H1 update weighs on Intelligent Ultrasound

Shares in AIM-listed medical technology firm Intelligent Ultrasound (LON:MED) dropped by 6.67% to 10.50p (as of 14:30 BST) after it said revenues for the six months ended 30th June were down by 20%. The company said that COVID-19 had severely impacted resellers, especially in European and Chinese markets. Management have taken cost control measures and expect the adjusted EBITDA loss to be approximately flat against the same period last year.

CEO Stuart Gall commented: “The team has responded brilliantly to the COVID-19 restrictions. Working from home our direct sales team have found ways of continuing to sell our ultrasound training simulators to hospitals and our AI software development teams have continued to meet all our internal development milestones for the Group’s new AI-based image analysis software. Some elements have been outside our control however and access to doctors and trial patients has inevitably caused some delay. Despite this we currently remain on target for first AI revenues in 2021, as planned.

“We are particularly proud to have produced a COVID-19 training module in record time and, by offering the module free to our customers, were able to play a significant role in training frontline staff, especially in London (Nightingale Hospital) and New York (VA Harbor Healthcare), in the fight against the virus“.