(AIM: MED ) has announced the launch of its proprietary COVID-19 training module for its BodyWorks ultrasound simulator, that is now free to existing hospital users.
COVID-19 Training Module
Ultrasound has major utility for the management of respiratory related COVID-19 disease, due to its safety, repeatability, absence of radiation, low cost, ease of disinfection and point of care use. This new training simulator, as well as the free COVID-19 upgrade training module for the Group’s existing BodyWorks customers, includes a number of examples of lung ultrasound appearances typical of COVID-19 infection to enable clinical staff to practice and train in the use of lung ultrasound for diagnosing COVID-19 infections.
The module was made available to the market yesterday and is already in use in the UK and USA.
Despite the resultant downturn in global business due to COVID-19, the Group has implemented several cost-saving measures that will maintain FY20 EBITDA broadly in line with current market expectations.
Furthermore, the Group states it will be able to meet all internal development milestones, including to generate first AI revenues in H1 2021. However, in light of the very necessary restrictions imposed in response to the pandemic, any external development or launch milestones that are not in the Group’s direct control, cannot be guaranteed.
The outlook for the medium and long term remains unchanged for the Group and we note the strong balance sheet has sufficient funds to continue its simulation and AI business activities well into 2021, when maiden revenues from its first AI software licence agreement are expected to be generated.
Over the past 12 months, shares in Intelligent Ultrasound have traded from 5.65p to close yesterday 8/.25p
Stuart Gall, Chief Executive Officer of Intelligent Ultrasound, commented: "Whilst COVID-19 is expected to have an impact on our global simulator sales, we are implementing a series of cost reductions, that we believe will be sufficient to enable the Group to continue well into 2021, when our first AI software licence revenues will come onstream. As such, the medium and longer-term prospects for our business remain unchanged."
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Focusrite said in a trading update this morning that revenue and profits are likely to surpass market expectations for the financial year ending 31 August 2020 following strong demand for its audio products as e-commerce platforms continue to thrive globally.
Attraqt Group has announced the appointment of Paul Tough as Chief Product Officer with immediate effect. Tough previously co-founded eComp Consulting, a specialist digital strategy firm alongside Mark Adams, Attraqt's recently appointed CEO.
Genedrive has developed Genedrive® 96 Exporter, a new in-vitro diagnostic software module for automated results interpretation of its Genedrive® 96 SARS-CoV-2 Kit. In a separate announcement, the group said it closed the year with a stronger balance sheet and a lower level of debt following a successful £7 million equity fundraise in May 2020