LONDON (Alliance News) - Intelligent Ultrasound Group PLC on Thursday reported a reduction in its annual loss as revenue rose in what the company called an "exciting year".
Intelligent Ultrasound uses artificial intelligence algorithims to make ultrasound scans easier to conduct by medical staff.
For 2018, the company a posted pretax loss of GBP3.6 million compared to a GBP5.5 million loss a year ago.
Research & development costs jumped 76% to GBP1.8 million from GBP1.1 million a year ago, as Intelligent Utrasound increased "significantly" its investment in AI.
Revenue meanwhile, rose 27% to GBP5.3 million from GBP4.2 million, after the launch of the company's BodyWorks Eve training platform targeted to doctors wishing to practise Point-of-Care Ultrasound across emergency medicine and critical care.
Looking ahead, Chair Riccardo Pigliucci said: "The group is currently trading in line with expectations and we look forward to the year ahead with considerable enthusiasm."
Intelligent Ultrasound shares up 4.2% midday in London at 5.99 pence.