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Intelligent Ultrasound (AIM: MED), the artificial intelligence (AI) based ultrasound software and simulation company, announces its unaudited half year results to 30 June 2019.

IUG is a global leader in ultrasound training through simulation and has expanded into the development of artificial intelligence (AI) software to guide and support doctors and sonographers in clinical ultrasound scanning. IUG operates two divisions:

1. Intelligent Ultrasound Simulation Division - focussed on hi-fidelity ultrasound education and training through simulation via its three main products: ScanTrainer obstetrics and gynaecology training simulator; HeartWorks echocardiography training simulator and BodyWorks Eve Point of Care and Emergency Medicine training simulator. 
2. Intelligent Ultrasound Clinical AI Division - focussed on developing deep learning-based algorithms to make ultrasound machines smarter and more accessible. Products in development include ScanNav and ScanNav AnatomyGuide.

Highlights

Post period-end, signed first long-term licence and co-development agreement for the Group's AI software with one of the world's leading ultrasound equipment manufacturers.

Simulation Division sales increased 24% on the comparative period to £3.1m (H1 2018: £2.5m) driven by strong revenue contribution from North America. Cash balance at 30 June 2019 of £3.5m (31 December 2018: £5.6m).

Commenced alliance with Mediscan Systems to use AI and simulation to improve patient care in India and enhance the Group's ultrasound scan image library, an important asset in the development of the Group's deep-learning based AI software.

First live demonstration of ScanNav AnatomyGuide development prototype to clinicians.

Commenting on the results, Riccardo Pigliucci, Chairman of Intelligent Ultrasound Group plc, said: "This has been an excellent first half of the year, with Simulation Division sales increasing by 24% and excellent progress made by our Clinical AI Division, which recently announced the signing of the its first long-term agreement with a major ultrasound machine manufacturer, which could be transformational for the Group.  We look forward to continuing growth in Simulation sales and winning additional contracts with original equipment manufacturers for our growing range of AI based image analysis software."

Enquiries:

Intelligent Ultrasound Group plc	www.intelligentultrasound.com Tel: +44 (0)29 2075 6534
Stuart Gall, CEO
Cenkos Securities	Tel:  +44 (0)20 7397 8900
Giles Balleny/Cameron MacRitchie (Nominated Adviser) Michael Johnson/Julian Morse (Corporate Broking)
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

(www.intelligentultrasoundgroup.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 obstetrics and gynaecology training simulator, the HeartWorks echocardiography training simulator and the BodyWorks Eve Point of Care and Emergency Medicine training simulator.  To date over 800 simulators have been sold to over 470 medical institutions in over 30 countries around the world.

Intelligent Ultrasound Clinical AI Division

Focusses on developing 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 protocol-based ultrasound scanning; and ScanNav AnatomyGuide, which 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.

To read the full release, please click here.