12th Jan 2021 16:36
Intelligent Ultrasound Group PLC - artificial intelligence ultrasound software firm - Says revenue for 2020, which is currently generated entirely by its Simulation unit, is expected to be GBP5.2 million, down 11% year on year from GBP5.9 million. The firm blamed the drop "entirely" on the pandemic. Sales from its direct sales unit saw revenue grow 15% to GBP3.8 million, helped by strong sales from its ScanTrainer and BodyWorks simulators, which incorporate the free of charge Covid-19 lung training module that was developed in response to the pandemic. Reseller sales fell to GBP1.4 million from GBP2.6 million.
Operating loss is expected to have improved to between GBP4.1 million and GBP4.2 million from GBP4.6 million in 2019, with selling and marketing cost reductions helping to minimise the impact of lower revenues.
Chief Executive Stuart Gall says: "Despite the impact of Covid-19, this has been a very positive year for the group. The Clinical AI Division has continued to perform well, with GE Healthcare's Voluson SWIFT ultrasound machine, that incorporates Intelligent Ultrasound's ScanNav Assist AI technology in its SonoLyst software, receiving CE approval for sale in Europe and 510(k) clearance from the FDA for sale in the USA.
"Although Covid-19 has impacted both the signing of a second OEM agreement and the regulatory approval process for ScanNav Anatomy PNB, we still expect first product launch and initial revenues for this, our second clinical AI product, to be in the second half of 2021. Finally, the Simulation Division has worked extremely hard to minimise the negative impact of Covid-19 on 2020 sales revenue and we are confident that, on-going global pandemic restrictions permitting, the group will return to revenue growth in 2021."
Current stock price: 15.30 pence
Year-to-date change: up 5.5%
By Paul McGowan; [email protected]
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