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Intelligent Ultrasound has provided a trading update for the year to December 2023, providing a view on revenue progression and year end cash. Group revenues for the year are expected to be £11.2m, up 10% YoY versus our estimate of £12.5m. Within this figure, Clinical AI revenues were broadly in-line with our forecast at £2.0m (Cavendish est. £2.2m) up c200% YoY, while Simulation revenues, impacted by lower sales in Europe and China, were £9.1m, down 3% YoY (Cavendish est. £10.3m). Cash at the end of the year was £3.0m. Intelligent Ultrasound expects FY24E revenues to be between £14-17m and expects to reach profitability with its current cash reserve. We remain positive on the stock, seeing the strong development of the Clinical AI division offering significant value generation potential going forward.
Intelligent Ultrasound Group Plc
Recent updates to the GE Healthcare Voluson website show that SonoLystlive, powered by Intelligent Ultrasound’s ScanNav AutoCapture AI software, has been included as a standard feature on the Voluson Expert 20 and Voluson Expert 22 BT24 ultrasound systems. This follows the launch of the software on the Expert Series in September 2023, demonstrated at the International Symposium on Fetal Anomalies in London. Importantly, as a standard feature, we believe Intelligent Ultrasound will receive a royalty payment on each relevant ultrasound machine sold by GE Healthcare. We assume this will be at a lower rate versus the current ‘optional switch’ on model used for the SonoLyst X/IR software. We see the launch as a standard feature which demonstrates the significant value GE Healthcare are placing on this software and its relationship with Intelligent Ultrasound.
Intelligent Ultrasound has announced that its agreement with GE Healthcare has expanded with the launch of SonoLystlive on the Voluson Expert Series portfolio of ultrasound machines. SonoLystlive, powered by Intelligent Ultrasound’s ScanNav AutoCapture AI software automatically captures images in real-time during ultrasound scans. We see this as a significant development for Intelligent Ultrasound, endorsing the established relationship, expanding the offering and more firmly embedding the company’s software product within GE Healthcare’s women’s health portfolio.
Intelligent Ultrasound has published its interim results for the 6-months to June 2023. As per the recent trading update, revenues were £6.1m for the period up 3%, or 35% on a like-for-like basis, of which £0.7m was generated from clinical AI products (H1/22A: £0.3m). Operating loss was £1.5m (H1/22A: loss £1.3m) and cash at the end of the period was £3.3m, with cash utilisation expected to be ‘materially lower' in H2/23E. Importantly, Intelligent Ultrasound continues to expect to reach profitability with its existing cash. We maintain our Buy recommendation.
Intelligent Ultrasound has provided a trading update for the six months to June 2023, expecting adjusted like-for-like group revenues to increase by 35% YoY, or 3% on a reported basis. Adjusted simulation revenues are expected to grow c30% to £5.4m (H1/22A adjusted: £4.2m), while clinical AI revenues are expected to grow over 100% to £0.7m (H1/22A: £0.3m). The company notes that its cash position was £3.4m at the end of the period, impacted by working capital seasonality, with materially lower cash utilisation expected in H2/23E. Importantly, Intelligent Ultrasound remains on target to reach profitability with its current cash. We maintain our Buy recommendation.
Intelligent Ultrasound has reported its results for the 12-months to December 2022, as per the recent trading update, revenues of £10.1m, up 33% YoY. Revenue growth was driven by both Clinical AI (>200%) and Simulation (28%) sales. FY22A loss after tax reduced to £3.0 from £3.6m in FY21A and the company closed the year with cash of £7.2m. FY22A saw Intelligent Ultrasound expand its clinical AI product range and distribution (notably the launch of GE HealthCare's Expert 22 ultrasound machines and FDA clearance of ScanNav Anatomy PNB), invest in its sales and marketing capabilities and continue the development of new products. We expect the company to deliver 24% revenue growth in FY23E and turn profitable in FY24E and reiterate our Buy recommendation.
