(Alliance News) - Intelligent Ultrasound Group PLC on Tuesday said group revenue rose by 10% in its latest year, and that it remains positive about this year's outlook.

However, shares in Intelligent Ultrasound were trading 10% lower at 9.20 pence each on Tuesday in London.

The Cardiff, Wales-based provider of artificial intelligence ultrasound software said it expects to report revenue of GBP11.2 million for 2023, up 10% from GBP10.1 million in 2022.

On a like for like basis, Intelligent Ultrasound said this represented a 38% rise from GBP8.1 million in 2022, since that year's revenue included one-off orders from the NHS.

Revenue for Intelligent Ultrasound's clinical AI-related products "almost trebled" to GBP2.0 million, as they "continued to gain traction".

On the other hand, simulation revenue declined by 3.2% to GBP9.1 million from GBP9.4 million, around GBP1 million below guidance.

Intelligent Ultrasound said this was mainly because of lower than expected sales in Europe and China, as well as recognised revenue missing expectations in the fourth quarter.

Intelligent Ultrasound had a GBP3.0 million cash balance on December 31, down from GBP3.3 million at June 30.

"We have had another positive year with GE HealthCare announcing the launch of SonoLystLive...our clinical AI revenues growing significantly, recent announcements on ScanNav FetalCheck, our new gestational age AI development programme and the signing of the liver data agreement with Dundee University & NHS Trust," commented Chief Executive Officer Stuart Gall.

Intelligent Ultrasound said it remains "positive" concerning its outlook for the current year, expecting clinical AI-related sales to double. Additionally, it expects simulation revenue to return to growth due to recovering reseller markets and to UK and US contributions.

Specifically, Intelligent Ultrasound anticipates between GBP14 million and GBP17 million in revenue for 2024.

CEO Gall added: "With cash at bank only reducing by [GBP300,000]...the business continues to forecast it will reach profitability with its current cash resources."

By Emma Curzon, Alliance News reporter

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