TIDMIUG
RNS Number : 3909W
Intelligent Ultrasound Group PLC
18 August 2022
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is considered to be in the public domain.
Intelligent Ultrasound Group plc
(the "Group" or the "Company" or "Intelligent Ultrasound")
Half Year Report
Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to
clinic' ultrasound company, specialising in artificial intelligence
(AI) software and simulation, announces its unaudited half year
results to 30 June 2022.
Financial highlights
-- Growth in revenue of 62% to GBP5.9m (H1 2021: GBP3.6m)
o Simulation revenue increased by 56% to GBP5.6m (H1 2021:
GBP3.6m)
o Clinical AI revenue, which is in the early stage of
commercialisation, increased by 486% to GBP0.3m (H1 2021:
GBP0.1m)
-- Operating loss for the period narrowed to GBP1.3m (H1 2021: loss of GBP2.3m)
-- Cash and cash equivalents at 30 June 2022 of GBP3.5m (31 December 2021: GBP 5.0m)
Operational highlights
-- Direct sales, which together cover the UK and USA, grew by
over 80% to GBP5.3m (H1 2021: GBP2.8m), helped by a high number of
one-off orders from a UK NHS training initiative in the first
quarter. The zero-covid policy in China negatively impacted Rest of
World sales
-- Announced an extension to the GE Healthcare agreement to
enable GE Healthcare to utilise the ScanNav Assist AI software in a
new women's health segment of automated ultrasound image analysis,
that is outside the Group's original agreement
-- Secured the status of a Carbon Neutral Company - a
significant milestone as part of the Company's wider Environmental,
Social, and Governance (ESG) goals
Post-period end
-- The ScanNav real-time AI technology was incorporated by GE
Healthcare into the new Voluson Expert 22 ultrasound machine, the
second machine in the Voluson portfolio to incorporate Intelligent
Ultrasound's AI software as an optional add-on
Stuart Gall, CEO of Intelligent Ultrasound commented: "This has
been an excellent start to the year. Although Covid-19 has
restricted sales in China, our simulation revenues grew by over 50%
thanks to an outstanding performance from the UK and sales of the
new clinical AI related products are starting to grow. The recent
announcement that our ScanNav Assist software has now been
incorporated on GE Healthcare's new Voluson Expert 22 ultrasound
machine is particularly encouraging. We reduced our operating loss
for the period to GBP1.3m and we remain confident that we can meet
the market expectations of GBP10m revenue for FY2022. We continue
to monitor closely our cash, investment in R&D and overheads
against the anticipated sales growth curve in 2023, as we build a
successful 'Classroom to Clinic' ultrasound business in this
exciting sector of the market."
Enquiries:
Intelligent Ultrasound Group www.intelligentultrasound.com
plc
Stuart Gall, CEO Tel: +44 (0)29 2075 6534
Helen Jones, CFO
Cenkos Securities Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate
Finance)
Dale Bellis / Julian Morse (Sales)
Walbrook PR Tel: +44 (0)20 7933 8780 or intelligentultrasound@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741 001
About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is one of the world's leading
'classroom to clinic' ultrasound companies, specialising in
real-time hi-fidelity virtual reality simulation for the ultrasound
training market ('classroom') and artificial intelligence-based
clinical image analysis software tools for the diagnostic medical
ultrasound market ('clinic'). Based in Cardiff in the UK and
Atlanta in the US, the Group has two revenue streams:
Simulation
Real-time hi-fidelity ultrasound education and training through
simulation. Our main products are the ScanTrainer obstetrics and
gynaecology training simulator, the HeartWorks echocardiography
training simulator, the BodyWorks Eve Point of Care and Emergency
Medicine training simulator with Covid-19 module and the new
BabyWorks Neonate and Paediatric training simulator. To date over
1,400 simulators have been sold to c. 700 medical institutions
around the world.
Clinical AI software
Deep learning-based algorithms to make ultrasound machines
smarter and more accessible using our proprietary ScanNav
ultrasound image analysis technology. Current products on the
market utilising this technology are GE Healthcare's SonoLyst
software that is incorporated in their Voluson Expert 22 and SWIFT
ultrasound machines; ScanNav Anatomy PNB that simplifies
ultrasound-guided needling by providing the user with real-time
AI-based
anatomy highlighting for a range of medical procedures; and NeedleTrainer that teaches real-time ultrasound-guided needling and incorporates ScanNav Anatomy PNB.
www.intelligentultrasound.com
NOTE: ScanNav Anatomy PNB is CE approved, but not yet available
for sale in the US or any other territory requiring government
approval for this type of product.