On the 9 February 2023, GE HealthCare announced the acquisition of Caption Health, an artificial intelligence (AI) healthcare company focused on echocardiograms (cardiac ultrasound). GE Healthcare stated that ‘Guiding ultrasound users during examinations with the help of AI is of growing importance'. As Caption Health is a private company, financial details associated with the acquisition were not provided. We believe the benefits that Caption Health's AI technology brings to the echocardiography market mirrors the benefits that Intelligent Ultrasound's AI technology brings to the OBGYN scanning market. This deal highlights the activity in this broad sector and we re-iterated our Buy recommendation.
Intelligent Ultrasound has provided a trading update for the 12-months to December 2022. Revenues for the period are expected to be £10.1m, up 33% YoY and in-line with our forecast. Revenue growth has been driven by both simulation (+28%) and clinical AI (>220%) income. The company recently raised £5.2m (gross) of new cash and we forecast the business being sufficiently financed to achieve group-level profitability during FY24E. Following the raise, the company closed 2022 with cash of £7.2m. We maintain our Buy recommendation.
We believe Intelligent Ultrasound is at a key inflection point as revenue momentum from its clinical AI products supports the on-going sales growth delivered from the simulation products. With a second AI product granted FDA clearance and GE Healthcare offering the group's AI software on its new Voluson Expert ultrasound machine, this AI revenue momentum is expected to move the company into EBITDA profitability and positive cash flow generation in FY24E, as per our forecasts. The company has announced it has conditionally raised £5.2m (gross) subject to shareholder approval, largely to strengthen its balance sheet, which should also be sufficient to see the company become cash sustainable. We believe Intelligent Ultrasound offers significant upside to current levels, and we reiterate our Buy recommendation.
Intelligent Ultrasound announced its interim results for the six months to 30 June 2022. In line with the recent trading update, the company achieved strong revenue growth of 62% to £5.9m driven by record performance from the UK direct sales team. The operating loss narrowed to £1.3m as a result of increased gross profit. Cash at the end of the period was solid at £3.5m due to close monitoring of R&D investment and overheads. Sales growth is anticipated into 2023 and beyond, driven by investment in the US sales team and upcoming launches within the Clinical AI revenue stream. We maintain our Buy recommendation.
Intelligent Ultrasound has provided a trading update for the six months to June 2022. Total revenue is expected to be £5.9m, a 64% increase on prior period, driven primarily by a strong performance in UK simulation sales. Clinical AI revenues are expected to be £0.3m and are making good commercial progress, as shown by the recent announcement that the ScanNav technology is incorporated on a second, new GE Healthcare ultrasound machine. With the FDA clearance of ScanNav Anatomy expected in H2/22, as well as the launch of the handheld NeedleTrainer in September, we expect the company to continue to grow to the end of 2022 and into 2023. We maintain our Buy rating.
Intelligent Ultrasound has reported its FY21 preliminary results, which are in line with the recent trading update. Significantly, following a strong start to the year, the company expected FY22E revenues to be ahead off our expectations, and as such we upgrade our forecasts for the year, increasing our revenue forecast by 11%. As discussed in our recent report (22 Mar 22), we believe Intelligent Ultrasound is making strong progress with its ‘classroom to clinic' strategy, supported by this positive announcement. We believe the company offers an exciting investment opportunity, with near-term growth built on its established simulation products and supported by the potential of the new clinical AI products, now generating early stage revenues. We reiterate our Buy rating.
Intelligent Ultrasound is making strong progress with its ‘classroom to clinic' vision, targeting the medical ultrasound market. We believe the company offers an exciting investment opportunity, with near-term growth built on its established Simulation Division and supported by early revenues generated from the Clinical AI Division. In the mid-term we believe the Clinical AI Division could become a significant value generation engine for the company, having established strong foundations. With this report we introduce FY22E forecasts, expecting revenues of £9m for the year and set a near-term target price of 38p and upgrade our recommendation to a BUY.
