Intelligent Ultrasound triples AI revenues in FY23, expects to be profitable this year
() , an ultrasound AI software and simulation company, announced its audited results for the year ended December 31, 2023 (FY23).
Intelligent Ultrasound saw revenues rise 11% to £11.2m from £10.1m in FY22. Adjusted for £1.9m in one-off simulation orders from the NHS in FY22, revenues increased by 36%. Clinical AI-related revenues tripled to £2.0m from £0.7m last year.
Simulation revenues declined by 3% to £9.1m, however when adjusted for one-off orders from the NHS in FY22, simulation revenues increased by 21% YOY. Loss after tax narrowed to £2.6m from £3.0m a year ago, and cash on December 31, 2023 was £3.0m.
Operationally, marked a number of milestones. GE HealthCare's SonoLyst software, which is powered by 's ScanNav AI imaging technology, launched as a standard feature on GE's new Voluson Expert 22 and 20 range of ultrasound machines in Q4 2023. Post-period, SonoLyst launched as a standard feature on the GE Voluson Signature 20 and as an option on the Voluson Signature 18.
Also in Q4, announced a new gestational age AI product via its ScanNav FetalCheck development programme. Post-period, ScanNav FetalCheck was picked for a large trial on the use of aspirin to prevent pre-eclampsia, funded by the Bill and Melinda Gates Foundation.
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Intelligent Ultrasound reports another year of steady growth, particularly when ignoring FY22's one-off NHS orders. 's focus remained on growing AI-related sales, which reached £2m during the period, nearly triple last year's £0.7m. While NHS spending has been curtailed, 's shift toward high-margin AI and simulation products has kept it immune from the NHS spending cuts, and kept its UK and global revenues growing.
The company's relationship with GE Healthcare continued to develop with the launch of SonoLyst, powered by 's ScanNav AI. SonoLyst is now available on GE HealthCare's three ultrasound product lines - Expert, Signature, and SWIFT as either a standard or optional feature. The technology significantly reduces scanning times, saving time and money for GE Healthcare's customers.
Moreover, last year in collaboration with the Bill and Melinda Gates foundation, announced the first trials in Africa of its ScanNav FetalCheck AI software. The tool makes it possible for an unskilled user to automatically obtain the gestational age of a fetus, adding to 's disruptive AI portfolio.
is set to benefit from the rapid growth of the medical imaging AI market, projected to grow at a CAGR of 34.7% between 2022 and 2029. As and GE HealthCare's relationship develops with new software products, there is significant upside going forward. The partnership is one of 's key growth drivers as sales soared 46.9% in FY21 and 33% in FY22. Cavendish predicts 41.4% growth in FY24.
upheld its FY24 revenue guidance of £14-17m, and maintained its forecast that it will achieve profitability this year with its existing cash resources.
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