Update on preliminary results
Intelligent Ultrasound Group plc
Delay in the publication of Preliminary FY 2020 Financial Statements
The Board of Intelligent Ultrasound Group plc (the "Company") advises its shareholders that there will be a short delay in the publication of the Company's unaudited preliminary financial results for the year ended 31 December 2020 ("Preliminary Results"). The Company has been advised by its auditors Deloitte LLP ("Deloitte") that in light of practical resource constraints due to the recent lockdown the auditing process will now require more time to complete.
In light of the above, while the Company had intended to announce its Preliminary Results on 15 April 2021, the Company will now defer the publication of its Preliminary Results for a short period of time and update the market on timing in due course.
The Company emphasises that the delay arises from undertaking the ordinary course audit process that Deloitte is required to perform and not as a result of concerns relating to 2020 results.
For further information, please contact:
Intelligent Ultrasound Group plc
Stuart Gall, CEO
Tel: +44 (0)29 2075 6534
Cenkos Securities - Nominated Advisor and Broker
Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate Finance)
Michael Johnson / Julian Morse (Sales)
Tel: +44 (0)20 7933 8780 or [email protected]
Anna Dunphy / Paul McManus
Mob: +44 (0)7876 741 001 / Mob: +44 (0)7980 541 893
About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) develops artificial intelligence-based clinical image analysis software tools for the diagnostic medical ultrasound market and hi-fidelity virtual reality simulators for the ultrasound training market. Based in Cardiff in the UK and Atlanta in the US, the Group operates two divisions:
Clinical AI Division
Focusses on developing deep learning-based algorithms to make ultrasound machines smarter and more accessible. Products in the market include:
ScanNav Assist uses machine-learning based algorithms to automatically identify and grade ultrasound images. GE Healthcare's SonoLyst software on their Voluson SWIFT ultrasound machine incorporates the ScanNav Assist AI technology and has received 510(k) clearance from the FDA for sale in the USA. SonoLyst is the world's first fully integrated AI tool that recognises the 20 views recommended by the International Society of Ultrasound in Obstetrics and Gynaecology mid-trimester practice guidelines for fetal imaging.
ScanNav Anatomy PNB uses machine-learning based algorithms to simplify ultrasound-guided needling by providing the user with real-time AI-based anatomy highlighting software for a range of medical procedures. ScanNav Anatomy has received CE approval and has also been submitted for FDA regulatory approval. ScanNav Anatomy PNB is therefore not available for sale in the US or any other territory requiring government approval for this type of product.
Focusses on hi-fidelity ultrasound education and training through simulation. Its main products are the ScanTrainer OBGYN training simulator, the HeartWorks echocardiography training simulator, the BodyWorks Eve Point of Care and Emergency Medicine training simulator with Covid module and the new AI-based Anatomy PNB training simulator. To date over 1,000 simulators have been sold to over 600 medical institutions around the world.