TIDMIUG
RNS Number : 0777J
Intelligent Ultrasound Group PLC
19 August 2021
19 August 2021
Intelligent Ultrasound Group plc
(the "Group" or the "Company" or "Intelligent Ultrasound")
Half Year Report
Intelligent Ultrasound (AIM: IUG), the artificial intelligence
(AI) based ultrasound software and simulation company, announces
its unaudited half year results to 30 June 2021.
Financial highlights
-- Growth in revenue of over 45% to GBP3.6m (H1 2020: GBP2.5m)
o Direct simulation sales in the UK and North America up almost
50% to GBP2.8m (H1 2020: GBP1.9m)
o Reseller simulation sales increased over 30% to GBP0.8m (2020:
GBP0.6m)
o Revenue includes nominal revenue of GBP0.1m from the Group's
first clinical AI products
-- Operating loss for the period of GBP2.3m (H1 2020: loss of GBP2.0m)
-- Cash and cash equivalents at 30 June 2021 of GBP5.8m (31 December 2020: GBP 8.8m)
Operational highlights
-- ScanNav Anatomy PNB received CE regulatory approval and launched in the UK
-- GE Healthcare continue the global roll-out of SonoLyst (that
utilises our ScanNav Assist real-time image analysis AI software)
on the Voluson SWIFT
-- Excellent product development progress in both simulation and AI product pipelines
-- Strengthened Board with appointment of Ingeborg Øie
Current trading
-- Strong simulation performance has continued into second half of the year
-- Expectation that sales potential of AI in ultrasound will be
realised as the pandemic progresses and access increases to medical
exhibitions and hospitals and budgets are freed up
Stuart Gall, CEO, commented: "This has been a good start to the
year, with strong revenue from our simulation division, combined
with encouraging performance from our clinical division through the
early commercialisation of our first two AI products, and the
progression of our AI product development pipeline.
"Our new AI products are first to market and therefore require
time to gain acceptance before significant revenue can be achieved.
As the pandemic has restricted medical exhibitions, hospital access
and budgets, the time required to gain this market acceptance has
been extended.
"2021 is therefore expected to be a year where we will continue
to invest heavily in R&D. In addition, the Group is focusing on
generating the compelling key opinion leader study data that will
facilitate the acceptance and subsequent sales potential of AI in
ultrasound to be realised from 2022 onwards.
"We remain confident that we can continue to 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/Paul McManus Mob: +44 (0)7876 741 001/Mob: +44 (0)7980
541 893
About Intelligent Ultrasound Group plc
Intelligent Ultrasound (AIM: IUG) 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. Based in
Cardiff in the UK and Atlanta in the US, the Group operates two
divisions:
Clinical AI Division
Focusses on developing deep learning-based algorithms to make
ultrasound machines smarter and more accessible. Products in the
market include :
ScanNav Assist
ScanNav Assist uses machine-learning based algorithms to
automatically identify and grade ultrasound images. GE Healthcare's
SonoLyst software on their Voluson SWIFT ultrasound machine
incorporates the ScanNav Assist AI technology and has received CE
and 510k FDA regulatory clearance. SonoLyst is the world's first
fully integrated AI tool that recognises the 20 views recommended
by the International Society of Ultrasound in Obstetrics and
Gynaecology mid-trimester practice guidelines for fetal
imaging.
ScanNav Anatomy
ScanNav Anatomy Peripheral Nerve Block (PNB) uses
machine-learning based algorithms to simplify ultrasound-guided
needling by providing the user with real-time AI-based anatomy
highlighting software for a range of medical procedures. ScanNav
Anatomy has received CE approval for sale in the UK and Europe and
has also been submitted for FDA regulatory approval.
ScanNav Anatomy PNB is therefore not currently available for
sale in the US, or any other territory requiring government
approval for this type of product, other than in the UK and
Europe.
