Medaphor Group PLC Trading and IUL integration update (7804A)
January 03 2018 - 1:00AM
UK Regulatory
TIDMMED
RNS Number : 7804A
Medaphor Group PLC
03 January 2018
MedaPhor Group plc
("MedaPhor" or the "Group" or the "Company")
Trading and IUL integration update
MedaPhor Group plc (AIM: MED), the intelligent ultrasound
software and simulation company, announces an update on trading and
the integration of the artificial intelligence business,
Intelligent Ultrasound Limited ("IUL"), which was acquired by the
Company in October 2017.
Trading update
The Company can confirm that Group turnover for the year to 31
December 2017, which was generated entirely by the Group's
simulation businesses, is expected to grow by 27% to GBP4.2m (2016:
GBP3.3m). The loss for the year before tax, share based payment
charges and amortisation arising on the acquisition of intangible
fixed assets acquired with IUL, is expected to be around GBP2.9m
(2016: Loss, GBP2.4m).
Cash at 31 December 2017 was GBP4.2m.
Intelligent Ultrasound
Integration of IUL into the Group has progressed well and, as
was announced on 23 November 2017, the Group has been awarded a
GBP0.5m Innovate UK grant to part fund the development of the
NeedleGuide(TM) Artificial Intelligence ("AI") guided augmented
reality imaging device. The NeedleGuide device will combine
existing technology, developed by MedaPhor, with expertise brought
to the Group through the acquisition of IUL to increase the use of
ultrasound-guided needling in hospitals.
IUL's ScanNav(TM) software, which aims to automatically identify
and grade ultrasound images using deep-learning technology, is now
in Limited First Release ("LFR") at a major UK hospital with a view
to rolling out the LFR at a number of other sites during 2018.
Discussions with ultrasound machine manufacturers continue to
progress but, as no software licensing/supply deal was signed by 31
December 2017, the contingent deferred consideration of GBP258,000
to the vendors of IUL, which was to be satisfied by the issue of
further shares and warrants in the Company, will not now become
payable.
Outlook
The Board is encouraged by the early success of the NeedleGuide
grant award following the integration of the AI software business
acquired with IUL and the Group is on track to launch the first AI
based ScanNav(TM) software into the ultrasound scanning market by
the end of 2018. Despite a difficult UK and European market, the
ultrasound simulation business has a healthy pipeline of potential
orders in the US and Asia and the Board is looking forward to
progressing the Group's exciting AI product development programme
during 2018 and beyond.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulations which came into
effect on 3 July 2016.
Enquiries:
MedaPhor Group plc www.medaphor.com
Stuart Gall, CEO Tel: +44 (0)29 2075
6534
Cenkos Securities Tel: +44 (0)20 7397
8900
Camilla Hume/Bobbie Hilliam
(Nominated Advisor)
Michael Johnson / Julian
Morse (Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or
medaphor@walbrookpr.com
Paul McManus / Anna Mob: +44 (0)7980 541 893 / Mob:
Dunphy +44 (0)7876 741 001
About MedaPhor (www.medaphor.com)
MedaPhor (AIM: MED), the intelligent ultrasound software and
simulation company, develops advanced hi-fidelity ultrasound
training simulators, artificial intelligence (AI) image analysis
software and augmented reality (AR) needle guidance systems for
medical practitioners.
Based in Cardiff and Oxford in the UK and Atlanta in the US,
MedaPhor is split into two divisions:
Ultrasound Simulation and Training
Focuses on hi-fidelity ultrasound education and training through
simulation. Products include the ScanTrainer(TM) OBGYN and General
Medical simulator training platform and the HeartWorks(TM)
echocardiography simulator. Over 500 MedaPhor simulators have been
sold to over 300 medical institutions in over 30 countries around
the world.
Ultrasound Clinical Support
Focuses on developing AI algorithms to make ultrasound machines
smarter and more accessible. ScanNav(TM) uses deep-learning based
algorithms to automatically identify and grade ultrasound images to
provide guidance, assessment and audit of obstetric scanning.
NeedleGuide(TM) aims to simplify ultrasound-guided needling with AR
needle guidance and automated needle tip tracking.
This information is provided by RNS
The company news service from the London Stock Exchange
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