18th Aug 2022 12:01
(Alliance News) - Intelligent Ultrasound Group PLC on Thursday said it has seen an "excellent" start to the year, as it posted strong growth in revenue and a narrowed loss.
In the six months ended June 30, the Cardiff, Wales-based artificial intelligence ultrasound software firm said revenue jumped 62% year-on-year to GBP5.9 million from GBP3.6 million.
This was mostly comprised of higher simulation revenue, which rose 56% to GBP5.6 million. Its UK sales were aided by a high number of non-recurring orders from an NHS training iniative in the first quarter. Rest of World sales, however, were hit by China's zero-Covid policy.
Pretax loss narrowed to GBP1.4 million from GBP2.4 million.
Shares in Intelligent Ultrasound were down 0.4% to 12.70 pence each in London on midday Thursday.
"We remain confident that we can meet the market expectations of GBP10 million revenue for FY2022, and we continue to monitor closely our cash, investment in R&D and overheads against the anticipated sales growth curve in 2023," said Chief Executive Officer Stuart Gall.
By Elizabeth Winter; [email protected]
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