training module for the ScanTrainer simulator, have been well
received.
We are building an exciting 'Classroom to Clinic' ultrasound business and we
continue to anticipate reaching profitability with our current cash"
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)
TB Cardew - PR Advisors Intelligentultrasound@tbcardew.com (mailto:Intelligentultrasound@tbcardew.com)
Ed Orlebar Tel: +44 (0)7738 724630
Allison Connolly Tel: +44 (0)7587 453955
Emma Pascoe-Watson Tel: +44 (0)7774 620415
Hero Kurzeja Tel: +44 (0)7827 130430
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 1,500 simulators have been sold to over 750 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 and cleared for sale in the US by the
FDA, but is not available for sale in any other territory requiring government
approval for this type of product.
* This is an alternative performance measure defined on page 6.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023
This has been another positive trading period for the Group. A strong
simulation sales performance in North America was combined with promising
progress in our clinical AI software revenues that put us in a good position
to continue the growth of the business in 2023 in this exciting sector of the
market.
Simulation
Revenue
Although our simulation revenue declined by 5% to £5.3m (H1 2022: £5.6m),
the H1 2022 simulation revenue included £1.4m of one-off UK sales to an NHS
training initiative, so when compared on a 'like-for-like'* basis our,
simulation revenue increased by 27%.
Sales from the Group's direct sales team in North America grew 154% to £2.7m
(H1 2022: £1.1m), reflecting the increased product range and investment in
the expansion of the sales team over the last 12 months.
The Group's reseller network also had a positive period of trading and
increased revenues by 104% to £1.1m (H1 2022: £0.5m). This was a good
recovery after a difficult couple of years for our rest of the world revenues,
but we believe there remains a significant opportunity for further sales
growth in a number of the large European markets such as France and Germany.
The Chinese simulation market has shown signs of recovery, following two years
of inactivity and we are working with our reseller to build on this tentative
revival and grow sales in this potentially important market.
As expected, the strong H1 weighting to our simulation sales in the UK market
last year, resulted in a period on period decline of 61% to £1.6m (H1 2022:
£4.0m). This was mainly due to the majority of our 2022 UK sales, which also
contained a large one-off NHS training initiative worth £1.4m, being ordered
in the first half of the year, rather than following the more normal seasonal
spread. If the £1.4m one-off order is removed, on a like-for-like* basis, the
decline was 40%. The UK remains an important market for us, both in terms of
product testing and revenue, and with a more normal seasonal spread being
experienced this year, we expect the UK's simulation sales to close the gap on
the 2022 like-for-like full year revenue figure of £3m.
Research and Development
In the period we focussed on releasing the:
· BabyWorks 2.0 simulator product update, which included improvements
to the lung and brain imaging, as well as new cardiac pathologies
· Endometriosis training module for the ScanTrainer simulator to help
sonographers develop an increased understanding of endometriosis using real
ultrasound images
Clinical AI software
Revenue
Our clinical AI revenue, which is now moving out of the early stage of
commercialisation, grew 144% to £0.7m (H1 2022: £0.3m) based on sales of
three AI related products:
· Our ScanNav Assist AI technology drives GE HealthCare's SonoLyst X/IR
software, the world's first fully integrated ultrasound AI tool that
automatically and in real-time recognises the 21 views recommended for fetal
sonography imaging and is an optional extra on the Expert 22 and SWIFT
ultrasound machines. We continue to have an excellent relationship with GE
Healthcare.
· ScanNav Anatomy Peripheral Nerve Block ("PNB"), is our own CE and FDA
cleared, 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. Our aim is to support the large number of
anaesthetists, who are competent but less confident in the specialist
knowledge of ultrasound anatomy, to perform nerve blocks and as a result
increase the number of ultrasound-guided nerve blocks that they can perform.
As such we are focussed on releasing studies during the year to support the
adoption of the system and educate and grow the market for ScanNav Anatomy
PNB.
· NeedleTrainer, our second direct-to-market device, teaches real-time
ultrasound-guided needling and incorporates ScanNav Anatomy PNB to enable
medical professionals to develop hand-eye coordination, optimum positioning,
and accuracy in ultrasound-guided interventional procedures.
We continue to make positive progress in the commercialisation of these
products and revenue is expected to continue to grow in H2 and beyond.
Research and Development
In the period we focussed on releasing the:
· NeedleTrainer software and calibration enhancements
· ScanNav Anatomy Peripheral Nerve Block AI software upgrades for the
UK and US market
In addition we continue to work on new developments in the areas of women's
health, emergency medicine and liver.