Simulation Division
Focusses on hi-fidelity ultrasound education and training
through simulation. Its main products are the ScanTrainer OBGYN
training simulator, the HeartWorks echocardiography training
simulator, the BodyWorks Eve Point of Care and Emergency Medicine
training simulator with Covid module and the new AI-based Anatomy
PNB training simulator. To date over 1,000 simulators have been
sold to over 600 medical institutions around the world.
www.intelligentultrasound.com
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2021
This has been a good trading period for the Group. A strong
simulation division revenue performance was combined with
encouraging clinical division achievements, that saw the early
commercialisation of our first product integrated into the new GE
Healthcare Voluson SWIFT women's health ultrasound machine, the
launch in the UK of ScanNav Anatomy Peripheral Nerve Block (PNB),
own AI product, to address the regional anaesthesia market, and
progress within our AI product development pipeline.
Simulation Division
Our simulation division had an excellent trading period with
revenue growing by 45% to GBP3.6m (H1 2020: GBP2.5m), our best
start to a year and reflective of the hard work of the sales,
marketing and R&D teams.
Sales from the Group's direct sales team, which together cover
the UK and USA, grew by nearly 50% to GBP2.8m (H1 2020: GBP1.9m),
helped by strong sales from the Group's ScanTrainer and BodyWorks
simulators which incorporate the free of charge Covid lung training
module that was developed in response to the pandemic in early
2020.
Revenue from the UK was particularly impressive, with sales
growing by over 60% to GBP1.6m (H1 2020: GBP1.0m).
Sales in the Rest of the World, that are made through the
Group's reseller network and were particularly hard hit by the
pandemic in 2020, showed the first signs of recovery, with sales
growing by over 30% to GBP0.8m (H1 2020: GBP0.6m).
During the period we launched a new remote eLearning module for
the HeartWorks platform, a Saving Babies Lives module for
ScanTrainer and development work continued on two new simulator
platforms that are expected to launch in the second half of 2021
and are anticipated to support the continued growth of the
division.
Clinical AI Division
Our clinical AI division continues to focus on moving AI into
the clinic to give real-time support to clinicians whilst they are
scanning. Excellent progress has been made in the early
commercialisation of our first two AI products and we continue to
build compelling study data with key opinion leaders, such that we
can convert encouraging early-stage interest into long-term sales
and realise the revenue potential of AI software in ultrasound.
During the period a nominal revenue of GBP0.1m was generated and
we expect this revenue to accelerate once the longer than
anticipated Covid restrictions relax and face-to-face medical
exhibitions and congresses re-start later in the year.
ScanNav Assist
During the period GE Healthcare continued the global roll-out of
SonoLyst on the Voluson SWIFT, which is the first GE ultrasound
system to utilise our ScanNav Assist real-time image analysis AI
software. SonoLyst is the world's first fully integrated AI tool
that recognises the 20 views recommended by the ISUOG mid-trimester
practice guidelines for fetal sonography imaging and is an optional
add-on to the Voluson SWIFT. It is the first AI software to be
launched under the Group's long-term agreement with GE
Healthcare.
Although the global roll-out was impacted by the pandemic, we
remain confident that AI revenues will accelerate once the longer
than anticipated Covid restrictions on capital expenditure relax
and face-to-face medical exhibitions and congresses re-start later
in the year.
We continue to develop additional variants of ScanNav Assist
that will support new protocol-based scanning markets, with
anticipated launches of product during 2022.
ScanNav Anatomy
In April, the division's ScanNav Anatomy Peripheral Nerve Block
(PNB) product received CE approval and in May was launched for sale
in the UK. The software is sold on a stand-alone ScanNav IPU
hardware platform that consists of a touchscreen mounted on a
portable stand which is plugged into existing anaesthesiology
ultrasound machines. ScanNav Anatomy supports, in particular,
anaesthetists who are not expert in regional anaesthesia by
highlighting relevant anatomy for nine common peripheral nerve
blocks. The system is also available as a training only simulator
for medical learning on volunteers, prior to patient contact.
In addition, we continue to progress an FDA regulatory filing to
enable a version of the product to be sold in the US, as well as
seeking to licence an integrated version of the product to the
major ultrasound manufacturers.
Further variants of ScanNav Anatomy that aim to support scanning
in both interventional radiology and general radiology, are being
developed.
