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Intelligent Ultrasound (AIM: IUG), the artificial intelligence (AI) based ultrasound software and simulation company, announces its unaudited half year results to 30 June 2021.

Financial highlights

• Growth in revenue of over 45% to £3.6m (H1 2020: £2.5m)
  • Direct simulation sales in the UK and North America up almost 50% to £2.8m (H1 2020: £1.9m) 
  • Reseller simulation sales increased over 30% to £0.8m (2020: £0.6m)
  • Revenue includes nominal revenue of £0.1m from the Group's first clinical AI products
• Operating loss for the period of £2.3m (H1 2020: loss of £2.0m)
• Cash and cash equivalents at 30 June 2021 of £5.8m (31 December 2020: £ 8.8m)

Operational highlights

• ScanNav Anatomy PNB received CE regulatory approval and launched in the UK
• GE Healthcare continue the global roll-out of SonoLyst (that utilises our ScanNav Assist real-time image analysis AI software) on the Voluson SWIFT
• Excellent product development progress in both simulation and AI product pipelines
• Strengthened Board with appointment of Ingeborg Øie

Current trading

• Strong simulation performance has continued into second half of the year
• Expectation that sales potential of AI in ultrasound will be realised as the pandemic progresses and access increases to medical exhibitions and hospitals and budgets are freed up

Stuart Gall, CEO, commented:   "This has been a good start to the year, with strong revenue from our simulation division, combined with encouraging performance from our clinical division through the early commercialisation of our first two AI products, and the progression of our AI product development pipeline.

"Our new AI products are first to market and therefore require time to gain acceptance before significant revenue can be achieved. As the pandemic has restricted medical exhibitions, hospital access and budgets, the time required to gain this market acceptance has been extended.  

"2021 is therefore expected to be a year where we will continue to invest heavily in R&D. In addition, the Group is focusing on generating the compelling key opinion leader study data that will facilitate the acceptance and subsequent sales potential of AI in ultrasound to be realised from 2022 onwards.

"We remain confident that we can continue to build a successful 'Classroom to Clinic' ultrasound business in this exciting sector of the market."

Enquiries:

Intelligent Ultrasound Group plc	www.intelligentultrasound.com Tel: +44 (0)29 2075 6534
Stuart Gall, CEO Helen Jones, CFO
Cenkos Securities	Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate Finance) Dale Bellis / Julian Morse (Sales)
Walbrook PR	Tel: +44 (0)20 7933 8780 [email protected]
Anna Dunphy/Paul McManus	Mob: +44 (0)7876 741 001/Mob: +44 (0)7980 541 893

 

About Intelligent Ultrasound Group plc 

Intelligent Ultrasound (AIM: IUG) develops artificial intelligence-based clinical image analysis software tools for the diagnostic medical ultrasound market and hi-fidelity virtual reality simulators for the ultrasound training market. Based in Cardiff in the UK and Atlanta in the US, the Group operates two divisions:

Clinical AI Division

Focusses on developing deep learning-based algorithms to make ultrasound machines smarter and more accessible. Products in the market include :

ScanNav Assist

ScanNav Assist uses machine-learning based algorithms to automatically identify and grade ultrasound images. GE Healthcare's SonoLyst software on their Voluson SWIFT ultrasound machine incorporates the ScanNav Assist AI technology and has received CE and 510k FDA regulatory clearance. SonoLyst is the world's first fully integrated AI tool that recognises the 20 views recommended by the International Society of Ultrasound in Obstetrics and Gynaecology mid-trimester practice guidelines for fetal imaging.

ScanNav Anatomy

ScanNav Anatomy Peripheral Nerve Block (PNB) uses machine-learning based algorithms to simplify ultrasound-guided needling by providing the user with real-time AI-based anatomy  highlighting software for a range of medical procedures. ScanNav Anatomy has received CE approval for sale in the UK and Europe and has also been submitted for FDA regulatory approval.

ScanNav Anatomy PNB is therefore not currently available for sale in the US, or any other territory requiring government approval for this type of product, other than in the UK and Europe.

Simulation Division 

Focusses on hi-fidelity ultrasound education and training through simulation.  Its main products are the  ScanTrainer OBGYN training simulator, the HeartWorks echocardiography training simulator, the BodyWorks Eve Point of Care and Emergency Medicine training simulator with Covid module and the new AI-based Anatomy PNB training simulator. To date over 1,000 simulators have been sold to over 600 medical institutions around the world.

www.intelligentultrasound.com