Operations
We continue to operate out of our head office in the centre of Cardiff and
warehouse in Caerphilly and successfully operate a flexible hybrid work
environment, whereby the majority of employees combine office and at-home
working that is appropriate to the Company and employee.
Board changes
In June 2023, Ian Whittaker who has served as an Executive Director and Chief
Operating Officer (COO) since joining the Group on the acquisition of
Inventive Medical Ltd in August 2016, announced he would not be seeking
re-election to the Board of Directors at the Annual General Meeting and that
he would retire from his position as COO on 31 December 2023.
The Board extends its thanks to Ian for his commitment and invaluable
contribution to growing the simulation revenue and profitability significantly
over the last seven years and wishes him continued success in his business and
personal endeavours.
Environmental, Social, and Governance (ESG)
In May we published our second ESG report in the annual report and accounts
and for the first time we have provided a full calculation of our Scope 3
emissions. We are also delighted to be working with the World Federation for
Ultrasound in Medicine and Biology ("WFUMB") in their mission to bring
sustainable ultrasound training programmes to the underserved areas of the
world.
We continue to instigate new initiatives to promote better employee and local
engagement and believe we are having a positive impact locally, nationally and
globally.
The full report can be viewed here: 2022 ESG Report
(https://www.intelligentultrasound.com/wp-content/uploads/2023/05/41294-Intelligent-Ultrasound-AR22-ESG.pdf)
Financial Review
· Revenue of £6.1m (H1 2022: £5.9m)
· Operating loss for the period of £1.5m (H1 2022: £1.3m)
· Cash and cash equivalents at 30 June 2023 of £3.3m (31 December
2022: £7.4m)
· Net cash outflow from operating activities of £2.7m (H1 2022:
£0.7m)
H1 2023 was a positive trading period for the Group, seeing a significantly
improved performance from the North American and Reseller sales regions as
well as continued growth in Clinical AI revenues. Gross profit for the period
increased by £0.1m to £3.9m with the average gross margin improving to 65%
(H1 2022: 64%).
The Group's operating loss for the period increased by £0.2m to £1.5m (H1
2022: loss of £1.3m), with administrative expenses increasing by £0.3m to
£5.4m (H1 2022: £5.1m), largely attributable to increased marketing activity
in the US and UK as well as inflationary increases in salaries and other
G&A costs, partly offset by £0.3m lower expensed research and
development (R&D). Total research and development (R&D) expenditure in
H1 2023 was £1.5m (H1 2022: £1.7m) of which £0.8m (H1 2022: £1.1m) has
been expensed and £0.7m (H1 2022: 0.6m) has been capitalised.
The tax credit for the period of £0.3m relating to the UK SME R&D tax
credit scheme was slightly lower than the previous period as a result of the
reduction in SME R&D tax relief rates introduced as part of the R&D
Tax Relief reforms which came into effect from 1 April 2023. These Government
changes are expected to reduce the Group's annual R&D tax credit by around
40% in 2023 and 45% in 2024.
The loss after taxation for the period was £1.2m (H1 2022: £1.0m).
The Group's net assets at 30 June 2023 reduced by £1.2m to £11.0m (31
December 2022: £12.2m). Intangible assets increased by £0.2m to £3.5m
relating to capitalised development costs. Property, plant and equipment
increased by £0.1m with additions of demonstration equipment.
The profile of sales invoicing was weighted towards the end of the period
resulting in significantly higher trade and other receivables at the period
end of £3.7m (31 December 2022: £2.0m). Included within trade and other
receivables is the current tax asset of £1.0m, representing the R&D tax
credit from FY2022 not yet received plus the anticipated R&D tax credit
accrued for H1 2023Inventory was also £0.3m higher at 30 June 2023 impacted
by timings of inventory receipts.
Trade and other payables at 30 June 2023 were £2.6m (31 December 2022:
£2.7m), consisting mainly of trade payables of £1.1m and accruals of £1.3m.
Total lease liabilities increased by £0.1m to £0.6m (31 December 2022:
£0.5m) attributable to a new lease for our US sales office.
The Group had cash and cash equivalents of £3.3m at 30 June 2023 (31 December
2022: £7.2m), a movement of £3.9m in the period (H1 2022: £1.5m). Operating
cash outflows in the period increased by £2.0m to £2.7m (H1 2022: £0.7m)
with the cash position being significantly impacted by higher working capital
balances within trade receivables and inventory. Cash outflows from investing
activities totalled £0.9m, of which £0.7m related to capitalised R&D
costs (H1 2022: £0.6m) and £0.2m of additions to property, plant and
equipment (H1 2022: £0.4m).
