Intelligent Ultrasound Share Discussion Threads

[bamboo2] 03/8/2023 07:35

Intelligent Ultrasound Group PLC

03 August 2023

Intelligent Ultrasound Group plc

(the "Group" or the "Company")

Notice of results

Analyst and investor briefing

Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic' ultrasound company, specialising in artificial intelligence (AI) software and simulation, announces it will issue its interim results for the six months ended 30 June 2023 on Thursday, 17 August 2023.

A briefing for analysts will be held via video call on 17 August 2023 at 9.30am. To register, please contact [e-mail].

The Company will host a live presentation for investors given by Stuart Gall and Helen Jones via the Investor Meet Company platform on Thursday, 17 August 2023 at 5pm. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet the Company via:

Investors who already follow Intelligent Ultrasound on the Investor Meet Company platform will automatically be invited.

[bamboo2] 02/8/2023 13:30

2nd August 2023, Cardiff, UK: Intelligent Ultrasound (IU) has worked with pleural disease experts to increase respiratory training opportunities and in turn patient safety. The nine new types of pathology, due for release on BodyWorks Eve in September, will provide trainees with a structured approach to learning and access to different pathologies ‘on demand’.


Dr Andrew Stanton and Dr Duneesha de Fonseka, consultant respiratory physicians, with specific expertise in pleural disease have provided expert advice and guidance for this new initiative. Both have been closely involved in British Thoracic Society Training Standards and Guidelines in this area. The BTS Training Standards for Thoracic Ultrasound1 (TUS) recognize the role simulation can play to support ultrasound training for clinicians in the UK.


Dr Martin Allen, consultant physician and National Specialty Advisor for Physiological Science, was instrumental in driving this work to improve simulation training, following the investment in BodyWorks Eve systems by Health Education England to support training in echocardiography and pleural ultrasound.


Dr Allen introduced Andrew and Duneesha to IU to understand whether additional pathologies could be developed and added to Eve to support the BTS TUS training requirements. In line with the company’s vision to make ultrasound accessible to all medical professionals, a new project began.


Prior to using simulators, pleural safety training was delivered using models and via teaching sessions on how to perform procedures. Specific ultrasound courses were run in addition to this with patients, otherwise it was bedside training on a one-to-one basis. Like many departments, the pandemic reduced experiential learning opportunities, which impacted workforce development.


Andrew commented “It’s a big area and ultrasound and pleural procedural safety has been high on the agenda for a number of years, ever since the National Patient Safety Alert now 15 years ago.”


As part of the project kick off, Dr Allen and the team looked at the existing content on BodyWorks Eve and then sent a ‘wish list’ of additional pathologies which would support and further enhance pleural safety training. These pathologies related primarily to the learning objectives for trainees looking to become ‘Primary Thoracic Ultrasound Operators’. Priority pathologies and timelines for development were agreed, monthly review meetings ensured everything was on track and in line with BTS training standards.


The result, nine new types of pathology (up to eighteen if you consider varying severity and location) including empyema, diaphragmatic nodules and septated pleural effusion.


Duneesha commented “IU has produced a brilliant simulation program that will provide trainees with the opportunity to build up their initial foundation skills, but also provide a platform they can return to to refresh their skills. When respiratory trainees begin, they need to be familiar with the basics, which may not be available to see when learning at the bedside. Using simulation, they have a structured approach to learn more common procedures such as pleural effusion to more complex things such as pleural nodules. They can do this in one sitting, in their own time, it’s a fantastic resource for trainees.”


Andrew continued “The variety of pathologies in the new simulation package is excellent. It’s sometimes hard for trainees to see these on demand at the bedside. Having the pathologies available to review and discuss in a safe, simulated environment, along with potential clinical issues, how to manage these and the approach to pleural intervention on account of the findings is invaluable. The images, reflecting on what we see in real life, are very high quality. Clinical colleagues, who saw these as part of the preparatory work, were very impressed. I’m confident this is going to be very well received by the respiratory community to support training”.


The new pathologies will be launched as part of the BodyWorks Eve 4.5 release in September 2023.

