Intelligent Ultrasound Share Discussion Threads

[bmcollins] 19/1/2024 11:06

40 fathoms
A great spot of yours again, I just do not understand why these are still in the "greatly unloved" categories of aim stocks, their prospects look bright & their cash runway is not at all bad plus they are backed by GEHC ?

[bamboo2] 19/1/2024 09:45

40F, I guess the income is this "non-GE HealthCare revenue" reported in the update...

"Revenue from women's health-related AI software sales, which included both GE HealthCare royalty income combined with non-GE HealthCare revenue from studies utilising our gestational age AI software, made up over half of our clinical AI related sales"

Hope for more detail in the final results in a few months time.

[40 fathoms] 18/1/2024 22:14

A new page on the Bill & Melinda Gates Foundation website, essentially just confirming what we have long supposed on this board, that we are a grantee & supported partner.

[40 fathoms] 10/1/2024 11:38

Yes, it would have to be either via a placement or via an off market trade with Parkwalk/IP Group

[bamboo2] 10/1/2024 09:40

The free float here is tiny, probably around 18% at the most, so they would struggle to buy 20% in the open market.

I hope we'll get more info on this when the GEHC figures appear later in the month. Certainly the MIM deal shows that the co still has an appetite for acquiring in the AI zone.

[eeza] 09/1/2024 23:13

"they take a 20% stake in us"

And makes an agreement, with management, much more likely.

[40 fathoms] 09/1/2024 23:00

Bamboo "He did mention the latest acquisition, MIM, and also the possibility of starting to take minority investments in suppliers, whatever that means!"

Maybe it means rather than a takeover they take a 20% stake in us (bought from IP Group ?) or they take a 50% stake in the AI division and we get a whacking cash distribution.

[40 fathoms] 09/1/2024 22:49

So on their 15.7 million 2024 revenue forecast Cavendish it has the company at essentially breakeven. We could well do a good deal better than that but from then on it is gravy. For each million of additional revenue 600K and rising, given the improving margins from the AI revenue, is for us shareholders.

[bamboo2] 09/1/2024 20:03

Arundini, GEHC, referred to the Q3 accounts rather than Q4, so we have to wait to get the 2024 outlook.

He did mention the latest acquisition, MIM, and also the possibility of starting to take minority investments in suppliers, whatever that means!

[chester9] 09/1/2024 13:21

That's how I saw it and topped up as well. I didn't expect to make money today though. :)

[chester9] 09/1/2024 13:21

That's how I saw it and topped up as well.

[bmcollins] 09/1/2024 12:19

I think the market is a little harsh on marking these down 10% today, on the other hand I was looking to top up pre GEHC so this gives me the opportunity to do so.
The revenue generated on the GE machines is but a foretaste of what we have coming, I suspect ?

[eeza] 09/1/2024 11:56

No better time for them, than now.

[bamboo2] 09/1/2024 10:22

Encouraging to see lower cash burn.

I was surprised that the figures came in nearly a week early, compared to last year.

GEHC figures out later today, plus Arduini speaking at JPM this evening.

There's nothing wrong with a good rumour, and as a consequence, I still believe GEHC will take IUG, as they did with Caption a year ago!

[40 fathoms] 09/1/2024 09:55

No was not expected, it is about 800k light on the simulation side, the AI revenue came in as expected.

The strategic outlook remains intact, profitability inflection will be hit towards the end of this year or early next. AI revenues this year should be up again by 150% to 200%

Sonolyst revenues will grow substantially with a full year of inclusion on the Voluson Expert range and will/should increase significantly in 2025 as it should rolls (as standard) on to the Signature series model, which is scheduled to launch November/December of this year.

[wjccghcc] 09/1/2024 09:02

Simulation was 1.2mm behind Cavendish forecasts and AI was 0.2mm behind forecasts.

[adamb1978] 09/1/2024 08:41

Had these on the watchlist for a while as something which could potentially multi-bag if things go right.

Was the dip in revenues in H2 expected? Looks like £6.1m revenue in H1 and then £5.1m in h2. They mention that simulation revenues were £1m light...I guess that would have made H1=H2 if all that miss came in H2.

