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Intelligent Ultrasound warns of first-half loss after sales hit by Covid-19 crisis

By BFN News | 09:15 AM | Monday 13 July, 2020


Ultrasound software and simulation company Intelligent Ultrasound warned that it would post a first-half loss after the Covid-19 crisis crimped sales. Adjusted earnings before interest, tax, depreciation and amortisation for the six months through June were expected to be a loss of between £1.3m and £1.4m, compared to a loss of £1.3m on-year. Revenue was seen falling to £2.5m, down from £3.1m, owing to the effect of Covid-19 on reseller sales, especially in the Chinese and European markets. 'The global Covid-19 lockdown, which has affected the majority of the reporting period, has dramatically constrained the group's ability to demonstrate and therefore sell ultrasound training simulators to hospitals around the world,' Intelligent Ultrasound said. 'However, the directors are encouraged that despite these restrictions, the group has increased sales in the UK, limited the sales shortfall overseas and successfully managed group expenses.' Intelligent Ultrasound said it remained on target to achieve its first AI-related revenues in 2021, as originally planned. It reiterated that guidance, even though the pandemic had restricted some access to doctors and trial patients and delayed delivery of some hardware components. 'The team has responded brilliantly to the Covid-19 restrictions,' chief executive Stuart Gall said. '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.' At 9:15am: (LON:MED) Medaphor Group Plc share price was -0.5p at 10.75p Story provided by StockMarketWire.com

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