MED.L Share News (MED)

(Sharecast News) - Artificial intelligence-based software group Intelligent Ultrasound said on Monday that turnover had slipped in the six months ended 30 June as a result of the Covid-19 pandemic.
Intelligent Ultrasound expects turnover, currently generated entirely by its simulation division, to drop around 19% to £2.5m due to the effect of Covid-19 on reseller sales, especially in the Chinese and European markets.

Direct sales grew 4% in the period to £1.9m despite the outbreak impacting US revenues.

The AIM-listed firm said global Covid-19 lockdowns had "dramatically constrained" its ability to demonstrate and sell ultrasound training simulators to hospitals around the world.

However, IU said it was "encouraged" that despite these restrictions, it had seen increased sales in the UK, limited sales shortfall overseas and successfully managed expenses to limit the adjusted underlying loss for the period to £1.3m to £1.4m.

As of 1300 BST, Intelligent Ultrasound shares were down 2.67% at 10.95p.