ScanNav Detect
ScanNav Detect aims to facilitate the automatic recognition of
abnormalities within a general medical ultrasound scan, confirming
that a clinician has correctly scanned the anatomical area of
interest, and then flagging any areas of potential abnormality, so
the patient can be triaged to a specialist. During the period,
early-stage development continued in several general medical
specialties.
Impact of Covid
The impact of the pandemic continues to affect both the market
for new medical products that are outside the emergency medicine
and critical care sector, as well as the operational environment
for the Group.
Although the unexpected length of the pandemic in 2021 has
impacted the speed and intensity of the roll-out of new AI products
that require more face-to-face explanation and hands-on experience,
the Group expects the re-starting of medical congresses and
exhibitions in the second half of the year to enable new product
take-up to accelerate in the second half of 2021 and 2022.
Operationally, the Group's move into a larger head office in the
centre of Cardiff and a new warehouse in Caerphilly during 2020 has
enabled both divisions to weather the various Covid lockdowns and
continue to meet all research and development timelines and sales
support commitments. In addition, the building and staffing of
web-based demonstration rooms in Cardiff and Alpharetta has enabled
the continuation of training and sales demonstrations, whilst
international travel remains restricted.
Strengthened Board
In May 2021, we were delighted to announce that Ingeborg Øie had
joined the Board as a Non-executive Director. Ingeborg brings
outstanding financial, corporate governance and investor relations
experience, having been a medical devices and healthcare services
analyst at Goldman Sachs and Jefferies and is currently CFO of
next-generation surgical robotics company, CMR Surgical. Ingeborg
was also a Non-executive Director of Georgia Healthcare Group, the
largest healthcare services provider in Georgia, that prior to its
acquisition by Georgia Capital Plc in 2020, was listed on the
London Stock Exchange. Ingeborg has also joined the Intelligent
Ultrasound Audit committee and the newly formed ESG Working
Group.
ESG
In April we announced the formation of our ESG Working Group
that is developing an ESG policy that reflects our goal to build a
sustainable and viable, long-term business that will enable
ultrasound for everyone. The Working Group currently consists of
five Board members and two employee representatives will be joining
in September.
The first ESG dashboard and report will be presented to
shareholders in the 2021 Annual Report and Accounts.
Financial Review
-- Revenue of GBP3.6m (H1 2020: GBP2.5m)
-- Operating loss for the period of GBP2.3m (H1 2020: loss of GBP2.0m)
-- Cash and cash equivalents at 30 June 2021 of GBP5.8m (31 December 2020: GBP8.8m)
-- Net cash used in operating activities of GBP2.2m (H1 2020: GBP1.5m)
Driven by the strong simulation performance in the UK and the
US, revenues grew by over 45% to GBP3.6m in the first half of 2021
(H1 2020: GBP2.5m), as well as exceeding our highest pre-pandemic
sales. Gross profit for the period was GBP2.3m, an increase of
GBP0.8m compared to the same period in 2020 (H1 2020: GBP1.5m). The
gross profit margin improvement to 62% from 59% in H1 2021 is due
to the higher proportion of direct sales in the UK and US.
During the period a nominal revenue of GBP0.1m was generated
from our first two clinical AI products. These are very early days
in the commercialisation of these first in class products and we
expect this revenue to accelerate as we build compelling key
opinion study data and once the longer than anticipated Covid
restrictions relax and face-to-face medical exhibitions and
congresses re-start later in the year
Total research and development (R&D) expenditure on product
development and regulatory costs in H1 2021 increased to GBP1.6m
(H1 2020: GBP1.0m) of which GBP0.3m has been capitalised. The
majority of the increased spend relates to the continued R&D
activity in the clinical AI division, a significant amount of which
relates to costs incurred in the CE and FDA regulatory approval
process for the ScanNav Anatomy PNB product.
The operating loss of GBP2.3m increased by GBP0.3m compared to
the prior period (H1 2020: GBP2.0m) due to higher R&D costs and
administrative expenses, relating to professional fees and
insurance costs, totaling GBP1.1m, exceeding the increase in gross
profit of GBP0.8m.
