Stuart Gall of Intelligent Ultrasound: Revenue grew 33%, FDA clearance on 2nd AI product & GE relationship strengthened

Stuart Gall, CEO of Intelligent Ultrasound #IUG says 2022 was a significant year of progress which saw revenue grow by 33%, FDA clearance on their second AI-driven product and their partnership with the world's leading ultrasound company, GE HealthCare, strengthen.

Financial highlights:

· Group revenue grew by 33% to £10.1m (2021: £7.6m)

· Clinical AI-related revenue grew by over 200% to £0.7m (2021: £0.2m)

· Simulation related revenue grew by 28% to £9.4m (2021: £7.4m)

· Loss after tax reduced to £3.0m (2021: £3.6m)

· Year-end cash at £7.2m (31 December 2021: £5.0m) after a £4.8m placing (net of fees) and no debt (excluding IFRS 16 lease liabilities)

Operational highlights:

· GE HealthCare launched the SonoLyst technology, that utilises our ScanNav Assist AI software, on the Voluson Expert 22 ultrasound machine in July

· ScanNav Anatomy Peripheral Nerve Block (PNB), our second AI-driven product, received FDA De Novo clearance for sale in the US in October

· NeedleTrainer 2.0, our third AI-related product, to teach ultrasound-guided needling to medical professionals, was launched in September and now incorporates the GE HealthCare Vscan Air ultrasound device

To read the full RNS click here