Intelligent Ultrasound (IUG said it has continued to make ‘significant progress’ across the business with revenue for the year to 31 December 2021 expected to have risen by 47%.

The ultrasound artificial intelligence (AI) software and simulation group said it expects to report £7.6m in revenue for FY21, a 47% increase from the £5.2m in revenue reported in FY20. The Group said it also expects its strong performance of 2021 to continue in 2022.

Over the period, the Group said its Simulation Division has performed ‘particularly strongly’ with revenue expected to have grown by 44% to £7.4m (2019: £5.2m), helped by strong direct sales in the UK and US markets that grew by 58% to £5.2m (2020: £3.3m) and a recovery in the Group’s reseller markets in Europe and Asia, that grew by 16% to £2.2m (2020: £1.9m). 

In addition to its ScanTrainer, BodyWorks and HeartWorks platforms, the division launched its BabyWorks simulator platform in 2H21, aimed at the global neonate and paediatric markets. 

The division now intends to launch its new HeartWorks 3D Echo simulator module at the International Meeting on Simulation in Healthcare (IMSH) in Los Angeles this month.

Revenue for its Clinical AI Division is expected to be £0.2m (2020: £0.0m). Meanwhile, the Group said it remains confident that the expected increase in face-to-face medical exhibitions and congresses, that are ‘fundamental’ to the launch process of its new products, and the continued roll-out of ScanNav Assist and PNB will accelerate AI revenue growth in 2022. 

The need for an additional US-based Human Factors study has pushed the regulatory approval and anticipated launch of the PNB clinical system in the US to the summer, but the Group still envisages the PNB system will contribute to US revenues in 2022, it told investors.

The Company explained that bringing all these AI related products to market during the year positions it in a strong position to continue the growth of its ‘Classroom to Clinic’ ultrasound business ‘as well as to be a global leader in AI related ultrasound software and simulation.’

Group operating loss for the year is expected to be between £4.2m and £4.4m compared to a loss of £4.5m in FY20. This includes around £2.4m (2020: £2.0m) of expensed R&D costs primarily attributable to investment in the Group’s Clinical AI Division, the Group explained.

Cash at bank as at 31 December 2021 is expected to be approximately £5m (31 December 2020: £8.8m) which the Group said represents a significant improvement from 2H21. 

Intelligent Ultrasound said it expects its strong performance of 2021 to continue in 2022, with growing revenue from its simulation and AI related products and the product development teams continuing to launch new products that will support long term revenue growth.

Commenting, Stuart Gall, CEO of Intelligent Ultrasound Group said: “This has been a very positive year for the Group. We have increased Group revenue by almost 50%, launched a range of AI products into the exciting real-time ultrasound image analysis market, are building an excellent partnership with the world’s leading ultrasound company - GE Healthcare, and have also expanded our simulation portfolio with a range of product extensions.”

He said: “All this has been achieved despite the ongoing pandemic that has restricted our activities, especially the US based studies required for regulatory clearance for new products, as well as the critical phase of new product introduction at shows and medical exhibitions. 

With a growing range of both AI and simulation related products, an established operational base, and strong second half sales continuing the trend from the first half of the year, we are well placed to continue this growth during 2022 and beyond and remain excited about the long-term potential of the ‘Classroom to Clinic’ business.”

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