Intelligent Ultrasound Group PLC Trading Update (8680G)
July 24 2023 - 1:00AM
UK Regulatory
TIDMIUG
RNS Number : 8680G
Intelligent Ultrasound Group PLC
24 July 2023
24 July 2023
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014.
Intelligent Ultrasound Group plc
(the "Group")
Trading update
Intelligent Ultrasound Group plc reports positive trading period
in H1
Intelligent Ultrasound Group plc (AIM: IUG) ("Intelligent
Ultrasound" or "the Group"), the 'classroom to clinic' ultrasound
company specialising in artificial intelligence (AI) software and
simulation, today provides a trading update for the six months to
30 June 2023.
Financial highlights:
-- The Group expects to report that revenue for the period to 30
June 2023 has grown by 3% to GBP6.1m (H1 2022: GBP5.9m)
o H1 2022 revenue figures included GBP1.4m of one-off orders
from the NHS in the UK, so on an adjusted like-for-like basis,
revenue in H1 2023 is expected to have increased by 35% (H1 2022
adjusted: GBP4.5m)
-- The Group's clinical AI products continue to gain traction
and revenues are expected to have more than doubled to GBP0.7m (H1
2022: GBP0.3m)
-- Cash at bank on 30 June 2023 was GBP3.4m (31 December 2022:
GBP7.2m), impacted by working capital seasonality in H1
-- Cash utilisation in H2 is expected to be materially lower and
the Group remains on target to reach profitability with its current
cash
The company will publish its half-year results in August.
For further information, please contact:
Intelligent Ultrasound Group plc www.intelligentultrasound.com
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities - Nominated Advisor and
Broker
Giles Balleny/Max Gould (Corporate Finance) Tel: +44 (0)20 7397 8900
Michael Johnson/Julian Morse (Sales)
TB Cardew - PR Advisors Intelligentultrasound@tbcardew.com
Ed Orlebar Tel: + 44 (0)7738 724630
Allison Connolly Tel: +44 (0)7587 453955
Emma Pascoe-Watson Tel: +44 (0)7774 620415
Hero Kurzeja Tel: +44 (0)7827 130430
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
1,500 simulators have been sold to over 750 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 and cleared for sale in
the US by the FDA, but is not available for sale in any other
territory requiring government approval for this type of
product.
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