697: Stuart Gall of Intelligent Ultrasound discusses 2021 results, where revenue increase by 47%, and expects continued growth in 2022

The Vox Markets Podcast

Stuart Gall, CEO of Intelligent Ultrasound Group #IUG discusses 2021 results, which saw revenue increase by 47% to £7.6m, and expects continued growth in 2022 with full year revenue to be ahead of current market expectations, due to a growing range of both AI and simulation related products, a scalable operational base and pandemic related restrictions around the world relaxing.

Financial highlights

· Revenue grew by 47% to £7.6m (2020: £5.2m)

· Operating loss reduced to £4.3m (2020: £4.5m)

· Net cash used in operating activities reduced by 20% to £1.8m (2020: £2.3m)

· Cash and cash equivalents of £5.0m (2020: £8.8m)

Operational highlights

· GE Healthcare continued the rollout of the ScanNav Assist AI technology on the Voluson SWIFT ultrasound machine

· ScanNav Anatomy Peripheral Nerve Block (PNB), the Group's second AI product, received CE approval in April and was subsequently launched in the UK market

· NeedleTrainer, the Group's third AI-related product, which incorporates the PNB trainer software to teach ultrasound-guided needling to medical professionals, was soft launched in October

· BabyWorks, our new simulator platform aimed at the global neonate and paediatric markets, was launched in September

Post year end

· The new HeartWorks 3D Echo simulator module was launched in January 2022

· In January 2022 we announced an extension to our existing exclusive women's healthcare AI agreement with GE Healthcare that was signed at the end of December 2021

Current trading and outlook

· We have had a strong start to the year and, even with some element of first half weighting, we expect full year revenue in 2022 to be ahead of current market expectations