Cash and cash equivalents decreased over the period since 31
December 2020 by GBP3.0m, to GBP5.8m (31 December 2020: GBP8.8m).
Net operating outflows were GBP2.2m in the period arising from the
operating loss combined with the adverse movement in net working
capital of GBP1.0m due to an increase in trade and other
receivables of GBP0.7m as a result of the higher trading activity
in the period and higher inventory levels required to facilitate
current and expected future orders.
Outlook
This has been a good start to the year, with strong revenue from
our simulation division, combined with encouraging performance from
our clinical division through the early commercialisation of our
first two AI products, and the progression of our AI product
development pipeline.
Our new AI products are first to market and require time to gain
acceptance by the market before significant revenue potential can
be achieved. As the pandemic has restricted medical exhibitions,
hospital access and budgets, the time required to gain this market
acceptance has been extended.
2021 is therefore expected to be a year where the simulation
Division continues its impressive growth, and we continue to invest
heavily in R&D in both of our core businesses. In addition, the
Group is focusing on generating the compelling key opinion leader
study data that will enable the acceptance and subsequent sales
potential of AI in ultrasound to be realised from 2022 onwards.
We remain confident that we can continue to build a successful
'Classroom to Clinic' ultrasound business in this exciting sector
of the market.
Stuart Gall
CEO
19 August 2021
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 2021 2020 2020
GBP'000 GBP'000 GBP'000
REVENUE 4 3,639 2,479 5,170
Cost of sales (1,365) (1,018) (1,999)
--------- --------- ------------
GROSS PROFIT 2,274 1,461 3,171
Other income - 205 207
Administrative expenses (4,610) (3,616) (7,859)
--------- --------- ------------
OPERATING LOSS (2,336) (1,950) (4,481)
Finance income 1 17 17
Finance costs (17) (2) (17)
--------- --------- ------------
LOSS BEFORE INCOME TAX (2,352) (1,935) (4,481)
Taxation 5 333 116 1,175
--------- --------- ------------
LOSS ATTRIBUTABLE TO THE EQUITY
SHAREHOLDERS OF THE PARENT (2,019) (1,819) (3,306)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
Items that will or may be reclassified
to profit or loss:
Exchange (loss)/gain arising on
translation of foreign operations (15) 50 (77)
OTHER COMPREHENSIVE (EXPENSE)/INCOME
FOR THE PERIOD (15) 50 (77)
--------- --------- ------------
TOTAL COMPREHENSIVE EXPENSE ATTRIBUTABLE
TO THE EQUITY SHAREHOLDERS OF THE
PARENT (2,034) (1,769) (3,383)
========= ========= ============
LOSS PER ORDINARY SHARE (PENCE)
ATTRIBUTABLE TO THE EQUITY SHAREHOLDERS
OF THE PARENT
Basic and diluted 6 (0.75) (0.76) (1.30)
========= ========= ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
NON-CURRENT ASSETS
Intangible assets 7 1,958 2,148 1,963
Property, plant and equipment 1,263 670 1,313
Trade and other receivables 61 - 61
---------- ---------- -------------------
3,282 2,818 3,337
---------- ---------- -------------------
CURRENT ASSETS
Inventories 1,283 1,293 1,048
Trade and other receivables 2,716 2,073 2,025
Current tax asset 1,008 131 671
Cash and cash equivalents 5,849 10,137 8,774
---------- ---------- -------------------
10,856 13,634 12,518
---------- ---------- -------------------
TOTAL ASSETS 14,138 16,452 15,855
---------- ---------- -------------------
CURRENT LIABILITIES
Trade and other payables 8 (1,895) (1,216) (1,901)
Deferred income (167) (287) (142)
Lease liabilities (206) (66) (170)
Provisions (22) (98) (10)
---------- ---------- -------------------
(2,290) (1,667) (2,223)
---------- ---------- -------------------
NON-CURRENT LIABILITIES
Deferred income (311) (211) (275)
Deferred taxation - (265) -
Lease liabilities (564) (88) (603)
Other payables (65) - (65)
---------- ---------- -------------------
(940) (564) (943)
---------- ---------- -------------------
TOTAL LIABILITIES (3,230) (2,231) (3,166)
---------- ---------- -------------------
NET ASSETS 10,908 14,221 12,689
