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Also remember that IQAI is moving more to a subscription based model with the new IB server product, as outlined by David Smith in his 12.6.19 Proactive Investors video interview:
• Historically the company has sold a $35,000 product that is installed one time.
• The new model has increased the overall value of the average sale.
• Have a no. of prospects that we are developing right now that are more than $100,000 each.
• Looking to convert in H2 some of those in excess of $100,000 sales leads that we have.
• They've been cooking along for some time now so we expect to convert some of those.

This change obviously means that the income from old 'legacy' sales will tail off, to be more than replaced by income from the new model.

IQAI's 2019 sales are expected to be MORE than double those of 2018:

30th Apr 2019 12:00 pm RNS IQ-AI Limited - Publication of Annual Report
"Outlook
The Company's products are now sold in the USA, UK, The Netherlands, Switzerland, Germany, Greece and South Korea. 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.
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."
https://www.lse.co.uk/rns/IQAI/iq-ai-limited-publication-of-annual-report--r71ph7b8psdaq3w.html

Who's to say that they won't actually be treble, if a few $100K. + sales are signed off before the end of the year.

But there's a lot of room for manoeuvre in that forecast, and it's the $100K. sales that will be key to achieving it, not StoneChecker.

OK, this increase is from a low base, but relatively speaking the company is just starting out, and the growth rate is stellar.

And some other AI health companies valued at over £100M. have minimal or even zero turnover.

David Smith, in his 1.11.18 Proactive Investors video interview, outlined the benefits of gadolinium-free imaging.
And these included that gadolinium will no longer have to be injected into the patient, so patients will love it, as they won't get needled, and there is no health threat.

I would add that investors will also love it, judging from the example of PowderJect Pharmaceuticals:

"Powderject raises £35 million in flotation:
This article was originally published in Clinica
16 Jun 1997 NEWS
Executive Summary
Powderject Pharmaceuticals (UK) raised £35 million ($57 million) when it floated last week. The company offered around 18.9 million shares at 185p each, valuing Powderject at £109.3 million. The offer was oversubscribed. The company has developed a needle-less device for the delivery of vaccines, genetic material, drugs and local anaesthetics (see Clinica No 624, p 18). Dealings in ordinary shares will commence on June 17."
https://scrip.pharmaintelligence.informa.com/MT084994/Powderject-raises-pound35-million-in-flotation

PowderJect Pharmaceuticals was spun out of the University of Oxford in 1993.
And in 2003 the company was taken over by the American Chiron Corporation for £542 million.

As IQAI's 9.7.19 RNS says, gadolinium-free imaging "offers the potential of a highly disruptive technology in radiology".

9th Jul 2019 7:00 am RNS IQ-AI Limited - Update on Gadolinium Free Imaging Project
https://www.lse.co.uk/rns/IQAI/iq-ai-limited-update-on-gadolinium-free-imaging-project-vaqaul7ggxibtdx.html

In fact it would virtually sell itself.

IQAI is making excellent progress towards this 'holy grail' type achievement, but in the meantime has multiple existing (and exciting) products, that it is selling right now.

Degsy,

It depends how conservative your assumptions are in calculating the size of the market for gadolinium-based contrast agents.

Also, although gadolinium-based contrast agents are the most common, there are other types of contrast agents too.
And IQAI's gadolinium-free imaging product, when available, should be able to capture some of this market too, because of its other advantages in addition to non-toxicity, i.e.:
• Avoiding the cost of contrast agents.
• Avoiding injections.
• Speeding up practice, so that more patients can be seen.

The following article calculates that the GLOBAL market for contrast agents (a.k.a. contrast media) is worth over four billion US dollars p.a., and growing:
"The global contrast media market is projected to reach USD 5.53 Billion by 2022 from an estimated USD 4.40 Billion in 2016, growing at a CAGR of 3.9% during the forecast period. Growth in the contrast media market can primarily be attributed to factors such as increasing number of approvals for contrast agents and increasing number of public & private diagnostic centers. The increasing number of research and funding activities for research of contrast agents and their applications provide immense opportunities for players, in the contrast media market."
https://www.marketsandmarkets.com/Market-Reports/contrast-media-market-911.html?gclid=EAIaIQobChMIuJfes5WW4wIVipPtCh0R5wnAEAAYASAAEgKL-fD_BwE

So with the threat of gadolinium toxicity lawsuits etc., gadolinium-free imaging could be a real money-spinner.

