Stuart Gall of Intelligent Ultrasound Group: We are building an exciting business & anticipate reaching profitability on current cash
Episode 1585, Aug 17, 2023, 10:21 AM
Stuart Gall, CEO of Intelligent Ultrasound Group #IUG discussing their interim results says, “We are building an exciting business and anticipate reaching profitability with our current cash”
On a 'like-for-like' basis revenue in H1 2023 increased by 35%, with AI revenue doubling from last year and is forecast to double again in the next six months.
Financial highlights
· Revenue for the period to 30 June 2023 has grown by 3% to £6.1m (H1 2022: £5.9m)
o H1 2022 revenue figures included £1.4m of one-off orders from the NHS in the UK, so on an adjusted 'like-for-like'* basis, revenue in H1 2023 increased by 35% (H1 2022 adjusted*: £4.5m)
o The Group's clinical AI products continue to gain traction and revenues more than doubled to £0.7m (H1 2022: £0.3m)
· Operating loss increased by £0.2m to £1.5m (H1 2022: £1.3m) in the period
· Cash at bank on 30 June 2023 was £3.3m (31 December 2022: £7.2m), impacted by working capital seasonality in respect of timing of revenues and receipts of inventory in H1
· Cash utilisation in H2 is expected to be materially lower
· The Group anticipates reaching profitability with its current cash
Operational highlights
· ScanNav Anatomy Peripheral Nerve Block (PNB) AI software upgrades released in UK and US market
· BabyWorks 2.0 simulator product update released
·ScanTrainer Endometriosis simulator module released
On a 'like-for-like' basis revenue in H1 2023 increased by 35%, with AI revenue doubling from last year and is forecast to double again in the next six months.
Financial highlights
· Revenue for the period to 30 June 2023 has grown by 3% to £6.1m (H1 2022: £5.9m)
o H1 2022 revenue figures included £1.4m of one-off orders from the NHS in the UK, so on an adjusted 'like-for-like'* basis, revenue in H1 2023 increased by 35% (H1 2022 adjusted*: £4.5m)
o The Group's clinical AI products continue to gain traction and revenues more than doubled to £0.7m (H1 2022: £0.3m)
· Operating loss increased by £0.2m to £1.5m (H1 2022: £1.3m) in the period
· Cash at bank on 30 June 2023 was £3.3m (31 December 2022: £7.2m), impacted by working capital seasonality in respect of timing of revenues and receipts of inventory in H1
· Cash utilisation in H2 is expected to be materially lower
· The Group anticipates reaching profitability with its current cash
Operational highlights
· ScanNav Anatomy Peripheral Nerve Block (PNB) AI software upgrades released in UK and US market
· BabyWorks 2.0 simulator product update released
·ScanTrainer Endometriosis simulator module released