The yoy growth looks impressive, just trying to understand the 2023 performance
Thanks

[bamboo2] 09/1/2024 07:12

Intelligent Ultrasound Group plc

Full-Year Trading Update



Intelligent Ultrasound Group plc (AIM: IUG), the 'classroom to clinic' ultrasound company, specialising in AI software and simulation, announces that it expects FY2023 revenues to have increased by 10% to £11.2m (2022: £10.1m), with simulation related revenue declining slightly to £9.1m (2022: £9.4m) and clinical AI related revenues almost trebling to £2.0m (2022: £0.7m).



Financial highlights:

· Group revenue for the year to 31 December 2023 grew by 10% to £11.2m (2022: £10.1m)

o FY2022 revenue figures included £2.0m of one-off orders from the NHS in the UK, so on an adjusted 'like-for-like'* basis, revenue in 2023 increased by 38% (2022 adjusted*: £8.1m)

· The Group's simulation revenues declined by 3% to £9.1m (2022: £9.4m)

o FY2022 simulation revenue figures included £2.0m of one-off orders from the NHS in the UK, so on an adjusted 'like-for-like'* basis, revenue in 2023 increased by 23% (2022 adjusted*: £7.4m)

o Simulation revenue was approximately £1m behind expectations mainly due to lower-than-expected sales in Europe and China throughout the year and recognised revenue being slightly less than we anticipated in the final quarter of the year

· The Group's clinical AI related products continue to gain traction and revenues almost trebled to £2.0m (2022: £0.7m)

o Revenue from women's health-related AI software sales, which included both GE HealthCare royalty income combined with non-GE HealthCare revenue from studies utilising our gestational age AI software, made up over half of our clinical AI related sales

· Cash at bank on 31 December 2023 was £3.0m (30 June 2023: £3.3m)



Operational highlights:

· GE Healthcare's SonoLyst software, which is powered by Intelligent Ultrasound's AI software, launched as a standard feature on the new Voluson Expert 22 and 20 range of women's health ultrasound machines in Q4 2023

· ScanNav Anatomy Peripheral Nerve Block (PNB) AI software upgrades were released in UK and US market in Q2 2023

· Liver images agreement signed with Dundee University in Q4 2023

· ScanNav FetalCheck development programme announced for new gestational age AI product in Q4 2023

· ScanTrainer Endometriosis simulator module released in Q2 2023



Outlook:

We remain positive about the outlook for the Group in 2024:

· Clinical AI related sales continue to develop, and we anticipate sales broadly doubling during the year due to:

o GE HealthCare's SonoLystlive software, which is powered by Intelligent Ultrasound's ScanNav AI, is now a standard feature on the latest versions of the Voluson Expert Series portfolio of ultrasound machines, and is expected to generate growing and more forecastable revenues during the year

o Our Classroom to Clinic AI needling range is expected to continue its sales growth in the UK and the US, as the number of papers and supporting studies grows during the year

· Simulation sales are expected to return to growth, broadly driven by the US and UK markets combined with a continued recovery in our reseller markets



The Group therefore expects revenue in 2024 to be between £14m to £17m and continues to anticipate reaching profitability with its current cash.



Stuart Gall, CEO at Intelligent Ultrasound said:



"We have had another positive year with GE HealthCare announcing the launch of SonoLystLive on the new Voluson Expert ultrasound machine range, our clinical AI revenues growing significantly, recent announcements on ScanNav FetalCheck, our new gestational age AI development programme and the signing of the liver data agreement with Dundee University and NHS Trust. Revenues from our clinical AI related products are expected to have almost trebled over the year, but our simulation revenues are expected to be 3% down on 2022, primarily due to lower than expected sales in China and Europe, combined with lower-than-expected recognised revenue in December. With cash at bank only reducing by £0.3m since 30 June, the business continues to forecast it will reach profitability with its current cash resources."

[bamboo2] 04/1/2024 10:54

GEHC presenting at 42nd Annual J.P. Morgan Healthcare Conference
January 9, 2024 at 2:15 PM EST [7.15gmt]



At the 2023 JPM gig, Arduini made reference to their 2022 update and 2023 outlook.
This makes the date seem almost certain.