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2022
This has been an excellent trading period for the Group. A very
strong simulation revenue performance in the UK was combined with
encouraging growth in clinical AI software sales that puts us in a
strong position to meet our FY 2022 target of GBP10m and continue
the growth of the business into 2023.
Importantly, post-period end in July, our ScanNav Assist
real-time AI technology was incorporated by GE Healthcare into the
new Voluson Expert 22 ultrasound machine, the second machine in the
Voluson portfolio to incorporate Intelligent Ultrasound's AI
software as an option add-on .
We continue to believe that our 'classroom to clinic' ultrasound
vision will enable us to build a successful business in this
exciting sector of the market.
Simulation
Revenue
Our simulation revenue grew by 56% to GBP5.6m (H1 2021:
GBP3.6m), our best start to the year since we listed the Company in
2014.
Our record sales were driven by an exceptional performance from
the UK's direct sales team, who increased revenue by over 160% to
GBP4.0m (H1 2021: GBP1.6m). The UK revenues were helped by a high
number of one-off orders from a UK NHS training initiative in the
first quarter. Although all our simulator sales are considered
one-offs, we judged c.GBP1.4m of these UK sales to be
exceptional.
Sales from the Group's direct sales team in USA showed a small
decline of 13% to GBP1.1m (H1 2021: GBP1.3m), but the region is
expected to grow sales in the second half of the year and with
long-term growth expected from the US markets, we invested in
increasing the size of the sales team during the period.
Sales from the Group's reseller network were impacted by the
closing of the Chinese market due to Covid-19 and to a lesser
extent by the impact of the war in Ukraine that has resulted in our
sales into Russia being put on hold. As a result, Rest of the World
revenue declined by 38% to GBP0.5m (H1 2021: GBP0.8m). With sales
in China and Russia not expected to recover in the second half of
the year, we anticipate our simulation reseller sales will improve
in 2023.
Research and Development
In January 2022 at the International Meeting on Simulation in
Healthcare (IMSH) in Los Angeles, we officially launched the new
BabyWorks neonate and paediatric training simulator and the new 3D
Echo add-on module for HeartWorks. Both products are expected to
contribute to simulator revenues in H2 2022 and grow sales in 2023.
During the year we also launched the new START 2.0 remote
e-learning modules for the BodyWorks and HeartWorks platforms.
Clinical AI software
Revenue
Our clinical AI revenue, which is in the early stage of
commercialisation, grew five-fold to GBP0.3m (H1 2021: GBP0.1m) as
we continued to focus on moving AI into the clinic to give
real-time support to clinicians whilst they are scanning.
We now have three products launched in the market:
-- ScanNav Assist that is incorporated in two of GE Healthcare's
Voluson ultrasound machines - the newly launched Expert 22 and the
SWIFT
-- ScanNav Anatomy Peripheral Nerve Block ("PNB") , our own CE
approved, direct-to-market device, that simplifies
ultrasound-guided needling by providing the user with real-time
AI-based anatomy highlighting for a range of medical procedures
-- NeedleTrainer, our own direct-to-market device, that teaches
real-time ultrasound-guided needling and incorporates ScanNav
Anatomy PNB
Good progress has been made in the early commercialisation of
these AI related products and with ScanNav Anatomy PNB anticipated
to receive FDA clearance in the second half of 2022, and a handheld
compatible version of NeedleTrainer expected to launch in September
2022, AI revenue is expected to continue to grow in H2 and in 2023.
To this end, we now have two dedicated salespeople selling
NeedleTrainer and ScanNav Anatomy PNB in the UK and USA and will
look to increase this resource as sales traction grows during
2023.
We continue to build an excellent partnership with GE Healthcare
and in January 2022 announced an extension to our existing
exclusive women's healthcare AI agreement with GE Healthcare to
enable GE Healthcare to utilise the ScanNav Assist AI software in a
new segment of automated ultrasound image analysis, that is outside
the Group's original agreement. Although the terms of the agreement
and the timings of the related product launch are undisclosed, this
supplementary product line is expected to support the growth of the
Group's royalty revenues in the longer term.
Research and Development
In the first half of 2022 we continued to focus on developing
our partnership with GE Healthcare and commercialising ScanNav
Assist, ScanNav Anatomy PNB and NeedleTrainer. As such, our
development work on the ScanNav Detect abnormality detection
software and the future ScanNav HealthCheck software for at-home
scanning remain in the very early stages of development:
Operations
We continue to operate out of our head office in the centre of
Cardiff and warehouse in Caerphilly and have successfully moved to
a flexible work environment, whereby employees combine office and
at-home working that is appropriate to the Company and
employee.
