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Intelligent Ultrasound Group plc (AIM: MED), the artificial intelligence (AI) software and simulation company, announces its unaudited preliminary results for the year ended 31 December 2018, an exciting year for the Group during which it piloted the lead AI obstetric product of its Clinical AI Division and continued to grow sales in its Simulation Division.

Financial highlights:

• Group revenues (Simulation Division sales only) increased 27% to £5.3m (2017: £4.2m)
• Expenditure on R&D up 76% to £1.8m (2017: £1.1m) after significantly increased investment in AI
• Raised £4.8m net of costs by way of placing of shares and open offer
• Year-end cash at £5.6m (2017: £4.3m) and no debt

Operational highlights:

Simulation Division:

• Successful launch of BodyWorks Eve, a new life-like manikin-based simulator for the Point of Care Ultrasound (PoCUS) market that combines ScanTrainer and HeartWorks technologies
• Now over 700 simulators sold to over 400 medical institutions in over 30 countries around the world

Clinical Division (AI):

• Database used for training its AI products now exceeds 1 million obstetric ultrasound images
• First ScanNav real-time AI-based ultrasound image analysis software successfully piloted in two UK hospitals in advance of commercialisation
• Commenced a clinical study within the Aneurin Bevan University Health Board to capture data for its AnatomyGuide AI software for ultrasound-guided anaesthetic procedures such as peripheral nerve blocks

Name change

• Post year-end completed the name change that was announced in November 2018 and changed the name of the Group from MedaPhor to Intelligent Ultrasound reflecting that, in addition to being a global leader in ultrasound training through simulation, the Group has expanded into the development of AI software to guide and support doctors and sonographers in clinical ultrasound scanning

Commenting on the results, Riccardo Pigliucci, Chairman of Intelligent Ultrasound said:

"Despite the disappointing share price performance during the year, the Group made good progress in 2018 and I would like to thank all our shareholders for their continued support, as well as extending the Board's gratitude to all our staff and customers around the world. The Simulation Division demonstrated encouraging growth in the ultrasound simulation market and we expect broadly similar growth to continue in the coming years.  The Clinical Division achieved all its development milestones in the year and is now focussed on signing commercial agreements with the ultrasound manufacturers and bringing our ScanNav and AnatomyGuide AI image analysis software through regulatory approval to market. The Group is currently trading in line with expectations and we look forward to the year ahead with considerable enthusiasm."

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. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Enquiries:

Intelligent Ultrasound Group plc	www.intelligentultrasound.com Tel: +44 (0)29 2075 6534
Stuart Gall, CEO  Wilson Jennings, CFO
Cenkos Securities - Nominated Advisor and broker	Tel: +44 (0)20 7397 8900
Giles Balleny / Cameron MacRitchie (Corporate Finance) Michael Johnson / Julian Morse (Sales)
Walbrook PR	Tel: +44 (0)20 7933 8780 or [email protected]
Anna Dunphy / Paul McManus	Mob: +44 (0)7876 741 001 / Mob: +44 (0)7980 541 893

 

About Intelligent Ultrasound (www.investors.intelligentultrasound.com)

Intelligent Ultrasound (AIM: MED), the intelligent ultrasound software and simulation company, develops artificial intelligence-based clinical image analysis software tools, augmented reality-based needle guidance software and advanced hi-fidelity haptic and manikin-based training simulators for medical practitioners.

Based in Cardiff and Oxford in the UK, Atlanta in the US and with representation in Beijing in Asia, the Group operates two divisions:

Intelligent Ultrasound Simulation Division

Focusses on hi-fidelity ultrasound education and training through simulation.  Its three main products are the ScanTrainer OBGYN training simulator, the HeartWorks echocardiography training simulator and the BodyWorks Eve Point of Care and Emergency Medicine training simulator.  To date over 700 simulators have been sold to over 400 medical institutions in over 30 countries around the world.

Intelligent Ultrasound Clinical Division

Focusses on augmented reality and deep-learning based algorithms to make ultrasound machines smarter and more accessible. Products in development include ScanNav which uses machine-learning based algorithms to automatically identify and grade ultrasound images to provide scan assessment and audit of obstetric scanning. AnatomyGuide aims to simplify ultrasound-guided needling by providing the user with real-time AI-based needle guidance software for a range of medical procedures.

Some products in the pipeline may require US FDA or other regulatory approval, as such this material should be considered informational only and does not constitute an offer to sell, or infer claims or benefits.

Read full RNS release.