(Alliance News) - AIM-listed Intelligent Ultrasound Group PLC on Wednesday said expects further revenue growth in 2020 following an improvement in 2019.
The ultrasound software and simulation company said revenue for 2019 - which is currently generated entirely by Simulation division - is expected to come in at between GBP5.7 million and GBP5.9 million, about 10% higher year-on-year.
Intelligent Ultrasound said it expects recently-signed deal with Fujifilm SonoSite Inc to help increase future sales in the Simulation division's point-of-care ultrasound training market.
Turning to the company's pre-revenue Clinical Artificial Intelligence division, it had a "very successful" year, Intelligent Ultrasound said, meeting all its commercial and development milestones.
To support future developments, the Clinical Artificial Intelligence division's AI image database has been expanded so it now exceeds over four million ultrasound images, the company noted.
Overall, Intelligent Ultrasound said it expects to report loss before interest, taxes, depreciation, and amortization of between GBP3.3 million and GBP3.4 million, widened compared to an Ebitda loss of GBP2.7 million in 2018. The company explained that it had invested heavily in research & development of Clinical Artificial Intelligence division.
"This has been a strong year for the group," said Chief Executive Stuart Gall. "The Simulation division has worked hard to continue growing revenue and we are confident of continuing the group's revenue growth in 2020."
Intelligent Ultrasound shares were untraded in London on Wednesday at 11.78 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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