Board changes
In June 2022, Professor Nazar Amso and David Baynes, who have
been Directors within the Group respectively for 17 and 12 years,
retired from the Board. We would like to take this opportunity to
thank Nazar, the founder of the original Company, and David, the
representative of the original major investor, for their
significant contributions to the Company over the past years.
Post period end in August, we appointed Dr Christian Guttmann to
the Board. Christian is a recognised leader in shaping the global
agenda on AI regulation, standards, and guidelines, as well as
having outstanding AI research, development and AI
commercialisation experience. He has built over 100 novel AI
systems and products and was the founder of the Global AI Institute
which advises government ministers, thinktanks and businesses
around the world.
Concurrent with his appointment, Andrew Barker, who has been a
Non-executive Director since 2017, has announced his intention to
retire from the Board effective 31 December 2022.
Christian will join the Audit and Risk Committee, effective with
his appointment. Andrew will continue as Chair of the Remuneration
Committee until 31 December, after which Michele Lesieur will take
over as Chair of the committee.
Environmental, Social, and Governance (ESG)
In May we published our first ESG dashboard and report in the
annual report and accounts and announced that we had secured the
status of a Carbon Neutral Company - a significant ESG milestone in
our wider ESG goals. The full report can be viewed at
https://www.intelligentultrasound.com/esg/
Financial Review
-- Revenue of GBP5.9m (H1 2021: GBP3.6m)
-- Operating loss for the period of GBP1.3m (H1 2021: loss of GBP2.3m)
-- Cash and cash equivalents at 30 June 2022 of GBP3.5m (31 December 2021: GBP5.0m)
-- Net cash used in operating activities of GBP0.7m (H1 2021: GBP2.2m)
Driven by the exceptional simulation performance in the UK, H1
2022 revenues reached a record GBP5.9m, an increase of 62% compared
to the first half of 2021 (H1 2021: GBP3.6m). Gross profit for the
period increased by over 60% to GBP3.8m (H1 2021: GBP2.3m), an
increase of GBP1.5m due to a mix of higher sales volumes and an
improvement in average gross margin arising from the higher
proportion of UK direct sales in the period. Clinical AI revenues
from the expanded AI product range grew to GBP0.3m in H1 2022 (H1
2021: GBP0.1m).
Total research and development (R&D) expenditure on product
development and regulatory costs in H1 2022 was GBP1.7m (H1 2021:
GBP1.6m) of which GBP0.6m (H1 2021: GBP0.5m) has been capitalised
in the period. Clinical AI development costs in H1 2022 include the
additional Human Factors study performed in the US as part of the
FDA regulatory filing process for ScanNav Anatomy PNB, the new
handheld version of NeedleTrainer and the additional variants of
the ScanNav Assist software. In addition, development of new
cardiac pathology modules for BabyWorks started in H1 as well as
ongoing development of HeartWorks and ScanTrainer.
The operating loss in H1 2022 fell by 43% to GBP1.3m (H1 2021:
GBP2.3m) due to higher gross profit of GBP1.5m, offset by higher
administrative expenses of GBP0.5m. Administrative expenses
increased partly due to higher sales related costs such as sales
commissions and distribution costs as well as headcount increases
in the US sales function offset by higher capitalised R&D
costs.
The Group had cash and cash equivalents of GBP3.5m at 30 June
2022 (31 December 2021: GBP5.0m), a movement of GBP1.5m in the
period (H1 2021: GBP2.9m). Operating cash outflows before working
capital movements were GBP0.9m lower in H1 2022 compared to H1
2021. After movements in working capital of GBP0.4m (H1 2022:
GBP0.9m) and the remainder of the 2020 R&D tax credits received
in the period of GBP0.2m (H1 2021: GBPnil), the net cash used in
operating activities reduced to GBP0.7m (H1 2021: GBP2.2m).
In the period, cash outflows from investing activities totalled
GBP0.7m, of which GBP0.6m related to capitalised R&D costs and
GBP0.1m of property, plant and equipment. The net cash outflow from
financing activities was GBP0.1m (H1 2021: GBP0.1m), principally
relating to lease payments.
Outlook
This has been an excellent start to the year.
Although Covid-19 has restricted sales in China, our simulation
revenues grew by over 50% thanks to an outstanding performance from
the UK and growing sales of the new clinical AI related products.