========== ========== ===================
EQUITY
Share capital 9 2,694 2,694 2,694
Share premium 25,959 25,959 25,959
Share warrants 126 126 126
Accumulated losses (25,400) (21,894) (23,381)
Share-based payment reserve 1,095 760 842
Merger reserve 6,538 6,538 6,538
Foreign exchange reserve (104) 38 (89)
TOTAL EQUITY 10,908 14,221 12,689
========= ========= =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based
payment Foreign
Share Share Share Accumulated reserve Merger exchange Total
capital premium warrants losses reserve reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ---------- ---------- ------------- ------------ ---------- ---------- ---------
At 1 JANUARY 2020 2,200 21,653 126 (20,075) 688 6,538 (12) 11,118
---------- ---------- ---------- ------------- ------------ ---------- ---------- ---------
Comprehensive
(expense)/income
for the period
Loss for the
period - - - (1,819) - - - (1,819)
Other
comprehensive
income - - - - - - 50 50
Transactions with
owners, recorded
directly in
equity
Issue of share
capital 494 4,658 - - - - - 5,152
Cost of raising
finance - (352) - - - - - (352)
Share-based
payments - - - - 72 - - 72
---------- ---------- ---------- ------------- ------------ ---------- ---------- ---------
At 30 June 2020 2,694 25,959 126 (21,894) 760 6,538 38 14,221
---------- ---------- ---------- ------------- ------------ ---------- ---------- ---------
Comprehensive
expense
for the period
Loss for the
period - - - (1,487) - - - (1,487)
Other
comprehensive
expense - - - - - - (127) (127)
Transactions with
owners, recorded
directly in
equity
Share-based
payments - - - - 82 - - 82
---------- ---------- ---------- ------------- ------------ ---------- ---------- ---------
At 31 December
2020 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
========== ========== ========== ============= ============ ========== ========== =========
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 31 December
ended ended 2020
30 June 2021 30 June 2020
GBP'000 GBP'000 GBP'000
CASH FLOW FROM CONTINUING OPERATING ACTIVITIES
Loss before tax (2,352) (1,935) (4,481)
Add back:
Depreciation 254 171 406
Amortisation of intangible assets 470 476 937
Foreign exchange - 47 -
Loss on disposal of property, plant and
equipment - - 26
Fair value adjustment to share warrants - - 21
Research and development expenditure credit - (38) -
Finance costs/(income) 16 (15) -
Share-based payments expense 253 72 154
------------- ------------- ------------
Operating cash flows before movement in
working capital (1,359) (1,222) (2,937)
Movement in inventories (236) (630) (389)
Movement in trade and other receivables (691) 627 590
Movement in trade and other payables 55 (410) 199
Movement in provisions 12 4 (85)
------------- ------------- ------------
Cash used in operations (2,219) (1,631) (2,622)
Income taxes (paid)/received (2) 168 362
------------- ------------- ------------
NET CASH FLOWS FROM OPERATING ACTIVITIES (2,221) (1,463) (2,260)
------------- ------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (113) (292) (371)
Interest receivable 1 17 17
Movement in short term deposits - 5,500 5,500
Internally generated and purchase of intangible
assets (465) (193) (568)
NET CASH (USED IN)/GENERATED FROM INVESTING
ACTIVITIES (577) 5,032 4,578
------------- ------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of new shares - 5,152 5,187
Share issue costs - (352) (387)
Principal elements of lease payments (112) (23) (62)
Finance costs paid - (2) (17)
NET CASH (USED IN)/GENERATED FROM FINANCING
ACTIVITIES (112) 4,775 4,721
------------- ------------- ------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (2,910) 8,344 7,039
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 8,774 1,790 1,790
Exchange (losses)/gains on cash and cash
equivalents (15) 3 (55)
CASH AND CASH EQUIVALENTS AT OF PERIOD 5,849 10,137 8,774
============= ============= ============
NOTES TO THE CONSOLIDATED INTERIM REPORT
for the six months ended 30 June 2021
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 2020. 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 2020.