Intelligent Ultrasound has provided a trading update for the 12 months to December 2021. Revenues in the period are expected to be up 47% to £7.6m, with Simulation Division revenues of £7.4m (+44%) and early Clinical AI Division revenues of £0.2m (H1/21A £0.05m). Significantly, FY21 saw the group generate AI revenues from both its partnership with GE Healthcare and proprietary ScanNav Anatomy Peripheral Nerve Block (PNB) and NeedleTrainer devices. Management has provided a positive outlook on FY22E, expecting an increase in face-to-face medical meetings and continued product roll-out as key drivers supporting the uptake of its AI products. Cash at the end of 2021 is expected to be c£5m.
Intelligent Ultrasound has announced its interim results to the end of June 2021. Revenues for the period were £3.6m, up over 45% YoY and operating loss was £2.3m (in-line with the trading update). Revenues were generated by the Simulation division other than a nominal contribution from the Clinical AI division. The company notes that the strong Simulation performance has continued into H2/21E and while COVID-19 restrictions have impacted the AI roll-out, the full potential of these first products should be realised as restrictions ease. Cash at the end of the period was £5.8m (£8.8m at H1/20A).
Intelligent Ultrasound has provided a trading update for the 6-months to 30 June 2021. Driven by the simulation division, the company expects revenues to be £3.6m, up 40% versus H1/20A. The clinical AI division is expected to recognise a nominal £0.1m, while the simulation division is expected to deliver growth from both direct sales (UK and US) and its reseller network. Cash at period end is expected to be £6.0m. Intelligent Ultrasound expects to maintain its investment in its business through FY21E, focused on internal R&D and developing clinical data to support its AI commercialisation activities.
Intelligent Ultrasound has announced its unaudited preliminary results for the year to Dec 2020. Despite the COVID-19 pandemic the group is reporting on a positive year, with the highlight being the launch of its first AI software in partnership with GE Healthcare. We also note resilient performance from the simulation division, generating revenues and launching new products in a pandemic impacted market. With a strong cash balance, recently launched AI products and new pipeline simulation projects close to market, we believe Intelligent Ultrasound is in a healthy position.
Intelligent Ultrasound has provided a trading update for the 12 months to December 2020. The company expects revenues to be £5.2m, which, while down YoY, are composed of strong direct sales of £3.8m (+15% YoY) offset by pandemic-impacted reseller sales of £1.4m (-46% YoY). Despite the decline in revenues, the group operating loss is expected to improve to between £4.1m and £4.2m (2019A loss of £4.6m) reflecting reduced sales and marketing costs. Intelligent Ultrasound made significant business development progress in the year, announcing a number of Clinical AI Division milestones (regulatory submissions and clearances and first product launch) and developed and launched a new Covid-19 simulator training module in response to the pandemic. The company expects to close FY20E with cash of c£8.8m.
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Following the official launch of GE Healthcare's Voluson SWIFT ultrasound machine incorporating Intelligent Ultrasound's ScanNav Assist AI technology at the end of September, the companies have now announced receipt of 510(k) clearance from the FDA. This clearance allows GE Healthcare to sell the machine in the US. We believe this represents a significant milestone for Intelligent Ultrasound, representing the first US clearance for sale of a product utilising one of its ultrasound AI technologies. The company maintains its expectation of first royalty income from this product in H1/21. Our recommendation remains Under Review.
Intelligent Ultrasound has announced the launch of GE Healthcare's new Voluson SWIFT ultrasound system which incorporates the company's ScanNav Assist AI technology. This represents a significant milestone for Intelligent Ultrasound marking the first AI software product launch, significantly alongside GE Healthcare, the leading company in the Women's Health ultrasound market. Intelligent Ultrasound will receive a royalty payment for each ultrasound machine on which the software is activated, and we see this as just the first step in the company's AI software strategy. We remain Under Review due to COVID-19 uncertainties, largely related to the company's sales of simulation equipment.