The recent announcement that our ScanNav Assist software has now
been incorporated in GE Healthcare's new Voluson Expert 22
ultrasound machine is particularly encouraging.
We remain confident that we can meet the market expectations of
GBP10m revenue for FY2022, and we continue to monitor closely our
cash, investment in R&D and overheads against the anticipated
sales growth curve in 2023, as we build a successful 'Classroom to
Clinic' ultrasound business in this exciting sector of the
market.
Stuart Gall
CEO
18 August 2022
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months year
ended ended ended
30 June 30 June 31 December
Note 2022 2021 2021
GBP'000 GBP'000 GBP'000
REVENUE 4 5,900 3,639 7,596
Cost of sales (2,133) (1,365) (2,937)
--------- --------- ------------
GROSS PROFIT 3,767 2,274 4,659
Other income 6 - 2
Administrative expenses (5,121) (4,610) (8,993)
--------- --------- ------------
OPERATING LOSS (1,348) (2,336) (4,332)
Finance income - 1 1
Finance costs (19) (17) (37)
--------- --------- ------------
LOSS BEFORE INCOME TAX (1,367) (2,352) (4,368)
Taxation 5 333 333 758
--------- --------- ------------
LOSS ATTRIBUTABLE TO THE EQUITY
SHAREHOLDERS OF THE PARENT (1,034) (2,019) (3,610)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
Items that will or may be reclassified
to profit or loss:
Exchange gain/(loss) arising on
translation of foreign operations 175 (15) 33
OTHER COMPREHENSIVE INCOME/(EXPENSE)
FOR THE PERIOD 175 (15) 33
--------- --------- ------------
TOTAL COMPREHENSIVE EXPENSE ATTRIBUTABLE
TO THE EQUITY SHAREHOLDERS OF THE
PARENT (859) (2,034) (3,577)
========= ========= ============
LOSS PER ORDINARY SHARE (PENCE)
ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS
OF THE PARENT
Basic and diluted 6 (0.38) (0.75) (1.34)
========= ========= ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
NON-CURRENT ASSETS
Intangible assets 7 2,776 1,958 2,558
Property, plant and equipment 1,277 1,263 1,400
Trade and other receivables 61 61 61
---------- ---------- -------------
4,114 3,282 4,019
---------- ---------- -------------
CURRENT ASSETS
Inventories 1,359 1,283 1,196
Trade and other receivables 2,193 2,716 2,650
Current tax asset 1,107 1,008 954
Cash and cash equivalents 3,544 5,849 4,950
---------- ---------- -------------
8,203 10,856 9,750
---------- ---------- -------------
TOTAL ASSETS 12,317 14,138 13,769
---------- ---------- -------------
CURRENT LIABILITIES
Trade and other payables 8 (1,966) (1,895) (2,767)
Deferred income (284) (167) (206)
Lease liabilities (117) (206) (213)
Provisions (22) (22) (22)
---------- ---------- -------------
(2,389) (2,290) (3,208)
---------- ---------- -------------
NON-CURRENT LIABILITIES
Deferred income (349) (311) (320)
Lease liabilities (447) (564) (457)
Other payables (65) (65) (65)
---------- ---------- -------------
(861) (940) (842)
---------- ---------- -------------
TOTAL LIABILITIES (3,250) (3,230) (4,050)
---------- ---------- -------------
NET ASSETS 9,067 10,908 9,719
========== ========== =============
EQUITY
Share capital 9 2,707 2,694 2,707
Share premium 25,959 25,959 25,969
Share warrants - 126 -
Accumulated losses (28,001) (25,400) (26,967)
Share-based payment reserve 1,580 1,095 1,373
Merger reserve 6,538 6,538 6,538
Foreign exchange reserve 119 (104) (56)
Other reserves 165 - 165
TOTAL EQUITY 9,067 10,908 9,719
========= ========= =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based
payment Foreign
Share Share Share Accumulated reserve Merger exchange Other Total
capital premium warrants losses reserve reserve reserves equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- ---------- ------------- ------------ --------- ---------- ---------- --------
AT 1 JANUARY
2021 2,694 25,959 126 (23,381) 842 6,538 (89) - 12,689
--------- --------- ---------- ------------- ------------ --------- ---------- ---------- --------
COMPREHENSIVE
EXPENSE FOR THE
PERIOD
Loss for the
period - - - (2,019) - - - - (2,019)
Other
comprehensive
expense - - - - - - (15) - (15)
TRANSACTIONS
WITH OWNERS,
RECORDED
DIRECTLY IN
EQUITY
Share-based
payments - - - - 253 - - - 253
--------- --------- ---------- ------------- ------------ --------- ---------- ---------- --------
