(Alliance News) - Intelligent Ultrasound Group PLC shares jumped on Monday, after it said it expects full-year revenue to climb 33% year-on-year to GBP10.1 million

Intelligent Ultrasound is a Cardiff, Wales-based artificial intelligence ultrasound software firm. Its shares were up 7.4% to 8.99 pence each in London on Monday morning.

The company said it expects revenue for 2022 to be around GBP10.1 million, up 33% from GBP7.6 million a years earlier.

Intelligent Ultrasound's simulation revenue is expected to grow by 28% to GBP9.4 million from GBP7.4 million year-on-year.

The company added that overall direct to market sales, that combine the UK and US, are expected to have grown by almost 50% to GBP7.7 million from GBPP5.2 million.

However, its reseller markets in Europe and Asia are expected to have declined 19% to GBP1.7 million from GBP2.2 million. Intelligent Ultrasound explained that this is largely due to the impact of Covid-19 on the Chinese market.

Intelligent Ultrasound's clinical artificial intelligence related revenues are expected to have climbed to GBP700,00, from GBP200,000. "Although still relatively modest at this early stage of commercialisation, the sales exceeded market expectations and directors believe this growth demonstrates that these first AI-related products are beginning to gain commercial traction," the company said.

Chief Executive Stuart Gall commented: "We are delighted with this significant progress, are well placed to continue on an upward trajectory in 2023, and also remain excited about the long-term potential of our 'Classroom to Clinic' business."

By Sophie Rose, Alliance News reporter

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