Intelligent Ultrasound : Annual reports and accounts 2021

Unlocking the power of ultrasound

Intelligent Ultrasound Group plc

2021 Annual Report and Accounts

What's in the Report

		p2	p14
		Chief Executive's
			Review
			Another year of good
			progress
What We Do		p38
Making ultrasound easier to		Financial Review
learn and simpler to use
	A positive year
p10		p18
Business Model		Environmental, Social
Building our 'Classroom To		and Governance Report
Clinic' business		Our first annual ESG Report

Contents

Overview 1-6

Our Vision	1
Highlights of the Year	1
What We Do	2
At a Glance	6

Strategic Report 8-41

Chairman's Statement	8
Business Model	10
Our Strategy	12
Chief Executive's Review	14
Environmental, Social and Governance	18
Section 172 statement	26
Risk Management	30
Key Performance Indicators	36
Financial Review	38

Governance 42-62

Board of Directors	42
Chairman's Introduction	46
Corporate Governance Report	47
Audit Committee Report	52
Remuneration Committee Report	54
Nomination Committee Report	58
Directors' Report	60
Statement of Directors' Responsibilities	62

Financial Statements 63-111

Independent Auditor's Report	63
Group Statement of Profit and Loss and
Other Comprehensive Income	72
Group and Company Statements of
Financial Position	73
Group Statement of Changes in Equity	74

Parent Company Statement
of Changes in Equity	75
Group and Company Statement of
Cash Flows	76
Notes to the Financial Statements	77
Glossary	110
Corporate Directory	111

Overview	Strategic Report Corporate Governance Financial Statements	1

Our Vision

To make ultrasound easier to learn and simpler to use by providing 'Classroom to Clinic' training, guidance and real-time support to medical professionals

Financial highlights

Group revenue	Operating loss
£7.6m	£(4.3)m
2021	7.6	(4.3)	2021
2020	5.2	(4.5)	2020
Net cash used in operations	Cash and cash equivalents
£(1.8)m	£5.0m

(1.8)	2021	2021	5.0
(2.3)	2020	2020	8.8	For more information visit
				intelligentultrasound.com

Operational highlights

• GE Healthcare continued the rollout of the ScanNav Assist AI technology on the Voluson SWIFT ultrasound machine
• ScanNav Anatomy Peripheral Nerve Block (PNB), the Group's second AI product, received CE approval in April and was subsequently launched in the UK market

Post year end highlights

• The new HeartWorks 3D Echo simulator module was launched in January 2022

• NeedleTrainer, the Group's third AI-related product, which incorporates the PNB trainer software to teach ultrasound-guided needling to medical professionals, was soft launched in October
• BabyWorks, our new simulator platform aimed at the global neonate and paediatric markets, was launched in September
• In January 2022 we announced an extension to our existing exclusive women's healthcare AI agreement with GE Healthcare that was signed at the end of December 2021

Intelligent Ultrasound Group plc 2021 Annual Report and Accounts

2

What We Do

From classroom ...

We unlock potential

Simulation

We develop, build and sell some of the world's leading ultrasound training simulators. Our guiding principle is to develop world-class ultrasound simulation technologies that will improve the quality and speed of ultrasound scanning in the clinical environment

Overview Strategic Report Corporate Governance Financial statements

3

1350+

Simulators sold to over 650 medical institutions

For more information see pages 14 to 17

Our simulation products

ScanTrainer

A unique self-learning scanning experience in Obstetrics and Gynaecology (OBGYN) and general medicine that replicates being taught one-to-one by an expert

BabyWorks

A realistic baby manikin for training in paediatric and neonatal care

BodyWorks

A hi-fidelity simulator used in critical care, intensive care and emergency medicine

HeartWorks

A highly realistic simulator with all the tools needed to learn echocardiography

Intelligent Ultrasound Group plc 2021 Annual Report and Accounts