Intelligent Ultrasound Group PLC shares jumped on Monday, after it said it expects full-year revenue to climb 33% year-on-year to £10.1 million

Intelligent Ultrasound is a Cardiff, Wales-based artificial intelligence ultrasound software firm. Its shares were up 7.4% to 8.99 pence each in London on Monday morning.

The company said it expects revenue for 2022 to be around £10.1 million, up 33% from £7.6 million a years earlier.

Intelligent Ultrasound’s simulation revenue is expected to grow by 28% to £9.4 million from £7.4 million year-on-year.

The company added that overall direct to market sales, that combine the UK and US, are expected to have grown by almost 50% to £7.7 million from GBPP5.2 million.

However, its reseller markets in Europe and Asia are expected to have declined 19% to £1.7 million from £2.2 million. Intelligent Ultrasound explained that this is largely due to the impact of Covid-19 on the Chinese market.

Intelligent Ultrasound’s clinical artificial intelligence related revenues are expected to have climbed to £700,00, from £200,000. ‘Although still relatively modest at this early stage of commercialisation, the sales exceeded market expectations and directors believe this growth demonstrates that these first AI-related products are beginning to gain commercial traction,’ the company said.

Chief Executive Stuart Gall commented: ‘We are delighted with this significant progress, are well placed to continue on an upward trajectory in 2023, and also remain excited about the long-term potential of our ’Classroom to Clinic’ business.’

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