Intelligent Ultrasound Group plc - Completion of sale of Clinical AI Business

1st October 2024, Cardiff: Further to the announcement on 18th July 2024, Intelligent Ultrasound Group plc (AIM: IUG), the ultrasound AI software and simulation company, is pleased to announce it has completed the sale of its Clinical AI Business (Intelligent Ultrasound Limited and certain other clinical AI related assets) to GE HealthCare for an enterprise value of £40.5 million on a cash free/debt free basis (the "Transaction"). The Transaction excludes the NeedleTrainer products which remain within the Company along with the Simulation Business.

The Board has been engaged in a comprehensive review of the Simulation Business that has involved evaluating the growth potential of the medical simulation market and the capital requirements of expanding the existing operations.

Trading in H2 2024 is currently broadly in-line with the first half of the year, with the UK still affected by the capital expenditure constraints on the NHS and the North America market still relatively slow compared to expectations. We continue to expect reseller sales in the rest of the world to increase their year-on-year sales.

Commenting on the Transaction, Riccardo Pigliucci, Chairman of Intelligent Ultrasound said:

"We are pleased to complete the sale of our Clinical AI Business to GE HealthCare for £40.5 million and I would like to thank our outgoing CTO, Nicholas Sleep, who resigned as a director of the Group on completion and joined GE HealthCare, for his drive and superb contribution to building such a successful Clinical AI operation. He and his excellent team will all be missed.

The remaining simulation business has tremendous potential with an excellent product range particularly in new areas such as needling. Our mission is to make ultrasound easier to learn and simpler to teach, as we aim to support the rising demand for sonographers worldwide.

Over the last six weeks we have been engaged in a comprehensive review of the remaining Simulation Business that has involved evaluating the potential of expanding both our medical simulation product range, as well as our sales operations in both reach and scale.

On completion of the capital reduction we look forward to communicating the details of the Company's plans."

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