(Alliance News) - Intelligent Ultrasound Group PLC estimates its revenue grew by a quarter in the first half of 2019, the company said on Wednesday.
The artificial intelligence based ultrasound software company said it expects revenue for the period ended June 30, to rise 25% year-on-year to GBP3.1 million from GBP2.5 million. The revenue so far this year was generated entirely from its simulation division.
The company's clinical division, however, did sign a long-term license and co-development agreement with an unnamed ultrasound equipment manufacturer, though the AIM-listed firm said it only expects to see revenue for this transaction in 2021.
Chief Executive Stuart Gall said: "Following on from our clinical division's milestone artificial intelligence contract win which we announced on 4 July 2019, it is particularly pleasing to be able to report continued growth in the first half of the year by our simulation division, bringing it closer to breakeven and underpinning our confidence in achieving management's expectations for the full year."
Intelligent Ultrasound's cash balance as of the end of June was GBP3.5 million a 38% fall from the GBP5.6 million it had at the end of the 2018 financial year.
The company posted a pretax loss of GBP3.6 million on revenue of GBP5.3 million in 2018. It expects to release its half-year report in late July.
Shares in Intelligent Ultrasound were down 2.2% at 10.51 pence in London on Wednesday morning.
