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(Alliance News) - Medical software services provider IQ-AI Ltd on Monday said it narrowed its losses on a sharp revenue rise during the first half of 2019.
In the six months to June 30, the company reported revenue of GBP142,375, multiplying from GBP47,021 in the first half of 2018.
IQ-AI's pretax loss narrowed to GBP141,721 from GBP401,708, helped by the revenue jump and by administrative expenses falling by 36% to GBP278,378 from GBP437,109.
During the period, the company furthered the development of its Simulated T1+C technology, which eliminates to need for gadolinium-containing contrast agents to be used in brain scans.
IQ-AI, formerly known as Flying Brands, also said it "increased developer time and capital expenditure" to its artificial intelligence venture during the first half.
The company has also begun marketing campaigning for a kidney stone medical imaging software as it awaits regulatory clearance for the product.
IQ-AI initially applied for US Food & Drug Administration approval for StoneChecker in August 2018.
Chief Executive Trevor Brown said: "The company has entered an exciting phase in its development, and we look forward to updating shareholders as events unfold."
Shares in IQ-AI were 4.4% lower at 5.21 pence each in London on Monday afternoon.