[bamboo2] 04/1/2024 10:39

Looking further forward, I guess we could see an IUG 2023 business update around Monday 15/1/2024

[bamboo2] 04/1/2024 09:53

GEHC celebrate the first anniversary of the Caption Health acquisition in early February. Following the considerable expansion by GEHC in ultrasound AI, it's possible there may be plans or more business for IUG.

[bamboo2] 04/1/2024 09:48

40F, all, GEHC update next week?

Based on last year, it came on the second Tuesday in January [10th], therefore we could see something released around 11.30am GMT 9/1/2024

[40 fathoms] 04/1/2024 03:10

Posted yesterday with a video from a local new channel about the introduction of Babyworks at Mohawk College, Hamilton, Canada.

[bamboo2] 02/1/2024 23:42

2024 Events

January 20 – 24 Society for Simulation in Healthcare (IMSH) San Diego, CA
February 1 – 2 British Society of Gastrointestinal and Abdominal Radiology (BSGAR) Glasgow, UK
March 21 – 23 Annual Regional Anesthesiology and Acute Pain Medicine Meeting (ASRA) San Diego, CA
March 25 – 27 Royal College of Paediatrics and Child Health (RCPCH) Birmingham, UK
April 5 – 7 Midwest Anesthesia Residents Conference (MARC) Omaha, NE
April 25 – 26 Scottish Society of Anaesthetists (SSOA) Peebles, UK
May 2 – 3 RA-UK London, UK
June 4 – 5 SONO UK Newcastle, UK
June 7 – 10 Canadian Anesthesiology Society (CAS) Victoria, BC
June 11 – 14 European Society of Paediatric and Neonatal Critical Care (ESPNIC) Rome
June 19 – 21 Society for Simulation in Europe (SESAM) Prague
June 20 – 21 British Association of Day Surgery (BADS) Cardiff, UK
June 24 – 25 REaSoN Neonatal Meeting Loughborough, UK
August 2 – 6 American Association of Nurse Anesthetists (AANA) San Diego, CA
September 4 – 7 ESRA Annual Congress Prague
September 29 – October 2 American College of Emergency Physicians (ACEP) Las Vegas, NV
October 18 – 22 American Society of Anesthesiologists (ASA) Philadelphia, PA
October 2 – 4 Paediatric Critical Care Society (PCCS) Liverpool, UK
October BS Echo TBC, UK
October 12 – 16 European Emergency Medicine Congress (EUSEM) Copenhagen
November 3 – 5 Association for Simulated Practice in Healthcare (ASPiH) Edinburgh, UK
November 7 – 8 British Society of Paediatric Radiology (BSPR) London, UK
December 6 – 9 Post Graduate Assembly in Anesthesiology New York City, NY
December British Medical Ultrasound Society (BMUS) TBC, UK
December 11 – 13 EuroEcho Berlin

[40 fathoms] 21/12/2023 00:40

Bamboo, Always a possibility I agree. We will be either blessed or cursed on this issue by the views of IP Group. I am hopeful they are more aligned than your typical VCT or small cap manager. Even if we were to see interest today I feel anything less than 25p would be disappointing and if our plans unfold as forecast, you can up that by 5p for every 6 months that passes.

Here are my predictions for next year.

Company hits 2023 guidance
Company reaffirms 2024 guidance of profitability on a run rate basis
Company hardens 2025 financial ambitions
Company picks up large US DoD orders for SCANNAV
We see a non-exclusive licensing of SCANNAV PNB to FUJIFILM Sonosite and Mindray
On an exclusive basis and including an upfront payment - GEHC take the Gestational Age product.
Share price surges
At between 20p and 25p per share the company undertakes a 20% placement to GE Healthcare.
Proceeds from placement are used for small bolt on M&A and to expand and accelerate internal development pipeline.
We continue Sonolyst roll out on the Volouson range
We get initial data on the NASH product in collaboration with Dundee Uni
Towards the end of next year we see the launch of one new training product probably based on the gaze technology and one new clinical product probably focused on tube placement.