AT 30 JUNE 2021 2,694 25,959 126 (25,400) 1,095 6,538 (104) - 10,908
--------- --------- ---------- ------------- ------------ --------- ---------- ---------- --------
COMPREHENSIVE
INCOME/(EXPENSE)
FOR THE PERIOD
Loss for the
period - - - (1,591) - - - - (1,591)
Other
comprehensive
income - - - - - - 48 - 48
TRANSACTIONS
WITH OWNERS,
RECORDED
DIRECTLY IN
EQUITY
Issue of share
capital 13 - - - - - - - 13
Exercise of share
warrants - - (126) 24 - - - 165 63
Share-based
payments - - - - 278 - - - 278
--------- --------- ---------- ------------- ------------ --------- ---------- ---------- --------
AT 31 DECEMBER
2021 2,707 25,959 - (26,967) 1,373 6,538 (56) 165 9,719
--------- --------- ---------- ------------- ------------ --------- ---------- ---------- --------
COMPREHENSIVE
INCOME/(EXPENSE)
FOR THE PERIOD
Loss for the
period - - - (1,034) - - - - (1,034)
Other
comprehensive
income - - - - - - 175 - 175
TRANSACTIONS
WITH OWNERS,
RECORDED
DIRECTLY IN
EQUITY
Share-based
payments - - - - 207 - - - 207
AT 30 JUNE 2022 2,707 25,959 - (28,001) 1,580 6,538 119 165 9,067
========= ========= ========== ============= ============ ========= ========== ========== ========
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 31 December
ended ended 2021
30 June 2022 30 June 2021
GBP'000 GBP'000 GBP'000
CASH FLOW FROM CONTINUING OPERATING ACTIVITIES
Loss before tax (1,367) (2,352) (4,368)
Add back:
Depreciation 287 254 508
Amortisation of intangible assets 363 470 680
Fair value adjustment to share warrants - - 3
Finance costs 19 16 36
Share-based payments expense 207 253 530
------------- ------------- ------------
Operating cash flows before movement in
working capital (491) (1,359) (2,611)
Movement in inventories (160) (236) (149)
Movement in trade and other receivables 531 (691) (592)
Movement in trade and other payables (743) 55 1,045
Movement in provisions - 12 12
------------- ------------- ------------
Cash used in operations (863) (2,219) (2,295)
Income taxes received/(paid) 181 (2) 476
------------- ------------- ------------
NET CASH FLOWS FROM OPERATING ACTIVITIES (682) (2,221) (1,819)
------------- ------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (157) (113) (503)
Interest receivable - 1 1
Internally generated and purchase of intangible
assets (582) (465) (1,275)
NET CASH USED IN INVESTING ACTIVITIES (739) (577) (1,777)
------------- ------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of new shares - - 13
Principal elements of lease payments (112) (96) (195)
Finance costs paid (19) (16) (37)
NET CASH USED IN FINANCING ACTIVITIES (131) (112) (219)
------------- ------------- ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,552) (2,910) (3,815)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 4,950 8,774 8,774
Exchange gains/(losses) on cash and cash
equivalents 146 (15) (9)
CASH AND CASH EQUIVALENTS AT OF PERIOD 3,544 5,849 4,950
============= ============= ============
NOTES TO THE CONSOLIDATED INTERIM REPORT
for the six months ended 30 June 2022
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The financial information contained in this interim report has
not been audited by the Group's auditor and does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The Directors approved and authorised this interim report on
18 August 2021. The financial information for the preceding full
year is extracted from the statutory accounts for the financial
year ended 31 December 2021. Those accounts, upon which the auditor
issued an unqualified opinion and did not include a statement under
Section 498(2) or (3) of the Companies Act 2006, have been
delivered to the Registrar of Companies.
This interim report has been prepared in accordance with UK AIM
Rules for Companies. The Group has not applied IAS 34 "Interim
Financial Reporting" (which is not mandatory for AIM listed
companies) in the preparation of this interim report. The interim
report has been prepared in a manner consistent with the accounting
policies set out in the statutory accounts for the financial year
ended 31 December 2021.
The Company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by The London Stock Exchange. The Group
financial statements are presented in pounds Sterling.
