Half yearly report
MedaPhor Group plc (AIM: MED), the intelligent ultrasound software and simulation company, announces its unaudited half year results to 30 June 2018.
- Simulation division sales increased 23% on the comparative period to £2.5m (H1 2017: £2.1m)
- Strong revenue contribution from the newly launched BodyWorks Eve driven by high uptake from our reseller network
- Intelligent Ultrasound successfully integrated into the Group and new Clinical software division created
- ScanNav artificial intelligence (AI) ultrasound peer review pilots commenced in two UK hospitals
- NeedleGuide AI software development commenced
- Cash balance at 30 June 2018 of £2.5m (31 December 2017: £4.3m)
Commenting on the results, Riccardo Pigliucci, Chairman of MedaPhor, said: “In the first six months of this year we have successfully integrated the AI business of Intelligent Ultrasound Limited, which we acquired in October 2017, to form the core of our new Oxford based Clinical Division. We are investing in this new area of AI-based ultrasound image analysis software and the first pilots of the ScanNav AI software at two UK hospitals are a notable milestone for the new division. Our Simulation Division launched the new BodyWorks Eve point of care ultrasound simulation platform in February and with the majority of our reseller network investing in the system, we are optimistic that BodyWorks Eve will continue to grow sales in the Group’s Simulation Division. We look forward to continuing to grow and develop the business in both our current ultrasound simulation market and the new and exciting AI-based clinical ultrasound software market.”
This announcement contains inside information which, prior to its disclosure, was inside information for the purposes of the Market Abuse Regulation (Article 7 of Regulation (EU) No 596/2014.
Full report available here.