If it captured even one per cent of the market for contrast agents, this would equate to revenue of over US$40M. p.a.

IQAI's excellent progress in developing patented gadolinium-free imaging could therefore be a 'licence to print money'.

And IQAI already has multiple other products with huge potential, some already FDA-approved.

Just to correct my last post: David Smith was actually appointed to IQAI on 6th. August 2018, so has just completed his first year in post, and is clearly making a big difference.

And his experience with his last company is also revealing about the impact of FDA approval.

As we know, David Smith sold his last company, Tenaxis Medical, for a huge sum:

"The Medicines Company To Buy Tenaxis Medical, Inc. In $170 Million Deal
Published: Apr 23, 2014

Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

The Medicines Company Adds Novel, Approved, Surgical Sealant to Its Surgical Hemostasis Portfolio

PARSIPPANY, NJ and MOUNTAIN VIEW, CA--(Marketwired - Apr 23, 2014) - The Medicines Company (NASDAQ: MDCO) and Tenaxis Medical, Inc. (Tenaxis) today announced an agreement for The Medicines Company to acquire Tenaxis. Tenaxis's sole product, which mechanically seals both human tissue and artificial grafts is approved, but not launched in the US -- having received US PMA approval from the FDA in March 2013 as a vascular sealant. The product is also approved with a European CE Mark as a surgical sealant applicable to cardiovascular, general, urological, and thoracic surgery. The addition of the Tenaxis product adds another solution for surgical bleeding to The Medicines Company's portfolio which also includes the marketed product, RecoThrom (aqueous, recombinant human Thrombin) and the investigational product, Fibrocaps (a dry powder formulation of fibrinogen and thrombin being developed to aid in hemostasis during surgery) which has completed phase III trials and is under FDA and EMA review. ... "

https://www.biospace.com/article/releases/the-medicines-company-to-buy-tenaxis-medical-inc-in-170-million-deal-/

What's interesting is that this acquisition came just thirteen months after Tenaxis had gained FDA approval for its product.

This shows the importance of FDA approval for unlocking value, and for appealing to larger investors and healthcare companies.

Rubbermanneke,

Some extracts from IQAI's 31.7.19 Proactive Investors video interview, were David Smith is talking about the imminent FDA approval for their StoneChecker software product:
"It's almost like the Inland Revenue owing you tax money back, and you go to the mail box every morning expecting to find a cheque in there that you can deposit. Let's just say I'm checking my mailbox every morning.
It hasn't slowed us down. We are in fact fine tuning our US marketing approach. Just this week we've sent a communication out to 750 European urologists, giving them the opportunity to evaluate StoneChecker free of charge for thirty days. The intention is they look back at patients that they've treated with this lithotripsy, the sound wave energy to break up the kidney stones. And we want them to try StoneChecker to see what StoneChecker would have predicted would have happened, and in that way build confidence about taking on board the product.
Anything we learn from this of course we'll implement in our imminent US launch."
https://www.proactiveinvestors.co.uk/companies/news/314281/iq-ai-s-david-smith-on-the--immense-market--for-its-gadolinium-free-imaging-product-14281.html

In addition, IQAI's June 2019 deal with CorTechs has given IQAI direct sales representation in Europe (and indeed globally) for the first time: i.e. 'boots on the ground' selling its products, which can make all the difference.

David Smith played a leading role in driving sales at Biocompatibles from 0 to over £40M., and in his first year at IQAI is clearly making a big difference.

Thanks Tobriand for this new article about gadolinium toxicity.

This study is the first evidence that gadolinium used as a contrast agent enters the human food chain.
I.e. it is not just the patients who are injected who are at risk, it is everyone.

This highlights the importance, and value, of IQAI's gadolinium-free imaging patent and project - a multi-billion dollar market.

"Science of The Total Environment
Volume 687, 15 October 2019, Pages 1401-1408

Anthropogenic gadolinium in tap water and in tap water-based beverages from fast-food franchises in six major cities in Germany
Katja Schmidt 1 Michael Bau Gila Merschel 2 NathalieTepe 3

Highlights
• Anthropogenic Gadolinium in municipal tap water in six major cities in Germany
• Study proves entrainment of polluted surface water into shallow groundwater aquifers.
• Anthropogenic gadolinium directly transferred into in tap water-based soft drinks.
• First evidence that anthropogenic Gd used as contrast agent enters human food chain.
• Reveals potential human exposure to possibly harmful waste-water derived compounds"

https://www.sciencedirect.com/science/article/pii/S0048969719331882#!

