Unaudited preliminary results

MedaPhor Group plc (AIM: MED), the intelligent ultrasound software and simulation company, announces its preliminary results for the year ended 31 December 2017, a pivotal year where the Company expanded into the larger clinical ultrasound software market.

Financial highlights

  • Revenues increased 27% to £4.2m (2016: £3.3m
    • North America sales double to £1.7m
    • Rest of World sales up 44% to £1.8m, with 83% growth for sales into China
  • Raised £5.4m net of costs by way of placing of shares
  • Year-end cash at £4.3m (2016: £1.8m)

Operational highlights

  • Acquired Intelligent Ultrasound Limited bringing artificial intelligence expertise to the Group
  • Won UK Government grant of £0.5m for NeedleGuide development

Post year-end events

  • First pilot of artificial intelligence-based software in UK hospital
  • Commenced NeedleGuide development
  • Launched Bodyworks Eve, our third simulator platform, aimed at the Emergency Medicine market

Commenting on the results, Riccardo Pigliucci, Chairman of MedaPhor said:

“2017 has been an important year for the Group. We had encouraging growth in a number of important simulation markets and the acquisition of Intelligent Ultrasound and their artificial intelligence technology and know-how has expanded our business into machine learning software that has the potential to support and guide sonographers and doctors undertaking ultrasound scanning and clinical needling. We look forward to the year ahead with considerable enthusiasm.”

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulations which came into effect on 3 July 2016.

Full results available here.