IQ-AI expects sales momentum to continue after first-half revenue doubles


IQ-AI Ltd (LSE:IQAI, FRA:5Y1) (LSE:IQAI) reported a doubling of revenue in the first half and said it expects this level of sales to continue for the rest of the year.

Revenue rose by 104% to GBP238,438 in the six months to end-June from GBP116,842 last year, while losses shrank by 44% to GBP207,135.

“We are increasingly optimistic about the potential new sales that can be realized with our channel partners and distributors and expect first-half sales momentum to continue for the remainder of the current financial year,” the company said.

“During the period, we regained momentum on sales prospects that were slowed by the Covid-19 pandemic, reached new milestones in our technology and product roadmap, and made the strategic decision to sponsor a Phase I Clinical Trial using an oral drug candidate to combat glioblastoma multiforme (GBM) in patients,” it added.

IQ-AI’s IB Software suite will be used throughout phase I study and subsequent phases to closely monitor and quantify treatment response.

The group said it achieved strong progress in its major development initiatives, such as IB Zero G, an automated processing pipeline that leverages its recently patented Gad-free technology, which eliminates the need to intravenously inject gadolinium-based contrast agents (GBCAs) during medical imaging procedures.

There is a pending patent application for the company’s Delta T1 maps, which provide objective and visual delineation of contrast enhancement.

IQ-AI said its IB Trax development is expected to ramp up during the latter half of 2021, with the goal of completing a prototype mid-2022. The platform is being built in collaboration with the Mayo Clinic and will leverage IB Delta T1 maps for metastatic brain cancers.

“The range of potential outcomes from these projects is now very wide and therefore impossible to predict. However, at the upper end of the range of outcomes, if achieved, the impact on shareholder value would be significant,” the company said.


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