Intelligent Ultrasound Group PLC said Tuesday revenue in 2021 grew nearly 50%, as it lifts its outlook for 2022.
The Cardiff, Wales-based artificial intelligence ultrasound software firm said revenue grew 47% to £7.6 million from £5.2 million.
Revenue increased by 76% in the UK, with growth across all product lines, and by 18% in North America to a record high. Revenue in the Rest of the World division increased 53% as reseller sales recovered, but still lagged 18% behind pre-pandemic sales in 2019.
Pretax loss narrowed slightly to £4.3 million from £4.5 million.
Since the end of December, the company said trading has been strong and it now expects revenue for 2022 to be ahead of market expectations.
Shares in Intelligent Ultrasound were up 1.9% to 14.53 pence each in London on Tuesday morning.
‘With the pandemic restrictions around the world easing and enabling a return to face-to face meetings, a growing range of ’classroom to clinic ultrasound’ products in the market, new products in the pipeline, an established operational base, and an encouraging start to the year, we expect the strong revenue performance of 2021 to continue in 2022,’ said Chief Executive Officer Stuart Gall.
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