Andrew commented “Within the BTS Training Standard, there’s a move to create different levels of operator competence and to facilitate safe ultrasound delivery, and in turn pleural intervention. The new pathologies on BodyWorks Eve will help to build up a pool of ultrasound operators and help respiratory trainees specifically to develop skills beyond basic ultrasound. It’s widening the training opportunities afforded to both regions and trusts.”

Research and Development Manager at IU, Kathryn Jenner commented “This project has not only expanded Eve’s pathologies but has allowed us to use new methodologies in development, further improving the quality of our patient images, while further expanding Eve’s capabilities as PoCUS use continues to grow across hospital departments.”

The new pathologies on BodyWorks Eve 4.5 are just the first initiative. A list of additional respiratory pathologies is in place and will hopefully be developed and released as part of future versions of the female manikin.

References: 1 British Thoracic Society Training Standards for Thoracic Ultrasound (TUS) (bmj.com)

[bamboo2] 31/7/2023 13:34

Shame about the lack of a proper market.
Only 5000 available on autoquote.

Means for larger than 5000 need to use limit orders.

[40 fathoms] 26/7/2023 09:39

Patent for another new product or existing product enhancement was filed at the end of April.



I suspect it might be linked to this



Noble and Papageorghiou are affiliated with IUG

from the IUG website

"Our AI technology is built around the original work of Professor Alison Noble FRS OBE, and Professor Aris Papageorghiou from The University of Oxford. Alison and Aris still work with us today, keeping us informed of the latest advances in the field, to ensure that the products we develop meet a real clinical need."

[bamboo2] 26/7/2023 08:33

From GEHC earnings call transcript...

"Turning to Ultrasound. We generated organic revenue growth of 3% year-over-year following several quarters of strong revenue growth, reflecting significantly high backlog and fulfillment. Revenue growth in the second quarter was driven by cardiovascular and women’s health. This included new product launches with AI capabilities aimed at driving improved efficiency and patient outcomes.

Segment EBIT margin of 22.8% was down 380 basis points year-over-year, primarily due to planned investments. Productivity and price more than offset inflation. Ultrasound margin performance reflects our investment ramp in new product introductions such as advanced probe technology, products with more digital capabilities and ultrasound-guided surgical navigation."

"...order book +6%..."

[40 fathoms] 25/7/2023 02:00

I think it is worth keeping in mind that we are highly likely to get one if not two new product launch in the second half of the year.

Most probably for the second product, that was outside of the original scope of the GE contract and which was covered by the second GE agreement. We also have the auto capture product that is approved and not launched yet and also additional neonatal protocols outside of 20 weeks.

Next year I expect them to launch another Scannav based product and we also have the possibility of SCANNAV PNB being licensed to one or more OEMs.

I am also optimistic that in the next 12 months you will see a couple of very large orders across the product range from large integrated health systems in the US and other less traditional sources.

[bamboo2] 24/7/2023 22:51

GE HealthCare Technologies Inc. GEHC is scheduled to report second-quarter 2023 results on Jul 25, before market open.

We should get an idea of how it's going with the Voluson Expert 22

[daz] 24/7/2023 22:40

It's on their website. It's actually a downgrade but they retain their buy recommendation, the relevant points are:

Revenue and operating profit forecasts are unchanged but adjustments have been made to profits and cash for the lower tax credit introduced by the Government this year.

'working capital seasonality in H1' mentioned in the RNS is clearly much more than Cenkos had expected and has led to significant reductions in year end cash forecasts of c£1.1m for FY23 by c£1.5m for FY24 to £3m and £3.5m respectively although the company say in the RNS today that will be enough for them to reach profitability.

However, given the scale of the reductions, the risk of that not happening must have increased and is something to be monitored closely as if they miss those targets, it becomes more likely they will need some debt or a minor fund raise to improve the balance sheet

[eeza] 24/7/2023 15:36

New Cenkos note out - but I can't access.

[bamboo2] 24/7/2023 15:29

40 Fathoms, agree.

Now I have digested it for a while, this update is looking really good.

