Last checked at 21 Jul 2022 07:00
Intelligent Ultrasound Group plc
(the "Group")
Trading update
Impressive growth in H1 2022
Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic' ultrasound company, specialising in artificial intelligence (AI) software and simulation, announces that Group revenue for the period to 30 June 2022 is expected to be £5.9m (H1 2021: £3.6m). The expected increase of over 60% is mainly due to a strong performance in UK simulation sales.
Simulation related revenues from the Group's direct sales team, which together cover the UK and USA, are expected to have grown by over 80% to £5.1m (H1 2021: £2.8m), helped by a high number of one-off orders from a UK NHS training initiative in the first quarter. Sales from the group's reseller network were impacted by the closing of the Chinese market due to Covid-19 and Rest of the World revenue is expected to decline by 37% to £0.5m (H1 2021: £0.8m).
The Group's clinical AI products remain in the early stages of commercialisation and the Group expects to recognise half-year revenue of £0.3m (H1 2021: £0.1m). On the 20 July, the Group announced that GE Healthcare had incorporated Intelligent Ultrasound's ScanNav real-time AI technology into its new Voluson Expert 22 ultrasound machine. This is the second machine in the Voluson portfolio to incorporate the ScanNav AI software as an option add-on.
With ScanNav Anatomy Peripheral Nerve Block anticipated to receive FDA clearance in the second half of 2022, and a handheld version of NeedleTrainer expected to launch in September, AI revenue is expected to continue to grow in H2 and in 2023.
Cash at bank at 30 June 2022 is expected to be £3.5m (31 December 2021: £5.0m).
Stuart Gall, CEO of Intelligent Ultrasound Group plc, commented: "This has been an excellent start to the year. Our simulation products have performed well in the UK and sales of the new clinical AI product range are starting to grow. The recent announcement that our ScanNav Assist software has now been incorporated on GE Healthcare's new Voluson Expert 22 ultrasound machine is particularly encouraging. We remain confident that we can meet the market expectations of £10m revenue for FY2022 and build a successful 'Classroom to Clinic' ultrasound business in this exciting sector of the market."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information, please contact:
Intelligent Ultrasound Group plc | www. intelligentultrasound.com |
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Stuart Gall, CEO | Tel: +44 (0)29 2075 6534 |
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Helen Jones, CFO |
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Cenkos Securities - Nominated Advisor and Broker |
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Giles Balleny/Max Gould (Corporate Finance) | Tel: +44 (0)20 7397 8900 |
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Michael Johnson/Julian Morse (Sales) |
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Walbrook PR | Tel: +44 (0)20 7933 8780 or intelligentultrasound@walbrookpr.com |
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Anna Dunphy/Paul McManus | Mob: +44 (0)7876 741 001 / Mob: +44 (0)7980 541 893 |
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About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is one of the world's leading 'classroom to clinic' ultrasound companies, specialising in real-time hi-fidelity virtual reality simulation for the ultrasound training market ('classroom') and artificial intelligence-based clinical image analysis software tools for the diagnostic medical ultrasound market ('clinic'). Based in Cardiff in the UK and Atlanta in the US, the Group has two revenue streams:
Simulation
Real-time hi-fidelity ultrasound education and training through simulation. Our main products are the ScanTrainer obstetrics and gynaecology training simulator, the HeartWorks echocardiography training simulator, the BodyWorks Eve Point of Care and Emergency Medicine training simulator with Covid-19 module and the new BabyWorks Neonate and Paediatric training simulator. To date over 1,400 simulators have been sold to c. 700 medical institutions around the world.
Clinical AI software
Deep learning-based algorithms to make ultrasound machines smarter and more accessible using our proprietary ScanNav ultrasound image analysis technology. Current products on the market utilising this technology are GE Healthcare's SonoLyst software that is incorporated in their Voluson Expert 22 and SWIFT ultrasound machines; ScanNav Anatomy PNB that simplifies ultrasound-guided needling by providing the user with real-time AI-based anatomy highlighting for a range of medical procedures; and NeedleTrainer that teaches real-time ultrasound-guided needling and incorporates ScanNav Anatomy PNB.
www.intelligentultrasound.com
NOTE: ScanNav Anatomy PNB is CE approved, but not yet available for sale in the US or any other territory requiring government approval for this type of product.