Intelligent Ultrasound (IUG), the ultrasound AI software and simulation company, announced its results for the 12 months to December 2022, with revenues climbing 33% year-on-year to £10.1m. 

Revenue growth was primarily driven by clinical AI sales, up 200% to £0.7m, along with simulation-related revenue growing by 28% to £9.4m. The loss after tax decreased to £3.0m, compared to £3.6m in 2021, while year-end cash stood at £7.2m, up from £5.0m in FY21.

Last July, GE Healthcare launched SonoLyst technology with IUG's ScanNav Assist AI software on the Voluson Expert 22 ultrasound machine, expanding its presence in the AI-driven medical imaging sector.

In October, the ScanNav Anatomy PNB received FDA clearance for sale in the US, and in September, NeedleTrainer 2.0, which teaches ultrasound-guided needling, was launched in September and now incorporates the GE HealthCare Vscan Air ultrasound device.

Commenting on the results, Riccardo Pigliucci, Chairman of Intelligent Ultrasound said: "This has been another year of significant progress for the Group. We have increased Group revenue by over 30%, achieved the important milestone of FDA clearance for our second AI-driven product and continue to build an excellent partnership with the world's leading ultrasound company”.

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Intelligent Ultrasound has delivered a strong set of results across the board, laying the foundations for continued growth in 2023. 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 clinical AI side of Intelligent Ultrasound’s business makes ultrasound easier to use for medical professionals, remaining a key part of its 'Classroom to Clinic' vision. The company’s 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. Against this backdrop, significant sales growth is expected from Intelligent Ultrasound’s clinical AI products in FY23, as they continue to advance through various stages of commercialisation.

Intelligent Ultrasound's FY22 results showcase the company's continued success in the medical imaging industry, providing solutions that help to alleviate strain on the healthcare system. Cenkos forecasts revenues of £12.5m for FY23, up 24% year-on-year, and expects to see the company delivering an operating profit in FY24. 

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