(Correcting that Intelligent Ultrasound remains on track to reach profitability with current cash.)

Intelligent Ultrasound Group PLC on Thursday reported a widened interim loss, but said it remains on track to reach profitability with its current cash.

Intelligent Ultrasound is a Cardiff, Wales-based artificial intelligence ultrasound software firm. Its shares were down 6.5% to 10.99 pence each in London on Thursday morning.

Revenue for the period to June 30 has grown by 3% to £6.1 million, up from £5.9 million a year earlier.

It noted that figure for the first half of 2022 includes £1.4 million of one-off orders from the NHS in the UK. Based on this, on an adjusted like-for-like basis, revenue in the first half of 2023 is expected to have increased by 35%.

Pretax loss widened to £1.5 million from £1.4 million a year earlier.

Intelligent Ultrasound had cash of £3.3 million at June 30, down from £7.2 million at December 31. It said that this was impacted by working capital seasonality in respect of timing of revenues and receipts of inventory in the first half.

Looking ahead, Intelligent Ultrasound said its cash utilisation in the second half of the year is expected to be materially lower and it remains on target to reach profitability with its current cash.

In April, the company posted revenue of £10.1 million for 2022, and a pretax loss of £3.7 million.

Chief Executive Stuart Gall said: ‘This has been another positive start to the year. We are growing sales of our AI-related clinical products, as they move out of the early phase of commercialisation and we continue to have an excellent relationship with GE Healthcare, our OEM partner in women’s healthcare AI.’

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