TIDMIUG
RNS Number : 0162Z
Intelligent Ultrasound Group PLC
09 January 2024
Intelligent Ultrasound Group plc
Full-Year Trading Update
Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to
clinic' ultrasound company, specialising in AI software and
simulation, announces that it expects FY2023 revenues to have
increased by 10% to GBP11.2m (2022: GBP10.1m), with simulation
related revenue declining slightly to GBP9.1m (2022: GBP9.4m) and
clinical AI related revenues almost trebling to GBP2.0m (2022:
GBP0.7m).
Financial highlights:
-- Group revenue for the year to 31 December 2023 grew by 10% to GBP11.2m (2022: GBP10.1m)
o FY2022 revenue figures included GBP2.0m of one-off orders from
the NHS in the UK, so on an adjusted 'like-for-like'* basis,
revenue in 2023 increased by 38% (2022 adjusted*: GBP8.1m)
-- The Group's simulation revenues declined by 3% to GBP9.1m (2022: GBP9.4m)
o FY2022 simulation revenue figures included GBP2.0m of one-off
orders from the NHS in the UK, so on an adjusted 'like-for-like'*
basis, revenue in 2023 increased by 23% (2022 adjusted*:
GBP7.4m)
o Simulation revenue was approximately GBP1m behind expectations
mainly due to lower-than-expected sales in Europe and China
throughout the year and recognised revenue being slightly less than
we anticipated in the final quarter of the year
-- The Group's clinical AI related products continue to gain
traction and revenues almost trebled to GBP2.0m (2022: GBP0.7m)
o Revenue from women's health-related AI software sales, which
included both GE HealthCare royalty income combined with non-GE
HealthCare revenue from studies utilising our gestational age AI
software, made up over half of our clinical AI related sales
-- Cash at bank on 31 December 2023 was GBP3.0m (30 June 2023: GBP3.3m)
Operational highlights:
-- GE Healthcare's SonoLyst software, which is powered by
Intelligent Ultrasound's AI software, launched as a standard
feature on the new Voluson Expert 22 and 20 range of women's health
ultrasound machines in Q4 2023
-- ScanNav Anatomy Peripheral Nerve Block (PNB) AI software
upgrades were released in UK and US market in Q2 2023
-- Liver images agreement signed with Dundee University in Q4 2023
-- ScanNav FetalCheck development programme announced for new
gestational age AI product in Q4 2023
-- ScanTrainer Endometriosis simulator module released in Q2 2023
Outlook :
We remain positive about the outlook for the Group in 2024:
-- Clinical AI related sales continue to develop, and we
anticipate sales broadly doubling during the year due to:
o GE HealthCare's SonoLystlive software, which is powered by
Intelligent Ultrasound's ScanNav AI, is now a standard feature on
the latest versions of the Voluson Expert Series portfolio of
ultrasound machines, and is expected to generate growing and more
forecastable revenues during the year
o Our Classroom to Clinic AI needling range is expected to
continue its sales growth in the UK and the US, as the number of
papers and supporting studies grows during the year
-- Simulation sales are expected to return to growth, broadly
driven by the US and UK markets combined with a continued recovery
in our reseller markets
The Group therefore expects revenue in 2024 to be between GBP14m
to GBP17m and continues to anticipate reaching profitability with
its current cash.
Stuart Gall, CEO at Intelligent Ultrasound said:
"We have had another positive year with GE HealthCare announcing
the launch of SonoLystLive on the new Voluson Expert ultrasound
machine range, our clinical AI revenues growing significantly,
recent announcements on ScanNav FetalCheck, our new gestational age
AI development programme and the signing of the liver data
agreement with Dundee University and NHS Trust. Revenues from our
clinical AI related products are expected to have almost trebled
over the year, but our simulation revenues are expected to be 3%
down on 2022, primarily due to lower than expected sales in China
and Europe, combined with lower-than-expected recognised revenue in
December. With cash at bank only reducing by GBP0.3m since 30 June,
the business continues to forecast it will reach profitability with
its current cash resources."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
ENDS
Enquiries:
Intelligent Ultrasound Group plc www.intelligentultrasound.com
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cavendish Capital Markets Ltd
(Nominated advisor and broker)
Giles Balleny (Corporate Finance) Tel: +44 (0)20 7397 8900
Dale Bellis (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
Jessica Pilling Tel: +44 (0)7918 584573
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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END
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