Intelligent Ultrasound Group PLC on Monday said it remains on track to reach profitability during 2023, after reporting an increase in interim revenue.

Intelligent Ultrasound is a Cardiff, Wales-based artificial intelligence ultrasound software firm.

Intelligent Ultrasound said that it expects to report revenue of £6.1 million in the first half of 2023, up 3% annually from £5.9 million.

It noted that figure for the first half of 2022 includes £1.4 million of one-off orders from the NHS in the UK. Based on this, on an adjusted like-for-like basis, revenue in the first half of 2023 is expected to have increased by 35%.

Intelligent Ultrasound added that its clinical artificial intelligence products continue to gain traction and revenue is expected to have more than doubled to £700,000, up from £300,000.

The company noted that it had £3.4 million cash at bank on June 30, down from £7.2 million at December 31. It explained that cash was impacted by working capital seasonality in the first half of the year.

Looking ahead, Intelligent Ultrasound said its cash utilisation in the second half of the year is expected to be materially lower and it remains on target to reach profitability with its current cash.

In April, the company posted revenue of £10.1 million for 2022, and a pretax loss of £3.7 million.

Shares in Intelligent Ultrasound were down 0.5% to 8.71 pence each in London on Monday morning.

Intelligent Ultrasound will publish its half-year results in August.

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