Intelligent Ultrasound extends partnership with GE Healthcare
The artificial intelligence-based ultrasound software medical supplier, (IUG ), has extended an existing exclusive agreement with the US firm, GE Healthcare.
Intelligent Ultrasound, which is based in Cardiff in the UK and Atlanta in the US, develops artificial intelligence-based clinical image analysis software tools for the diagnostic medical ultrasound market and hi-fidelity virtual reality simulators for the ultrasound training market.
Today, the Company, which operates across two divisions - its clinical artificial intelligence division and its simulation division - has announced that an existing and exclusive women’s healthcare AI deal with the healthcare manufacturer GE Healthcare has been extended.
Under the terms of the new exclusive agreement, GE Healthcare will be able to utilise Intelligent Ultrasound’s ScanNav Assist AI - a software which uses machine-learning based algorithms to automatically identify and grade ultrasound images - in a new segment of automated ultrasound image analysis, that is outside the group’s original agreement.
Whilst the terms of this latest exclusive agreement and the timings of the related product launch remain undisclosed, the company informed investors that the supplementary product line is expected to support the ongoing growth of its royalty revenues ‘in the longer term.’
Stuart Gall, CEO of Intelligent Ultrasound Group, said: “This is a great start to the year for the Group. We are building an excellent partnership with GE Healthcare, the world’s leading ultrasound company, and this supplementary product extension to the agreement reinforces why we are excited about the long-term growth potential of our ‘classroom to clinic’ business.”
Earlier this month, Intelligent Ultrasound said it had continued to make ‘significant progress’ with group revenue for the year to 31 December 2021 expected to have increased by 47%.
As a result, it expects to report £7.6m in revenue for FY21, a 47% rise from £5.2m in FY20. The Group said it also expects that its strong performance of 2021 will continue in 2022.
Intelligent Ultrasound said its Simulation Division had performed ‘particularly strongly’ with revenue expected to have grown by 44% to £7.4m (2019: £5.2m), helped by strong direct sales in the UK and US markets that grew by 58% to £5.2m (2020: £3.3m) and a recovery in the Group’s reseller markets in Europe and Asia, that grew by 16% to £2.2m (2020: £1.9m).
In addition to its ScanTrainer, BodyWorks and HeartWorks platforms, the division launched its BabyWorks simulator platform in 2H21, aimed at the global neonate and paediatric markets.
The division now intends to launch its new HeartWorks 3D Echo simulator module at the International Meeting on Simulation in Healthcare (IMSH) in Los Angeles this month.
The Group remains confident that the expected increase in face-to-face medical exhibitions and congresses that are ‘fundamental’ to the launch process of its new products, and the continued roll-out of ScanNav Assist and PNB will accelerate AI revenue growth in 2022.
Cash at bank as at 31 December 2021 is expected to be approximately £5m (31 December 2020: £8.8m) which the Group said represents a significant improvement from 2H21.
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