IP : Intelligent Ultrasound Group plc - Unaudited Preliminary Results for the Year Ended 31 December 2020

Intelligent Ultrasound Group plc (AIM: IUG), the ultrasound artificial intelligence (AI) software and simulation company, announces its unaudited preliminary results for the year ended 31 December 2020, showing another positive year of progress, despite the restrictions of the pandemic.

Financial highlights:

• The simulation division worked extremely hard to minimise the negative impact of Covid-19 and as a result, Group revenue only declined by 13% to £5.2m (2019: £5.9m)
• Despite the reduction in revenue, operating loss improved by 2% to £4.5m (2019: £4.6m)
• The balance sheet was strengthened in May 2020 with a placing and open offer which raised £4.8m after expenses
• Year-end cash at £8.8m (2019: £7.3m) and no debt (excluding IFRS 16 lease liabilities)
• Current cash of £6.6m

Operational highlights:

• Launch of SonoLyst (incorporating ScanNav Assist AI technology) as an option on GE Healthcare's Voluson SWIFT ultrasound machine at the end of 2020
• 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 (ISUOG) for mid-trimester fetal images
• Commenced the CE and FDA regulatory approval process for ScanNav Anatomy Peripheral Nerve Block stand-alone device, with in-built AI software, that can be plugged into existing anaesthesiology ultrasound machines

Post year end:

• Reached the significant milestone of installing our 1000^th ultrasound training simulator
• Received CE approval for ScanNav Anatomy Peripheral Nerve Block

Commenting on the results, Riccardo Pigliucci, Chairman of Intelligent Ultrasound said:

'This has been a positive year for the Group considering the impact of the Covid-19 lockdowns on our access to hospitals and the ability of our development teams to cope with the remoteness of home working.

'We minimised the effect of the pandemic on simulation division sales and Group operating losses, launched our first AI software with GE Healthcare, the world's largest ultrasound manufacturer and raised £4.8m from existing shareholders in May to strengthen our balance sheet.

'2021 has started well, with encouraging simulation sales as well as the recent announcement of CE approval for our second clinical AI software product. As such we remain confident that we can continue to build a successful 'Classroom to Clinic' ultrasound business and reach the profitability inflection point from a growing stream of simulation and clinical AI revenues. On behalf of the Board, I would like to thank our shareholders for their continued support, and we look forward to a successful 2021.'

For further information, please contact:

Intelligent Ultrasound Group plc	www.intelligentultrasound.com
Stuart Gall, CEO Helen Jones, CFO	Tel: [phone]
Cenkos Securities- Nominated Advisor and Broker	Tel: [phone]
Giles Balleny/Max Gould(Corporate Finance) Michael Johnson/Julian Morse(Sales)
Walbrook PR	Tel: [phone] [e-mail]
Anna Dunphy / Paul McManus	Mob: [phone]/ Mob: [phone]

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

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 CE approval and 510(k) clearance from the FDA. 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

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.

Simulation Division

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-19 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.

www.intelligentultrasound.com