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Stuart Gall, CEO of Intelligent Ultrasound Group #IUG discusses 2021 results, which saw revenue increase by 47% to £7.6m, and expects continued growth in 2022 with full year revenue to be ahead of current market expectations, due to a growing range of both AI and simulation related products, a scalable operational base and pandemic related restrictions around the world relaxing.
Financial highlights
· Revenue grew by 47% to £7.6m (2020: £5.2m)
· Operating loss reduced to £4.3m (2020: £4.5m)
· Net cash used in operating activities reduced by 20% to £1.8m (2020: £2.3m)
· Cash and cash equivalents of £5.0m (2020: £8.8m)
Operational highlights
· GE Healthcare continued the rollout of the ScanNav Assist AI technology on the Voluson SWIFT ultrasound machine
· ScanNav Anatomy Peripheral Nerve Block (PNB), the Group's second AI product, received CE approval in April and was subsequently launched in the UK market
· NeedleTrainer, the Group's third AI-related product, which incorporates the PNB trainer software to teach ultrasound-guided needling to medical professionals, was soft launched in October
· BabyWorks, our new simulator platform aimed at the global neonate and paediatric markets, was launched in September
Post year end
· The new HeartWorks 3D Echo simulator module was launched in January 2022
· In January 2022 we announced an extension to our existing exclusive women's healthcare AI agreement with GE Healthcare that was signed at the end of December 2021
Current trading and outlook
· We have had a strong start to the year and, even with some element of first half weighting, we expect full year revenue in 2022 to be ahead of current market expectations
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 with covid module and the new BabyWorks Neonate and Paediatric training simulator. To date over 1,350 simulators have been sold to over 650 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 SWIFT ultrasound machine; 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.