The population of America is about five times that of the UK.

Combined with the fact that it has several times the number of scanners per person as the UK, and that they tend to be more modern that UK scanners, and this shows that it is a vastly more important market for IQAI than the UK.

It is far larger, far better funded, and is at the forefront of investing into new technology.

American hospitals are also largely private sector, and tend to have more freedom and flexibility than the huge bureaucratic NHS system, which can speed up decision-making.

America is at the forefront of investing into scanning capacity, especially compared to the UK.
Which, combined with its huge size, shows what an important market it is for IQAI.

"Number of magnetic resonance imaging (MRI) units in selected countries as of 2017 (per million population)
United States 37.56
Germany 34.49 …"
https://www.statista.com/statistics/282401/density-of-magnetic-resonance-imaging-units-by-country/

"NHS must do more to future-proof its MRI capacity, say imaging experts
Wednesday 10 May 2017
… The UK has 6.1 MRI systems per million people, fewer than countries including Estonia and Slovenia. …"
https://www.rcr.ac.uk/posts/nhs-must-do-more-future-proof-its-mri-capacity-say-imaging-experts

"Number of computer tomography (CT) scanners in selected countries as of 2017 (per million population)
Australia 64.35
Iceland 44.33
United States 42.64 ..."
https://www.statista.com/statistics/266539/distribution-of-equipment-for-computer-tomography/

"How does the NHS compare internationally? big election questions
02 June 2017
Authors
Ruth Robertson
... The UK also has fewer CT scanners (8 per million population compared to an EU average of 21.4) and MRI scanners (6.1 per million compared to an EU average of 15.4) than most other European countries. However, this data does not include diagnostic scanners based in non-NHS providers that are used by the NHS. ... "
https://www.kingsfund.org.uk/publications/articles/big-election-questions-nhs-international-comparisons

I don't think you or Franco are any sort of a judge here.

Franco sold out early this year, near the bottom, just before the big rise started.

And this is only you second ever post on IQAI - neither posting any research or analysis.

What is noticeable is that in general most of the sells tend to be smaller in size, whereas much of the buying is larger in size. This suggests that it is impatient retails investors such as you selling out (for probably about a 50% gain in your case, as your first post in June was at 3.75p), whereas the smart money with deep pockets is accumulating.

It's also rather rude to sell out of a share and then start attacking it, but it suggests that you're not sitting comfortably here having sold out.

As it's five months today since the interim results, we could well be due a MILA update on progress towards a RTO.

29th Mar 2019 7:00 am RNS Mila Resources Plc - Interim Results
" ... We recently mutually terminated a proposed reverse takeover of Capital Metals Limited, however we continue to see a strong flow of potential Acquisition opportunities. The Board of Directors, together with the Company's advisers, are constantly evaluating these opportunities to ensure that we secure and execute the right transaction.
I look forward to reporting our progress to you over the coming the months. ... "
https://www.lse.co.uk/rns/MILA/mila-resources-plc-interim-results-u1a6w71443xan29.html

This is a main market investment shell, valued at just £394K. at its current s.p. of 1.7p, and with £573K. of cash at the interim period end (interim results 29.3.19).

Any hint of a deal could see an even stronger rerating back upwards.

The late summer and autumn last year was a very good period for the company: in the three months September-November 2018 there were 9 RNSes, all positive, and three David Smith video interviews on Proactive Investors.
Not surprisingly the s.p. performed very well during this period, and I'm expecting something similar in the last four months of 2019.

The s.p. has consolidated well at just above the 6p placing price, and indeed it hasn't closed at below 6p since July.

This is indicative of the strong investor support for this stock, considering:
• The stockmarket summer doldrums, especially with markets a bit jittery.
• A quiet period for IQAI newsflow in August, and with the FDA approval delay ongoing.

Which bodes well for its performance during a period of market buoyancy, and with the StoneChecker software FDA approval under its belt: which will clear the way for its commercial roll out in the huge American market.

21-Aug-19 10:19:30 2.20 1,175,712 Buy* 1.50 1.80 25.87k

There are just 23.2 million MILA shares in issue, so 1.175M. is actually just over 5% of the company.

I'm not surprised that the buyer had to pay such a big premium for that size of buy, and in fact I'm slightly surprised that it was even possible in a pretty illiquid stock.

