AI based ultrasound software and simulation company Intelligent Ultrasound Group PLC (LON: MED) saw increased sales and testing of its new AI based offerings within its IU Simulation Division and IU Clinical AI Division during the first half of 2019.
As the first half ended, the Company signed its first long-term licence and co-development agreement for their AI software with a leading ultrasound equipment manufacturer. The Intelligent Ultrasound Group also formed an alliance with Mediscan Systems to use AI and simulation to improve patient care in India and develop the Group’s ultrasound scan image library.
The IU Simulation Division saw sales up 24% on a year-on-year basis – from £2.5 million for H1 2018 to £3.1 million for H1 2019 – driven by North American revenue contribution. The Group also performed the first demonstration of their ScanNav AnatomyGuide to clinicians.
The Company’s cash balance dipped from £5.6 million to £3.5 million on-year for the first half.
Intelligent Ultrasound Group comments
IUG Chairman Riccardo Pigliucci, said,
“This has been an excellent first half of the year, with Simulation Division sales increasing by 24% and excellent progress made by our Clinical AI Division, which recently announced the signing of the its first long-term agreement with a major ultrasound machine manufacturer, which could be transformational for the Group. We look forward to continuing growth in Simulation sales and winning additional contracts with original equipment manufacturers for our growing range of AI based image analysis software.”
This update followed the Group’s change to AI led tech and a name change in January. Commenting on the change, the Chairman said,
“The Board believes that the new name reflects the fact that the Group is no longer just a global leader in ultrasound training through simulation, but has expanded into the development of artificial intelligence (AI) software to guide and support doctors and sonographers in clinical ultrasound scanning.”
Investor notes
The Company’s shares are down 4.35% or 0.50p to 11.00p a share 31/01/19 08:22 BST. The Group’s p/e ratio and dividend yield are currently unavailable, their market cap is £18.01 million.
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