REG - Intelligent Ultrasnd - Trading Update

Intelligent UltrasoundAnnouncement

09/01/2024 07:00

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RNS Number : 0162Z  Intelligent Ultrasound Group PLC  09 January 2024

Intelligent Ultrasound Group plc

Full-Year Trading Update

 

Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic'
ultrasound company, specialising in AI software and simulation, announces that
it expects  FY2023 revenues to have increased by 10% to £11.2m (2022:
£10.1m), with simulation related revenue declining slightly to £9.1m (2022:
£9.4m) and clinical AI related revenues almost trebling to £2.0m (2022:
£0.7m).

 

Financial highlights:

·    Group revenue for the year to 31 December 2023 grew by 10% to £11.2m
(2022: £10.1m)

o FY2022 revenue figures included £2.0m of one-off orders from the NHS in the
UK, so on an adjusted 'like-for-like'* basis, revenue in 2023 increased by 38%
(2022 adjusted*: £8.1m)

·    The Group's simulation revenues declined by 3% to £9.1m (2022:
£9.4m)

o FY2022 simulation revenue figures included £2.0m of one-off orders from the
NHS in the UK, so on an adjusted 'like-for-like'* basis, revenue in 2023
increased by 23% (2022 adjusted*: £7.4m)

o Simulation revenue was approximately £1m behind expectations mainly due to
lower-than-expected sales in Europe and China throughout the year and
recognised revenue being slightly less than we anticipated in the final
quarter of the year

·    The Group's clinical AI related products continue to gain traction
and revenues almost trebled to £2.0m (2022: £0.7m)

o Revenue from women's health-related AI software sales, which included both
GE HealthCare royalty income combined with non-GE HealthCare revenue from
studies utilising our gestational age AI software, made up over half of our
clinical AI related sales

·    Cash at bank on 31 December 2023 was £3.0m (30 June 2023: £3.3m)

 

Operational highlights:

·    GE Healthcare's SonoLyst software, which is powered by Intelligent
Ultrasound's AI software, launched as a standard feature on the new Voluson
Expert 22 and 20 range of women's health ultrasound machines in Q4 2023

·    ScanNav Anatomy Peripheral Nerve Block (PNB) AI software upgrades
were released in UK and US market in Q2 2023

·    Liver images agreement signed with Dundee University in Q4 2023

·    ScanNav FetalCheck development programme announced for new
gestational age AI product in Q4 2023

·    ScanTrainer Endometriosis simulator module released in Q2 2023

 

Outlook:

We remain positive about the outlook for the Group in 2024:

·    Clinical AI related sales continue to develop, and we anticipate
sales broadly doubling during the year due to:

o GE HealthCare's SonoLystlive software, which is powered by Intelligent
Ultrasound's ScanNav AI, is now a standard feature on the latest versions of
the Voluson Expert Series portfolio of ultrasound machines, and is expected to
generate growing and more forecastable revenues during the year

o Our Classroom to Clinic AI needling range is expected to continue its sales
growth in the UK and the US, as the number of papers and supporting studies
grows during the year

·    Simulation sales are expected to return to growth, broadly driven by
the US and UK markets combined with a continued recovery in our reseller
markets

 

The Group therefore expects revenue in 2024 to be between £14m to £17m and
continues to anticipate reaching profitability with its current cash.

 

Stuart Gall, CEO at Intelligent Ultrasound said:

 

"We have had another positive year with GE HealthCare announcing the launch of
SonoLystLive on the new Voluson Expert ultrasound machine range, our clinical
AI revenues growing significantly, recent announcements on ScanNav FetalCheck,
our new gestational age AI development programme and the signing of the liver
data agreement with Dundee University and NHS Trust. Revenues from our
clinical AI related products are expected to have almost trebled over the
year, but our simulation revenues are expected to be 3% down on 2022,
primarily due to lower than expected sales in China and Europe, combined with
lower-than-expected recognised revenue in December. With cash at bank only
reducing by £0.3m since 30 June, the business continues to forecast it will
reach profitability with its current cash resources."

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.

 

ENDS

 

Enquiries:

 

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

 Cavendish Capital Markets Ltd

 (Nominated advisor and broker)
 Giles Balleny (Corporate Finance)  Tel: +44 (0)20 7397 8900

 Dale Bellis (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
  Jessica Pilling                                                     Tel: +44 (0)7918 584573

 

 

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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