- Wednesday, October 16, 2024
Intelligent Ultrasound Group has announced a slight increase in its pre-tax loss for the first half of 2023. The loss is primarily attributed to higher marketing costs and inflationary pressures on salaries. However, these were partly offset by lower expenses in research and development.
The London-listed company, known for its utilization of artificial intelligence in healthcare applications, revealed a pre-tax loss of £1.5 million ($1.9 million) compared to a loss of £1.4 million in the previous year. Despite this, there was a marginal increase in revenue, rising from £5.9 million to £6.1 million. Improved performance in the North American and Reseller sales regions, along with continued growth in Clinical AI revenue, contributed to this increase.
Looking ahead, the company expects cash utilization to be significantly lower in the second half of the year. It ended the first half with £3.3 million in cash due to seasonal working capital fluctuations associated with the timing of revenue and inventory receipts. CEO Stuart Gall expressed confidence that the company will achieve profitability with its current cash resources.
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