Intelligent Ultrasound extends GE Healthcare partnership
() has announced that’s ScanNav artificial intelligence (AI) ultrasound image analysis software is to be incorporated into GE Healthcare’s new Voluson Expert 22 ultrasound machine.
ScanNav is an important component of GE’s SonoLyst fully-integrated AI software, which powers its Voluson Expert 22 and Voluson SWIFT ultrasound machines – the latter cleared for use by the FDA in September 2020 - and offers the 21 views recommended by the International Society of Ultrasound in Obstetrics and Gynaecology mid-trimester practice guidelines for foetal imaging.
Nicholas Sleep, CTO of Intelligent Ultrasound, commented: "We are delighted to see our software incorporated into the Voluson Expert 22, one of the best obstetrics ultrasound machines in the women's healthcare market. It's a great example of how GE Healthcare leads the world in medical imaging.”
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The introduction of AI into medical imaging is a rapidly growing area of the ultrasound equipment market, which is expected to grow from $7.8bn this year to $12.9bn by 2028 following Covid disruption that held back growth in the last two years as medical conferences were cancelled.
That’s delayed Intelligent Ultrasound’s ability to deliver early revenues from its Clinical AI division, which includes the ScanNav technology which the company invested a further £2.1m developing in the last year alone.
But as the world reopens – and face-to-face selling opportunities return - the exclusive partnership with industry leader GE Healthcare has the potential to deliver significant royalty revenues to IUG – GE has around 50% of the market for the 25,000 obstetrics and gynaecology machines sold each year. Broker Cenkos suggests that the expansion of the partnership to include the more fully functional Expert range could bring a higher per-customer royalty than the entry-level SWIFT machines.
The broker upgraded its 2022 revenue and profit targets after IUG’s strong results in May, which saw sales climb 47% to £7.6m thanks to strong growth in its Simulation division, which offers ultrasound training simulation as part of the company’s “'classroom to clinic” strategy.
It raised its sales forecast by 11% to £10m, which reduced the forecast Ebitda loss to £2.1m ahead of a ramp up of Clinical AI royalties and the rollout of new variants of ScanNav AI platform, including solutions for the nascent home scanning market.
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