The net cash outflow from financing activities was £0.1m (H1 2022: £0.1m),
principally relating to lease payments. The net cash outflow in the second
half of the year is expected to significantly reduce with lower inventory and
trade receivables in addition to the receipt of the FY2022 R&D tax credit
of £0.7m.
Outlook
This has been another positive start to the year.
We are growing sales of our AI-related clinical products, as they move out of
the early phase of commercialistion and we continue to have an excellent
relationship with GE Healthcare, our OEM partner in women's healthcare AI. Our
simulation products are performing well in the market and we are building an
exciting 'Classroom to Clinic' ultrasound business.
We continue to anticipate reaching profitability with our current cash.
Stuart Gall
CEO
17 August 2023
*This is an alternative performance measure that adjusts H12022 revenue for
one-off exceptional orders. 'Like-for-like' revenue is reconciled to Revenue
as follows:
H12022 Group Revenue (as reported)
£5.9m
Adjusted for exceptional one-off orders £(1.4)m
Adjusted 'like-for-like' revenue
£3.5m
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
2023 2022 31 December
2022
£'000 £'000 £'000
REVENUE 4 6,064 5,900 10,100
Cost of sales (2,129) (2,133) (3,766)
GROSS PROFIT 3,935 3,767 6,334
Other income 4 6 8
Administrative expenses (5,439) (5,121) (10,014)
OPERATING LOSS (1,500) (1,348) (3,672)
Finance income 16 - 1
Finance costs (12) (19) (31)
LOSS BEFORE INCOME TAX (1,496) (1,367) (3,702)
Taxation 5 256 333 718
LOSS ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS OF THE PARENT (1,240) (1,034) (2,984)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
Items that will or may be reclassified to profit or loss:
Exchange (loss)/gain arising on translation of foreign operations (84) 175 238
OTHER COMPREHENSIVE (EXPENSE)/INCOME FOR THE PERIOD (84) 175 238
TOTAL COMPREHENSIVE EXPENSE ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS OF THE (1,324) (859) (2,746)
PARENT
LOSS PER ORDINARY SHARE (PENCE) ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS OF THE 6
PARENT
Basic and diluted
(0.38) (0.38) (1.08)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
£'000 £'000 £'000
NON-CURRENT ASSETS
Intangible assets 7 3,541 2,776 3,272
Property, plant and equipment 1,316 1,277 1,174
Trade and other receivables 61 61 61
4,918 4,114 4,507
CURRENT ASSETS
Inventories 1,869 1,359 1,603
Trade and other receivables 3,725 2,193 2,025
Current tax asset 972 1,107 713
Cash and cash equivalents 3,335 3,544 7,166
9,901 8,203 11,507
TOTAL ASSETS 14,819 12,317 16,014
CURRENT LIABILITIES
Trade and other payables 8 (2,561) (1,966) (2,732)
Deferred income (336) (284) (337)
Lease liabilities (193) (117) (188)
Provisions (22) (22) (22)
(3,112) (2,389) (3,279)
NON-CURRENT LIABILITIES
Deferred income (237) (349) (209)
Lease liabilities (391) (447) (298)
Other payables (65) (65) (65)
(693) (861) (572)
TOTAL LIABILITIES (3,805) (3,250) (3,851)
NET ASSETS 11,014 9,067 12,163
EQUITY
Share capital 9 3,269 2,707 3,269
Share premium 30,207 25,959 30,207
Accumulated losses (31,191) (28,001) (29,951)
Share-based payment reserve 1,928 1,580 1,753
Merger reserve 6,538 6,538 6,538
Foreign exchange reserve 98 119 182
Other reserves 165 165 165
TOTAL EQUITY 11,014 9,067 12,163
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based payment
reserve Foreign exchange reserve
Share capital Share Accumulated losses Merger reserve Other reserves Total
premium equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
AT 1 JANUARY 2022 2,707 25,959 (26,967) 1,373 6,538 (56) 165 9,719
COMPREHENSIVE 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
COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD
Loss for the period - - (1,950) - - - - (1,950)
Other comprehensive income - - - - - 63 - 63
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Issue of share capital 562 4,248 - - - - - 4,810
Share-based payments - - - 173 - - - 173
AT 31 DECEMBER 2022 3,269 30,207 (29,951) 1,753 6,538 182 165 12,163
COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD
Loss for the period - - (1,240) - - - - (1,240)
Other comprehensive expense - - - - - (84) - (84)
TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY
Share-based payments - - - 175 - - - 175
AT 30 JUNE 2023 3,269 30,207 (31,191) 1,928 6,538 98 165 11,014
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months ended 6 months 31 December 2022
30 June 2023 ended
30 June 2022
£'000 £'000 £'000
CASH FLOW FROM CONTINUING OPERATING ACTIVITIES
Loss before tax (1,496) (1,367) (3,702)