Doubled up current holding, but had to buy in two separate lots as not much liquidity available.

The new IUG updates to the Voulson Expert system on the GEHC website look compelling.

[bmcollins] 24/7/2023 13:50

I thought todays trading update was very positive, yet the share price is languishing, peculiar...

[gsbmba99] 24/7/2023 08:56

I believe the Cenkos estimate for 23e AI revenue is £2.2m so there's work to do in 2H. I'm not sure about the timing but I believe that GE was intending to launch SonoLyst Live (believed to be the auto capture function) with marketing support for new claims from published studies. SonoLyst Live is already been approved by the FDA. Let's hope that the launch makes getting the SonoLyst option installed on Expert a "no brainer".


IUG name checked by Hardman in a brief note on the AI "sector" published a few days ago. There's nothing substantive on IUG in the report. It's free but may require registration.

[bamboo2] 24/7/2023 08:13

40, last year they provided a separate rns on the day of the AGM. At least that's how I read it. There was nothing this year and I think it spooked a few.

=============================================================
22 June 2022

Intelligent Ultrasound Group plc

("Intelligent Ultrasound" or the "Group" or the "Company")

AGM statement

Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic' ultrasound company, specialising in artificial intelligence (AI) software and simulation, announces that at the AGM due to be held today at 11:00am at the offices of Memery Crystal, 165 Fleet Street, London EC4A 2DY, Non-Executive Chairman Riccardo Pigliucci will make the following statement:

" As noted at the publication of our full year results, we have had a strong start to 2022 and we continue to be confident in the upgraded market expectations for the full year 2022 revenue. We remain excited about the potential of our 'Classroom to Clinic' business."

The full voting results will be available on the website later today.

==========================================

[40 fathoms] 24/7/2023 07:59

They have no history of providing an update at AGMs. So I suspect they did not see a specific reason to start this year.

AI revenue in the first half of the year is already higher than for the whole of last year.

[bamboo2] 24/7/2023 07:38

40 Fathoms, yes it's looking good.

I wonder why an earlier update was omitted at the AGM?
That obviously had an effect on some that had bought in due to the Midas tip.

[40 fathoms] 24/7/2023 07:18

Trading Update is very decent - especially if you adjust for the single, very large NHS contract (£1.4million) that was booked in the first half of FY22. Revenues are up over 35% when adjusted for that one off contract and also 36% on the 2022 second half sales. For context a single simulator sells for between £35k and £65k depending on the product.

In particular very pleased with the progress in AI revenue - was £300k in 1H 22, £400k in 2H 22 and we are looking at over £700K in 1H 2023. Puts us on track for +£1.4 million of AI revenue for full year 2023. 90%+ margins on the AI revenue are worth remembering. Again for context AI products sell for @ £2,000 for license on a GE Voluson Machine, @£12,500 for a scannav PNB unit and a bit more than that for a needle trainer unit.

Finally, great to read that we have sufficient cash to profitability and it appears we should comfortably make this years £12.5 million revenue forecast.

[eeza] 21/7/2023 14:12

Well it shows on LSE charts.

[bamboo2] 21/7/2023 13:56

Hi eeza, I'm saying there is no gap.

It shows on advfn mid price based charts only because afaik they omit early trading data

[eeza] 21/7/2023 10:20

Yes, bamboo, break-away gaps don't always get closed - but we are almost at it, so wouldn't be surprised for it to fill.

[bamboo2] 21/7/2023 09:30

Hi eeza, the gap you mention dated 17/4/23 occurred because of a tip by Midas.
It only appears on the mid price based chart.
My last price based chart doesn't show it.
This could be to do with the way advfn records price data, set up to ignore the early price action volatility.

ps we ought to check this mod with advfn, as I am not sure where I heard about it!

[eeza] 21/7/2023 08:47

Yes, 8.00p also my next buy price.

Gap on chart down to 7.25p tho.

[bamboo2] 21/7/2023 08:32

eeza, yes, last year that was a Thursday.

27th then?

I am waiting to see 8p before buying more.

[eeza] 21/7/2023 07:15

There was a TU on 21 July last year.