Going concern
The Board has reviewed recently updated cash flow forecasts for
the period to the end of 2023 based on latest trading and estimates
and assumptions for future product development projects, sales
pipeline, revenues and costs and timing and quantum of investments
in the R&D programmes. The forecasts indicate that the Group
may need additional funding within the next 12 months. Although
there is no guarantee, the Directors have a reasonable expectation
that the Group will be able to obtain further financing to support
its ongoing development and commercialisation activities and
continue in operational existence for the next 12 months. On this
basis, the Directors continue to apply the going concern basis in
preparing this Interim report. Accordingly, the financial
statements do not include any adjustments that would result from
the going concern basis of preparation being inappropriate.
2. BASIS OF CONSOLIDATION
The consolidated interim report incorporates the results of the
Company and its subsidiary undertakings.
3. NEW ACCOUNTING STANDARDS
Several amendments and interpretations apply for the first time
in 2022, but do not have an impact on the interim condensed
consolidated financial statements of the Group.
4. REVENUE ANALYSIS
The following table provides an analysis of the Group's revenue
by type and geography based upon location of the Group's
customers.
Unaudited 6 months ended 30 Simulation Clinical Total
June 2022 AI
GBP'000 GBP'000 GBP'000
United Kingdom 4,020 125 4,145
North America 1,096 83 1,179
Rest of World 484 92 576
----------- ----------------- -----------------
5,600 300 5,900
=========== ================= =================
Unaudited 6 months ended 30 Simulation Clinical Total
June 2021 AI
GBP'000 GBP'000 GBP'000
United Kingdom 1,550 19 1,569
North America 1,261 - 1,261
Rest of World 777 32 809
----------- ----------------- -----------------
3,588 51 3,639
=========== ================= =================
Audited 12 months ended 31 Simulation Clinical Total
December 2021 AI
GBP'000 GBP'000 GBP'000
United Kingdom 2,503 50 2,553
North America 2,733 - 2,733
Rest of World 2,154 156 2,310
----------- ----------------- -----------------
7,390 206 7,596
----------- ----------------- -----------------
5. TAXATION
Unaudited Unaudited
6 months 6 months Audited
ended 30 June ended 30 year ended
2022 June 2021 31 December
2021
GBP'000 GBP'000 GBP'000
R&D tax credit 336 335 769
R&D tax credit relating to prior
periods - - (11)
US corporation tax (3) (2) -
333 333 758
--------------- ----------- -------------
6. LOSS PER SHARE
Unaudited Unaudited
6 months 6 months ended Audited
ended 30 30 year ended
June 2022 June 2021 31 December
2021
GBP'000 GBP'000 GBP'000
Loss for the year after taxation (1,034) (2,019) (3,610)
------------ ---------------- -------------
Number of shares: No. No. No.
Basic and diluted weighted
average number of ordinary
shares 270,653,485 269,396,792 269,964,886
------------ ---------------- -------------
Basic and diluted loss pence
per share (0.38) (0.75) (1.34)
------------ ---------------- -------------
In the periods ended 30 June 2022, 30 June 2021 and 31 December
2021 there were share options in issue which could potentially have
a dilutive impact, but as the Group is loss making in all periods,
they are anti-dilutive and therefore the weighted average number of
ordinary shares for the purpose of the basic and dilutive loss per
share is the same.
7. INTANGIBLE ASSETS
The net book value of intangible assets at 30 June 2022 includes
intellectual property and brands acquired with the purchase of
Intelligent Ultrasound Limited totalling GBP0.7m (31 December 2021:
GBP0.8m). The remaining net book value of intangible assets relate
to capitalised development costs of GBP2.0m.
8. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Trade payables 874 894 1,353
Taxation and social security 137 180 179
Accruals 955 760 1,235
Warrants - 61 -
1,966 1,895 2,767
========== ========== =============
9. SHARE CAPITAL
Allotted, issued and fully paid: No. GBP'000
Ordinary shares of 1p each
Balance at 1 January 2022 270,653,485 2,707
Shares issued for cash - -
----------- -------
Balance at 30 June 2022 270,653,485 2,707
----------- -------
Balance at 31 December 2021 270,653,485 2,707
----------- -------
10. INTERIM ANNOUNCEMENT
A copy of this report will be posted on the Company's website at
www.intelligentultrasound.com
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END
IR BRGDIUGBDGDR
(END) Dow Jones Newswires
August 18, 2022 02:00 ET (06:00 GMT)
Intelligent Ultrasound (LSE:MED)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Intelligent Ultrasound (LSE:MED)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
