With the recent FY23 results, Intelligent Ultrasound stated the ‘business continues to expect revenue in 2024 to be between £14m to £17m’ and, importantly, that the company can ‘reach profitability with its current cash reserves’. In this note, we provide a scenario analysis of how Intelligent Ultrasound’s P&L statement could look if the company generated revenues of either £14m or £17m, compared to our current forecast of £15.6m. Most significantly, we believe that at the low end of the revenue ....