Intelligent Ultrasound (IUG) , an ultrasound AI software and simulation company, updated markets on trading for the six months to 30 June 2023, with revenue increase driven by NHS orders and AI product sales.
Intelligent Ultrasound expects revenue for the period to grow by 3% to £6.1m, up from £5.9m in H1 2022. H1 2022 revenue figures included £1.4m of one-off orders from the NHS in the UK, so on an adjusted like-for-like basis, revenue in H1 2023 is expected to have increased by 35%.
Intelligent Ultrasound's clinical AI products are also seeing increasing momentum, with revenues surpassing £0.7m in the period, more than doubling the figures from H1 2022 at £0.3m.
As of June 30, 2023, the company had £3.4m of net cash, down from £7.2m at the end of 2022 as result of expected working capital seasonality in the first half. However, the company said cash utilisation is expected to fall significantly in the second half, and that it remains committed to achieving profitability with existing cash resources.
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A strong update from Intelligent Ultrasound, laying the foundations for continued growth in H2 2023. Underpinned by its market-leading tech, there is potential for the company to become a significant player in the global ultrasound market over the next few years, potentially delivering strong returns to investors.
The company’s strategic focus on AI is likely to reap rewards given the rapid expansion of the medical imaging AI market, projected to grow at a rate of more than 34.7% between 2022 and 2029. Increasing imaging volumes and government initiatives promoting AI-based technologies are key drivers fueling global market demand. This backdrop underpins the growth of Intelligent Ultrasound’s clinical AI performance in H1 2023, and should continue to drive growth in the second half and beyond.
The update demonstrates Intelligent Ultrasound’s continued success in the medical imaging industry, providing solutions that help to alleviate strain on the healthcare system through faster throughput, more accurate diagnosis, and reduced operator burnout.
The company said it will publish its half-year results in August.
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