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Intelligent Ultrasound Group plc (AIM: IUG), the ultrasound AI software and simulation company, announces its audited results for the year ended 31 December 2023, showing another year of positive progress. 

Financial highlights:

• Group revenue grew by 11% to £11.2m (2022: £10.1m)
  • 2022 Group revenue included c.£1.9m of one-off simulation orders from the NHS, adjusting for this, Group revenue in 2023 increased by 36% (2022 adjusted: £8.2m)
• Clinical AI-related revenues trebled to £2.0m (2022: £0.7m)
• Simulation revenues declined by 3% to £9.1m (2022: £9.4m)
  • Adjusting for the one-off orders from the NHS, simulation revenue in 2023 increased by 21% (2022 adjusted: £7.5m)
• Loss after tax decreased to £2.6m (2022: £3.0m)
• Cash at 31 December 2023 of £3.0m (31 December 2022: £7.2m)

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
• 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

Post year end:

• GE HealthCare's SonoLyst software launched as a standard feature on the new Voluson Signature 20 and as an option on the Voluson Signature 18 range of women's health ultrasound machines
• ScanNav FetalCheck announced to be used in the largest ever trial on the use of aspirin to prevent pre-eclampsia, funded by the Bill and Melinda Gates Foundation

Outlook:

• The UK market is experiencing tougher trading conditions due to the current reduction in NHS capital expenditure spending but anticipate growing revenue from high margin AI-related products and non-UK related simulation markets
• Implemented tight control on overheads to offset any softness in UK revenue
• The business continues to expect revenue in 2024 to be between £14m to £17m and continues to forecast that it will reach profitability with its current cash resources

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

"2023 has been another year of important progress for the Group, as we commercialize our regulatory-approved clinical AI software products and develop the next generation of diagnostic AI software. We achieved our number one target for the year, which was to grow AI-related sales to £2m. In addition, our relationship with GE HealthCare continued to develop positively with the launch of SonoLystlive, powered by our obstetrics AI software, on the Voluson Expert ultrasound machine range and post-year end on the Signature ultrasound range. In Q4 2023, we announced the first trials in Africa that will be using our ScanNav FetalCheck AI software to enable an unskilled user to automatically obtain the gestational age of a fetus. With a growing range of AI related products, we remain excited about the future of the business, in this growing market."

 

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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 and the BabyWorks Neonate and Paediatric training simulator. To date over 1,700 simulators have been sold to over 800 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, Signature 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.