Intelligent Ultrasound (MED.L): Half-year results for 2020 | IQ-AI (IQAI.L): LOI signed with an international medical group for StoneChecker Software Ltd (from yesterday)
Intelligent Ultrasound Group Plc IQ-AI Limited
Intelligent Ultrasound has announced its results for the 6-months to June 2020. EBITDA loss of £1.2m was slightly ahead of the recent trading update expectation (£1.3m-£1.4m) on revenues of £2.5m for the period, which were negatively impacted by COVID-19. Currently all group revenues are generated by the Simulation division which successfully minimised the impact of COVID-19 on sales and marketing activities to limit the group level impact. Importantly, the first ScanNav AI software product remains on track to deliver revenues in 2021, while commercial discussions for the second product, AnatomyGuide, are on-going. Cash at period end was £10.1m. COVID-19 uncertainties led us to withdraw forecasts and we remain Under Review.
Intelligent Ultrasound has issued a trading update for the six months to 30 June 2020. The company expects to report revenues (which currently are all generated by the Simulation division) for H1/20E of £2.5m, down on the reported H1/19A revenues of £3.1m due to the impact of COVID-19 on reseller sales, particularly in China and Europe. Importantly, the AI division remains on track to deliver first revenues from its lead programme in 2021, while commercial discussions with OEMs for the second AI software product are continuing. Cash at period end was £10.1m. COVID-19 related uncertainty led us to withdraw forecasts in March 2020 and we remain Under Review.
We believe Intelligent Ultrasound is within months of receiving first royalties from the sale of its lead artificial intelligence (AI) software product. This will mark a considerable milestone in the company's development and deliver a significant positive value inflection in our opinion. While the company expects to have sufficient funds for the next 12 months, which should see it to this milestone, it has announced the raise of c£5.2m (gross) to support and de-risk its on-going product development and strengthen its balance sheet. Assuming a growing royalty contribution from FY21E onwards, we believe the raise can see the company through to profitability.
Intelligent Ultrasound (MED.L): Installation of ultrasound simulator at NHS Nightingale ExCel Hospital
Intelligent Ultrasound (MED.L): Final results for 2019
Intelligent Ultrasound has announced its unaudited results for the year ended 31 December 2019. As expected in the January Trading Statement, the Group delivered revenues of £5.9m, while the adjusted EBITDA loss of £3.1m was slightly improved on the anticipated range £3.3m to £3.4m. Cash1 at year end was £7.3m, as expected. Strong progress was made through the year with significant agreements signed by both divisions. In light of the current COVID-19 uncertainty, we withdrew our forecasts yesterday and moved our recommendation to Under Review.
Intelligent Ultrasound has provided a market update ahead of its FY19 results update, expected on 26 March 2020 and launched a COVID-19 training module for its Point-of-Care training simulator, BodyWorks. The module will be provided free to hospitals and is already installed on simulators in the UK and the US. The COVID-19 pandemic is creating considerable market uncertainty and as such we are withdrawing our forecasts and moving our recommendation to Under Review. However, we believe the company's cost reduction measures will allow it to meet our previous FY20E EBITDA forecast of -$4.1m, regardless of its sales for the year. We note that the AI development programme remains on-track and the group has sufficient funds to see it well into FY21E.
Intelligent Ultrasound has provided a trading update on 2019E, a significant year in the company's development, highlighted by the signing of a co-development agreement in July for its lead artificial intelligence (AI) product with a world leading ultrasound equipment manufacturer. While revenues for the year are expected to come in slightly below our expectations, the FUJIFILM SonoSite agreement (announced Oct-19), should support double-digit growth in FY20E. We maintain our Buy recommendation.
Intelligent Ultrasound Group plc (MED.L): Trading update | Midatech Pharma plc (AIM: MTPH.L; Nasdaq: MTP): Positive results from MTD201-102 study
Intelligent Ultrasound Group Plc Biodexa Pharmaceuticals plc Sponsored ADR
Intelligent Ultrasound (IU) has announced an agreement with the ultrasound manufacturer FUJIFILM SonoSite (SonoSite) which will see the two companies deliver training for physicians undertaking point-of-care ultrasound (POCUS). For SonoSite, the agreement will accelerate the training of its POCUS system users, enhancing the value of its products, while we expect the agreement to raise the profile of IU's recently launched POCUS training platform (BodyWorks Eve) with potential simulator customers. We maintain our Buy recommendation.
