An artificial intelligence (AI) based ultrasound software and simulation company that began life as a Cardiff University spinout expects turnover to grow by 25% in the six months to 30 June 2019.
Intelligent Ultrasound Group (IUG) plc (AIM: MED) says growth, currently generated entirely by the Group’s Simulation Division, will rise to approximately £3.1m (H1 2018: £2.5m).
The Group began life as Medaphor Group plc - a global provider of advanced ultrasound skills training simulators founded in 2004 and based at Cardiff Medicentre.
Medaphor acquired IUG, an Oxford University spinout, in 2017. The acquisition of the company’s ultrasound image analysis software allowed Medaphor to expand its existing ultrasound simulator business into the larger ultrasound related software market.
The company adopted the Intelligent Ultrasound Group name in January 2019, and the Group’s Clinical Division went on to secure a major AI contract win earlier this month.
Stuart Gall, CEO of Intelligent Ultrasound Group plc, commented: “Following the milestone AI contract win, which we announced on 4 July 2019, it is particularly pleasing to be able to report continued growth in the first half of the year by our Simulation Division, bringing it closer to breakeven and underpinning our confidence in achieving management’s expectations for the full year.”
Since formation, the Group has been able to innovate Intelligent Ultrasound products, develop augmented reality (AR) products and existing Medaphor simulators and training divisions, and finance the working capital management of the company, expanding the existing training simulator business into the larger clinical ultrasound software market.
Dr Nick Bourne, Deputy Director and Head of Commercial Development at Cardiff’s Research and Innovation and Enterprise Services, said: "We are proud of the continued success of Intelligent Ultrasound Group, its roots within the University, and the role it plays in generating economic benefits for the wider City Region.”
Medaphor plc was co-founded by Nazar Amso, Professor in Obstetrics and Gynaecology at the School of Medicine, Cardiff University.
The Group’s ultrasound simulation and training division is based in Cardiff and focuses on hi-fidelity ultrasound education and training through simulation.
State-of-the-art Cardiff products include the multi-award winning ScanTrainer - the obstetrics, gynaecology and general medical ultrasound simulation system; HeartWorks, the echocardiography education system and BodyWorks, a simulator for Point of Care ultrasound education in emergency medicine and critical care.
Over 750 simulators have been sold to over 450 medical institutions around the world.