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LONDON (Alliance News) - Medical software firm IQ-AI Ltd on Tuesday issued an upbeat outlook for the year ahead as it recorded revenue in 2018, though its annual loss did widen.
Shares in IQ-AI were up 19% at 1.22 pence on Tuesday.
The company achieved revenue of GBP164,971 in 2018, compared to nothing the year before. Despite this, IQ-AI's pretax loss widened to GBP764,418 from GBP257,725 as administrative expenses rose to GBP878,648 from GBP257,725.
"Our objectives for 2019 are to expand sales and continue to develop new products which utilise areas of our expertise where we believe we have scientific and technological leadership," the company said.
"As a result of product development and new users, sales have continued to accelerate in 2019. We expect sales for the full year 2019 to more than double those for 2018. The future looks to be an exciting place for IQ-AI," the firm added.
The company said it is in the final stages of securing US Food & Drug Administration approval for its StoneChecker software, and hopes to announce marketing clearance shortly. This would give the firm "an additional and important revenue stream" in the US during the second half of 2019.