The recently announced agreement with a leading ultrasound equipment manufacturer covering its lead artificial intelligence (AI) software product provides strong industry validation of the utility of the company's AI software and indicates the potential value within Intelligent Ultrasound's Clinical AI division. We estimate that this first agreement could generate annual double-digit USDm, high margin revenues for Intelligent Ultrasound and that further deals could be signed going forward. The company has announced it is raising up to £6.5m to support its AI software product development. We maintain our Buy recommendation.
Intelligent Ultrasound (IU) has announced it has signed its first long-term agreement for its AI software with a leading ultrasound equipment manufacturer. This agreement provides strong market validation of IU's developing AI software portfolio and, once established, we believe this agreement has the potential to significantly transform the financial profile of the company. We reiterate our Buy recommendation.
As announced with its Trading Update, Intelligent Ultrasound has delivered 27% revenue growth for FY18A, generating revenues of £5.3m while the EBITDA pre-exceptional loss of £2.7m was lower than the expected £3.0m loss. Within these figures is an increased investment in R&D to £1.8m (2017A £1.1m). Cash at year end was £5.6m (Cenkos est £5.0m). Over the period the company successfully launched its latest simulator and progressed development of its AI clinical products. We maintain our Buy recommendation.
MedaPhor has issued a trading update for the 12 months to 31 Dec 2018, with our forecasts in-line. Revenues are expected to be between £5.3m and £5.4m (Cenkos est £5.4m) and pre-exceptional EBITDA is expected at around -£3m (Cenkos est -£3.0m). MedaPhor's cash balance at the end of the year was £5.5m (Cenkos est £5.0m), this follows the recent cash raise of £4.9m which will primarily be used to develop its Clinical AI software products. We maintain our Buy recommendation.
MedaPhor has announced its results for the 6 months to 30 June 2018. The group has made encouraging progress, successfully integrating the Intelligent Ultrasound team (acquired in H2/17) into the Group's new Clinical Division and meeting its milestone of commencing a pilot of its ScanNav artificial intelligence (AI) software in its first London hospital. In addition, its Simulation Division revenues grew 23% with encouraging take up of its new BodyWorks simulator system by its reseller network. MedaPhor closed the period with cash of £2.5m and is currently reviewing a number of fund raising options. We maintain our Buy recommendation.
MedaPhor has reported its results for the 12 months to Dec-17, with revenues in-line with expectations and EBITDA pre-exceptionals ahead of our forecast. Revenue growth for the year was +27%. 2017 saw the company acquire Intelligent Ultrasound (IU), expanding into artificial intelligence (AI) based ultrasound image analysis and the company has subsequently progressed two ‘AI clinical’ products and launched a new simulator platform. We maintain our Buy recommendation.
MedaPhor has announced the launch of its BodyWorks Eve ultrasound simulator platform. This product which combines aspects of the company’s existing suite of simulators, is the third ultrasound simulator product platform offered by MedaPhor. The simulator has been designed to train medical professionals in the emergency medicine and critical care setting. We maintain our Buy recommendation.
MedaPhor has issued a trading update for the 12 months ending 31 December 2017. The company expects to report revenues of £4.2m (versus our estimated £4.5m) and a loss before tax, share based payments and acquisition amortisation of £2.9m (versus our estimated £3.7m loss). Cash at the year-end is expected to come in at £4.2m (Cenkos estimate £3.1m). MedaPhor states that the integration of the recently acquired Intelligent Ultrasound has progressed well. We maintain our Buy recommendation.
MedaPhor intends to concurrently issue stock to acquire Intelligent Ultrasound and raise £5.5m in an equity placing. The acquisition takes MedaPhor into the ultrasound image analysis market, a potentially larger opportunity than its current training simulation market. The cash raise will be used to support the existing business and to fund the further development of both internal and acquired pipeline products.
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