Add back:
Depreciation 306 287 604
Amortisation of intangible assets 466 363 780
Net finance (income)/costs (4) 19 30
Share-based payments expense 175 207 380
Operating cash flows before movement in working capital (553) (491) (1,908)
Movement in inventories (267) (160) (404)
Movement in trade and other receivables (1,763) 531 739
Movement in trade and other payables (123) (743) (70)
Cash used in operations (2,706) (863) (1,643)
Income taxes (paid)/received (2) 181 959
NET CASH USED IN OPERATING ACTIVITIES (2,708) (682) (684)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (213) (157) (357)
Interest received 16 - 1
Internally generated and purchase of intangible assets (737) (582) (1,467)
NET CASH USED IN INVESTING ACTIVITIES (934) (739) (1,823)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of new shares - - 5,200
Share issue costs - - (390)
Principal elements of lease payments (139) (112) (231)
Finance costs paid (14) (19) (37)
NET CASH (USED IN)/GENERATED BY FINANCING ACTIVITIES (153) (131) 4,548
(3,795) (1,552) 2,041
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 7,166 4,950 4,950
Exchange (losses)/gains on cash and cash equivalents (36) 146 175
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,335 3,544 7,166
NOTES TO THE CONSOLIDATED INTERIM REPORT
for the six months ended 30 June 2023
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 16 August 2023. The financial information
for the preceding full year is extracted from the statutory accounts for the
financial year ended 31 December 2022. 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. The report drew attention by way of emphasis to note 4
of the financial statements regarding key estimation uncertainty in respect of
the timing of forecasted sales of Clinical AI products used in the
recoverability assessment of the Clinical AI intangible assets, investment
value and intercompany receivables.
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 2022.
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 2024 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 Directors
have a reasonable expectation that the Group has adequate cash resources and
support to continue in operational existence for the foreseeable future,
considered to be at least 12 months from the date of approval of this Interim
report.
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 2023, 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 geography
based upon location of the Group's customers.
Period ended 30 June 30 June 31 December 2022
2023 2022
£'000 £'000 £'000
United Kingdom 1,899 4,145 5,145
North America 2,795 1,179 2,943
Rest of World 1,370 576 2,012
6,064 5,900 10,100
Clinical AI royalty income is included in the regions, but based on the
external customer's invoicing country rather than the destination of the end
customer.
5. TAXATION
Unaudited Unaudited Audited 12 months ended 31 December 2022
6 months ended 30 June 6 months ended 30 June 2022
2023
£'000 £'000 £'000
R&D tax credit 258 336 711
R&D tax credit relating to prior periods - - 7
US corporation tax (2) (3) -
256 333 718
6. LOSS PER SHARE
Unaudited Unaudited Audited
6 months ended 30 June 2023 6 months ended 30 year ended
June 2022 31 December
£'000 2022
£'000 £'000
Loss for the year after taxation (1,240) (1,034) (2,984)
Number of shares: No. No. No.
Basic and diluted weighted average number of ordinary shares 326,869,921 270,653,485 275,274,014
Basic and diluted loss pence per share (0.38) (0.38) (1.08)
In the periods ended 30 June 2023, 30 June 2022 and 31 December 2022 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 2023 includes intellectual
property and brands acquired with the purchase of Intelligent Ultrasound
Limited totalling £0.6m (31 December 2022: £0.7m). The remaining net book
value of intangible assets relate to capitalised development costs of £2.9m.
8. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
£'000 £'000 £'000
Trade payables 1,053 874 1,359
Taxation and social security 255 137 397
Other payables 1 - 5
Accruals 1,252 955 971
2,561 1,966 2,732
9. SHARE CAPITAL
Allotted, issued and fully paid: No. £'000
Ordinary shares of 1p each
Balance at 1 January 2022 and 30 June 2022 270,653,485 2,707
Shares issued for cash 56,216,436 562
Balance at 31 December 2022 and 30 June 2023 326,869,921 3,269
10. INTERIM ANNOUNCEMENT
A copy of this report will be posted on the Company's website at Intelligent
Ultrasound (https://www.intelligentultrasound.com/reports-presentations/) .
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