Could the market makers be short I wonder, hoping to pick up periodic sells if there's no news?

If so, a positive RNS could make things interesting.

Mr. Cautious,

It's painful just watching this as an onlooker (I've never had a shareholding here), so I hate to think what it must be like for shareholders.

That buyer didn't stay long: a day and a half: losing 16.4% (£1,147), + expenses, in the process.

19-Aug-19 16:12:52 0.909 770,077 Buy* 0.85 0.95 7,000
21-Aug-19 11:59:43 0.76 770,077 Sell* 0.80 0.85 5,853

The delay is also depriving America of the benefits of StoneChecker software: the many kidney stone sufferers, and the medical practitioners whose work would be greatly helped by it.

Although approval could be announced any day, there are only six more trading days in August after today, so September can't be ruled out. But on the plus side, the news might get even more publicity if announced in September, rather than in August.

IQAI has performed well during the stockmarket summer doldrums, especially with markets a bit jittery, and with the FDA approval delay ongoing.
Which bodes well for its performance during a period of market buoyancy, and with the StoneChecker software FDA approval under its belt.

Drax,

It's not unheard of for FDA approval for a medical device to take this long, and this is especially so for AI-based software technology, as it is so revolutionary.

Moreover, the US government shutdown, although it only lasted a month, would have created a ripple effect of backlogs.

So it's nothing to be concerned about, and the confidence of David Smith will I believe be shortly vindicated.

Here's some further extracts from David Smith's 18.9.18 video interview on Proactive Investors, also from the part where he's talking about IB's IB Neuro brain tumour scanning software:

Q. "… you're moving towards a click fee cloud-based model here are you?"

D.S. "That's right. This technology has been available for the last six or seven years, and it has been used by some of the largest institutions in the US. For example the Mayo Clinic uses our software. What we're doing is we'd like to make that available to really any hospital that has an internet connection. And the way that we do that is rather than having this large piece of software that is somewhat static because it's not updated that frequently. What we would like to do is make that software available on a click fee basis. Every time a patient has a scan, give doctors the opportunity to access this very powerful software product on a per patient basis or a per click basis. And often times, a patient will need that interpretative software used on their brain scan many times, not just for the initial appointment, but also for appointments around the surgery time, and then follow-up appointments to make sure that the surgery was successful."

Q. "And you're in the process now of securing a number of patents around the AI for this are you?"

D.S. "Around both artificial intelligence associated with the software, and for software developments themselves to make the software even more effective. And the main benefit of artificial intelligence is, as you can imagine with a click fee, every time the doctor accesses our software, we get anonymous patient information. But by putting all of that together, and knowing whether ultimately that patient did have cancer at the point we predicted they would, we can actually improve that product. So over time doctors are getting a more powerful product in terms of their diagnostic capability, and they're getting it without having to make a huge financial investment, and that's something that they might have to plan for over two or three years as they put their capital budgets together. This way they can do it more or less immediately and bring that benefit to patients immediately."

Here's an extract from David Smith's 18.9.18 video interview on Proactive Investors, from the part where he's talking about IB's IB Neuro brain tumour scanning software:

Q. "Give us a quick recap, firstly on Imaging Biometrics, the flagship product here IB Neuro. And how this works."

D.S. "Well IB Neuro is an interpretative software for brain scans. So you never want to be on the end of an IB Neuro software output, because it means you likely have a brain tumour. So, what happens with brain tumours is, as you're aware they're treated with radiotherapy, and more recently with proton therapy, and often times if they're either surgically removed or treated with this radiation therapy you can end up with a scar, instead of the tumour. But under existing software products that scar appears exactly the same as the tumour. So when you go for your follow-up appointment, and you have your scan, and software is used to look at that brain tumour to see if the surgeon got all of it, what you actually find is that it appears to be new tumour growth, it's something we call pseudoprogression; it's not real tumour growth, it's scar tissue. And that can result in surgeons going back in, erroneously, and trying to remove more tumour that doesn't exist. Or sometimes if you're on a chemotherapy regimen, what happens is you take the chemotherapy drugs, and it appears that they're not working, when they really are working. So in that case the chemotherapy would be stopped, again in error. So what our software does is it looks at the perfusion of blood, the flow of blood, through the tumour. If there's healthy blood flow, it's likely that that's active tumour. But if we look at those areas that look indistinguishable on the scan under regular software, with our software you can actually see the blood flowing, and then you know it's active tumour."