LONDON (ShareCast) - (Sharecast News) - Artificial intelligence (AI)-based software and simulation company Intelligent Ultrasound announced growth in revenue of more than 45% in its first half on Tuesday, to £3.6m, from £2.5m a year ago.
The AIM-traded firm said direct simulation sales in the UK and North America were up almost 50% in the six months ended 30 June, to £2.8m, compared to £1.9m in the first half of last year, while reseller simulation sales increased over 30% to £0.8m, from £0.6m.

Revenue included nominal revenue of £0.1m from the group's first clinical AI products.

Its operating loss for the period widened to £2.3m, from £2.0m, with cash and cash equivalents falling to £5.8m at the period end on 30 June, from £8.8m at the end of December.

On the operational front, its 'ScanNav Anatomy PNB' product received CE regulatory approval in the period, and launched in the UK.

GE Healthcare was continuing the global roll-out of 'SonoLyst' in the half-year, which uses the company's 'ScanNav Assist' real-time image analysis AI software, on the 'Voluson SWIFT'.

The board reported "excellent" product development progress in both simulation and AI product pipelines, adding that it had strengthened its board with the appointment of Ingeborg Øie.

Looking at its current trading, Intelligent Ultrasound said its "strong" simulation performance had continued into the second half of the year.

It said it expected that the sales potential of AI in ultrasound would be realised as the pandemic progressed, and access increased to medical exhibitions and hospitals with budgets freed up.

"This has been a good start to the year, with strong revenue from our simulation division, combined with encouraging performance from our clinical division through the early commercialisation of our first two AI products, and the progression of our AI product development pipeline," said chief executive officer Stuart Gall.

"Our new AI products are first to market and therefore require time to gain acceptance before significant revenue can be achieved.

"As the pandemic has restricted medical exhibitions, hospital access and budgets, the time required to gain this market acceptance has been extended."

Gall said 2021 was therefore expected to be a year where the company would continue its "heavy" investment in research and development.

"In addition, the group is focusing on generating the compelling key opinion leader study data that will facilitate the acceptance and subsequent sales potential of AI in ultrasound to be realised from 2022 onwards.

"We remain confident that we can continue to build a successful 'classroom-to-clinic' ultrasound business in this exciting sector of the market."

At 0953 BST, shares in Intelligent Ultrasound were up 1.51% at 14.31p.

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