TIDMIUG
RNS Number : 3401Y
Intelligent Ultrasound Group PLC
13 January 2022
13 Jan 2022
Intelligent Ultrasound Group plc
("Intelligent Ultrasound" or the "Group")
2021 Full Year Trading update
Intelligent Ultrasound Group plc (AIM: IUG), the ultrasound
artificial intelligence (AI) software and simulation group,
continued to make significant progress across the business and is
pleased to announce that Group revenue for the year to 31 December
2021 is expected to have increased by 47% to GBP 7.6 m (2020:
GBP5.2m).
The Group's Simulation Division, performed particularly
strongly, with revenue expected to have grown by 44 % to GBP 7.4 m
(2019: GBP5.2m), helped by strong direct sales in the UK and US
markets that grew by 58 % to GBP 5.2 m (2020: GBP3.3m) and a
recovery in the Group's reseller markets in Europe and Asia, that
grew by 16 % to GBP 2.2 m (2020: GBP1.9m).
In addition to the Group's core ScanTrainer, BodyWorks and
HeartWorks simulator platforms, the division launched its new
BabyWorks simulator platform in the second half of the year, aimed
at the global neonate and paediatric markets. It will also launch
its new HeartWorks 3D Echo simulator module at the International
Meeting on Simulation in Healthcare (IMSH) in Los Angeles this
month.
Revenue relating to the Group's Clinical AI Division is expected
to be GBP 0.2 m (2020: GBP0.0m). These first AI related products
provide real-time support to clinicians whilst they are scanning
and include the ScanNav Assist obstetric AI software that is
utilised by GE Healthcare as SonoLyst on their Voluson SWIFT
ultrasound machine; the CE approved ScanNav Anatomy Peripheral
Nerve Block (PNB) regional anaesthesia highlighting device and
NeedleTrainer that incorporates the PNB software to teach
ultrasound-guided needling skills.
The Group remains confident that the expected increase in
face-to-face medical exhibitions and congresses, that are
fundamental to the launch process of the Group's new products, and
the continued roll-out of ScanNav Assist and PNB will accelerate AI
revenue growth in 2022. The need for an additional US-based Human
Factors study has pushed the regulatory approval and anticipated
launch of the PNB clinical system in the US to the summer, but the
Group still envisages the PNB system will contribute to US revenues
in 2022.
Bringing all these AI related products to market during the year
puts the Group in a strong position to continue the growth of its
'Classroom to Clinic' ultrasound business and be a global leader in
AI related ultrasound software and simulation.
Group operating loss for the year is expected to be between GBP
4.2 m and GBP 4.4 m (2020: loss of GBP4.5m). This includes
approximately GBP 2.4 m (2020: GBP2.0m) of expensed R&D costs
primarily attributable to investment in the Group's Clinical AI
Division. Group management, plc costs and share-based payment
charges included in the loss are expected to be GBP 1.3 m (2020:
GBP1.0m).
Cash during the year has been well managed, with cash at bank at
31 December 2021 expected to be approximately GBP5m (31 December
2020: GBP8.8m) which represents a significant improvement in the
second half of the year. With a number of potential growth
opportunities relating to additional AI related product
development programmes, as well as increases in the machine
learning, direct sales and marketing teams; the Group will continue
to monitor investment, overheads and cash against the anticipated
sales growth curve in 2022 and beyond.
In summary, the Group expects the strong performance of 2021 to
continue in 2022, with growing revenue from the Group's simulation
and AI related products and the product development teams
continuing to launch new products that will support longer term
revenue growth in the 'Classroom to Clinic' market.
Stuart Gall, CEO of Intelligent Ultrasound Group plc, commented:
"This has been a very positive year for the Group. We have
increased Group revenue by almost 50%, launched a range of AI
products into the exciting real-time ultrasound image analysis
market, are building an excellent partnership with the world's
leading ultrasound company - GE Healthcare, and have also expanded
our simulation portfolio with a range of product extensions. All
this has been achieved despite the ongoing pandemic that has
restricted our activities, especially the US based studies required
for regulatory clearance for new products, as well as the critical
phase of new product introduction at shows and medical exhibitions.
With a growing range of both AI and simulation related products, an
established operational base, and strong second half sales
continuing the trend from the first half of the year, we are well
placed to continue this growth during 2022 and beyond and remain
excited about the long-term potential of the 'Classroom to Clinic'
business."
This announcement contains inside information for the purposes
of the UK version of Article 7 of Regulation (EU) 596/2014
("MAR").
For further information, please contact:
Intelligent Ultrasound Group www. intelligentultrasound.com
plc
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities - Nominated Advisor Tel: +44 (0)20 7397 8900
and Broker
Giles Balleny (Corporate Finance)
Michael Johnson / Julian Morse
(Sales)
Tel: +44 (0)20 7933 8780 or intelligentultrasound@walbrookpr.com
Walbrook PR
Anna Dunphy / Paul McManus Mob: +44 (0)7876 741 001 / Mob: +44
(0)7980 541 893
About Intelligent Ultrasound Group
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 FDA regulatory approval. 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 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 and
has also been submitted for FDA regulatory approval.
ScanNav Anatomy PNB is therefore not available for sale in the
US or any other territory requiring government approval for this
type of product.
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 and the new BabyWorks Neonate and Paediatric
training simulator. To date almost 1,300 simulators have been sold
to over 650 medical institutions around the world.
www.intelligentultrasound.com
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January 13, 2022 03:12 ET (08:12 GMT)
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