Intelligent Ultrasound Group shares fell 2% to 14.2p in late afternoon trading on Thursday following a reported 60% anticipated revenue climb to £5.6 million in HY1 2022 compared to £3.6 million in HY1 2021 as a result of strong performance in UK stimulation sales.
The firm commented its stimulation related revenues from its direct sales team across the UK and US were expected to have grown by over 80% to £5.1 million against £2.8 million the year before.
Intelligent Ultrasound Group attributed its strong sales to a high number of one-off orders from an NHS training initiative in Q1.
Meanwhile, sales from the company’s reseller network fell due to the Chinese market closing on the back of Covid-19 restrictions, with revenue from the rest of the world projected to decline by 37% to £500,000 compared to £800,000 the last year.
Intelligent Ultrasound Group said its clinical AI products remained in the early stages of commercialisation, with HY revenue of £300,000 expected to be recognised against £100,000 in HY1 2021.
The group announced on 20 July that GE Healthcare had incorporated its ScanNav real-time AI technology into its new Voluson Expert 22 ultrasound machine, marking the second machine in the Voluson portfolio to incorporate the ScanNav AI software as an option add-on.
The company highlighted that with ScanNav Anatomy Peripheral Nerve Block expected to receive FDA clearance in HY2 2022 and a handheld edition of NeedleTrainer scheduled for launch in September, AI revenue is projected to continue growth in HY2 2022 and FY 2023.
Intelligent Ultrasound Group confirmed cash at bank of £3.5 million on 30 June 2022, against £5 million on 31 December 2021.
“This has been an excellent start to the year. Our simulation products have performed well in the UK and sales of the new clinical AI product range are starting to grow,” said Intelligent Ultrasound Group CEO Stuart Gall.
“The recent announcement that our ScanNav Assist software has now been incorporated on GE Healthcare’s new Voluson Expert 22 ultrasound machine is particularly encouraging.”
“We remain confident that we can meet the market expectations of £10m revenue for FY2022 and build a successful ‘Classroom to Clinic’ ultrasound business in this exciting sector of the market.”
