REG - Intelligent Ultrasnd - Trading Update

Intelligent UltrasoundAnnouncement

24/07/2023 07:00

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RNS Number : 8680G  Intelligent Ultrasound Group PLC  24 July 2023

 

24 July 2023

 

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.

 

 

Intelligent Ultrasound Group plc

(the "Group")

 

Trading update

 

Intelligent Ultrasound Group plc reports positive trading period in H1

 

Intelligent Ultrasound Group plc (AIM: IUG) ("Intelligent Ultrasound" or "the
Group"), the 'classroom to clinic' ultrasound company specialising in
artificial intelligence (AI) software and simulation, today provides a trading
update for the six months to 30 June 2023.

 

Financial highlights:

·    The Group expects to report that 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 is expected
to have increased by 35% (H1 2022 adjusted: £4.5m)

·      The Group's clinical AI products continue to gain traction and
revenues are expected to have more than doubled to £0.7m (H1 2022: £0.3m)

·    Cash at bank on 30 June 2023 was £3.4m (31 December 2022: £7.2m),
impacted by working capital seasonality in H1

·    Cash utilisation in H2 is expected to be materially lower and the
Group remains on target to reach profitability with its current cash

 

The company will publish its half-year results in August.

 

 

For further information, please contact:

 

 Intelligent Ultrasound Group plc                   www.intelligentultrasound.com (https://www.intelligentultrasound.com/)
 Stuart Gall, CEO                                   Tel: +44 (0)29 2075 6534

 Helen Jones, CFO

 Cenkos Securities - Nominated Advisor and Broker
 Giles Balleny/Max Gould (Corporate Finance)        Tel:  +44 (0)20 7397 8900
 Michael Johnson/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.

 

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