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 prepared trading and cash flow forecasts for the
period to end of 2022 which continue to model trade returning to
pre-pandemic levels as well as updated revenue projections for
royalty income and revenue from new products coming on stream over
the course of the next 18 months. The forecasts indicate that the
Group will continue to trade with its existing cash reserves. After
modelling other downside scenarios from the base case including
reductions in revenue and delays in R&D projects the Group
expects to have sufficient cash for at least the next 12 months and
therefore continue to adopt the going concern basis of accounting
in preparing the interim statement.
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 2021, 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 division and geography based upon location of the Group's
customers.
Unaudited 6 months ended Simulation Clinical Total
30 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
------------------------------------- ----------------- -----------------
Unaudited 6 months ended Simulation Clinical Total
30 June 2020 AI
GBP'000 GBP'000 GBP'000
United Kingdom 959 - 959
North America 929 - 929
Rest of World 591 - 591
---------------------------------- ----------------- -----------------
2,479 - 2,479
---------------------------------- ----------------- -----------------
Audited year ended 31 Simulation Clinical Total
December 2020 AI
GBP'000 GBP'000 GBP'000
United Kingdom 1,419 - 1,419
North America 2,324 - 2,324
Rest of World 1,410 17 1,427
-------------------------------------- ----------------- -----------------
5,153 17 5,170
-------------------------------------- ----------------- -----------------
5. TAXATION
Unaudited Unaudited
6 months 6 months Audited
ended 30 ended 30 year ended
June 2021 June 2020 31 December
2020
GBP'000 GBP'000 GBP'000
R&D tax credit 335 93 673
R&D tax credit relating to prior
periods - - 214
US corporation tax (2) - -
Deferred tax credit - 23 288
----------- ----------- -------------
333 116 1,175
----------- ----------- -------------
6. LOSS PER SHARE
Unaudited Unaudited
6 months 6 months ended Audited
ended 30 30 year ended
June 2021 June 2020 31 December
2020
GBP'000 GBP'000 GBP'000
------------ --------------------- -------------
Loss for the year after taxation (2,019) (1,819) (3,306)
------------ --------------------- -------------
Number of shares: No. No. No.
Basic and diluted weighted
average number of ordinary
shares 269,396,792 240,082,506 254,915,148
------------ --------------------- -------------
Basic and diluted loss pence
per share (0.75) (0.76) (1.30)
------------ --------------------- -------------
In the periods ended 30 June 2021, 30 June 2020 and 31 December
2020 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 2021 includes
intellectual property and brands acquired with IML and IUL
totalling GBP0.90m (31 December 2020: GBP1.15m, 30 June 2020:
GBP1.39m). The remaining net book value of intangible assets in
each period were made up of development costs capitalised in
relation to the Simulation division.
8. CURRENT LIABILITIES - TRADE AND OTHER PAYABLES
Unaudited Unaudited
30 June 30 June Audited
2021 2020 31 December
2020
GBP'000 GBP'000 GBP'000
Trade payables 894 498 842
Taxation and social security 180 23 169
Accruals 760 640 829
Warrants 61 40 61
Other - 15 -
1,895 1,216 1,901
========== ========== =============
9. SHARE CAPITAL
Allotted, issued and fully paid: No. GBP'000
Ordinary shares of 1p each
Balance at 1 January 2020 219,996,792 2,200
Shares issued for cash 49,400,000 494
----------- -------
Balance at 31 December 2020 269,396,792 2,694
----------- -------
Balance at 30 June 2021 269,396,792 2,694
----------- -------
On 4 May 2020 the Company placed 49,400,000 newly issued shares
of 1 pence each in the capital of the Company at a price of 10.5
pence per share. Share issue costs of GBP0.39m have been netted off
against the share premium arising on the new share issue.
10. INTERIM ANNOUNCEMENT
A copy of this report will be posted on the Company's website at
www.intelligentultrasound.com
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IR BSGDIDGBDGBI
(END) Dow Jones Newswires
August 19, 2021 02:00 ET (06:00 GMT)
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