Cardiff-based medtech firm Intelligent Ultrasound has reported a significant rise in its revenue following a successful fundraising boost at the end of last year.
Posting its full trading results for the year ending December 31 2022, the ultrasound artificial intelligence (AI) software and simulation company, which is listed on the Alternative Investment Market, has seen its group revenue grow by 33% to £10.1m. This was up from £7.6m in 2021.
The company, which is headquartered in Hodge House, has two revenue streams: simulation and clinical AI software. Its simulation-related revenue grew to £9.4m, up 28% on 2021. While clinical AI-related revenue saw a 200% growth reaching £700,000, up from £200,000 on the previous year.
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The firm also posted a reduced loss after tax of £3m, down from £3.6m in 2021, and year end cash at £7.2m. In November last year, Intelligent Ultrasound raised nearly £5m to support its growth plans. It secured irrevocable undertakings from existing shareholders, which after fundraising expenses, will provide £4.8m in funding.
The oversubscribed offer was overseen by Cenkos Securities. The £4.8m will be used to strengthen the balance sheet of the firm and provide additional working capital, including funding the ongoing development of existing products.
The fundraising will drive growth in sales that will take the group to profitability, as well as achieving the aspirational vision of £25m revenues by 2025.
Its chairman Riccardo Pigliucci said: "This has been another year of significant progress for the Group. We have increased Group revenue by over 30%, achieved the important milestone of FDA clearance for our second AI-driven product and continue to build an excellent partnership with the world's leading ultrasound company - GE HealthCare.
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“With a positive start in Q1 23, a growing range of AI and simulation related products, an established operational base, and year end cash of £7.2m, we expect to continue this growth during 2023 and remain excited about the long-term potential of our unique 'Classroom to Clinic' model."
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