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StoneChecker approval fires up medical imaging diagnostics specialist IQ-AI

Snapshot

  • Two businesses, one vision 
  • Strong development pipeline 
  • StoneChecker recently granted clearance to be sold in US
medical imaging graphic

Quick facts: IQ-AI Limited

Price: 4.65 GBX

LSE:IQAI
Market: LSE
Market Cap: £6.5 m
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What IQ-AI does:

IQ-AI Limited (LON:IQAI) is the company formerly known as Flying Brands. The name change reflected its aspiration of becoming a leader in the field of medical imaging diagnostics. It currently comprises two businesses - Stone Checker Software and Imaging Biometrics (IB).

StoneChecker

This predictive, diagnostic software product helps urologists determine whether a kidney stone will disintegrate under a vibration process called lithotripsy. This capability becomes important in determining whether to subject patients to multiple rounds of lithotripsy or send them straight to surgery. Its products are now sold in the USA, UK, The Netherlands, Switzerland, Germany, Greece and South Korea.

Imaging Biometrics

IB provides advanced imaging software used by cancer hospitals and universities in the US such as the Mayo Clinic and Stanford University Medical Centre. One application is commercialising aids in the detection and staging of chronic liver disease, while another “leverages deep learning algorithms” for breast cancer screening.

Developments and new products

• In June, IB signed a non-exclusive business development and sales deal with brain analysis firm CorTechs Labs, which IQ-AI said would provide its products with “extended and immediate” sales representation in the US and other international markets
• Fee per click service to make IB's products more economically accessible and to promote immediate widespread distribution
• IB Server is an application that provides immediate access to the company’s clinically-validated processing algorithms
• Artificial intelligence is being used to enhance and automate software
• PC-based version of IB plugins so the software is available on Microsoft Windows platforms and not just Apple computers
• Gadolinium-free imaging. IB has a patent for an image processing technology that doesn’t use the possibly toxic rare earth metal

 

How is it doing

Kidney stone treatment software StoneChecker was granted “clearance to market” by the US Food & Drug Administration at the end of September.

The software helps to identify the patients who would respond best to lithotripsy, which breaks up kidney stones using sound waves, or those where surgery might be more appropriate.

In the US alone, 600,000 people suffer from kidney stones each year and IQ-AI believes StoneChecker can save millions by eliminating unnecessary procedures.

Revenue in the first six months of 2019 rose to £142,000 from a restated £47,000 while the loss before income tax narrowed to £142,000 from £402,000.

Stronger sales of Imaging Biometrics’ Gadolinium free project, known as "Simulated T1+C", drove the improvement.

 

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Inflexion points

  • Partners names to help with StoneChecker launch
  • First sales of StoneChecker in the US
  • In the US alone, failed lithotripsy or sound wave procedures can cost US$2.3bn per year
  • Gadolinium free agents momentum builds further
  • IQ-AI estimated the market at around US$1.8bn.

 

Blue sky

All the company's products are based upon digitising information from medical imaging equipment on a voxel-wise basis – a voxel being the three-dimensional (3D) equivalent of a pixel (i.e. a point on a 3D grid).

In the technology IQ-AI is developing, each individual voxel is examined and compared to surrounding voxels, which is often the first step in identifying diseased or compromised tissue.

IQ-AI remains committed to its product development program, which has already produced the Auto-Segmentation, Gadolinium-Free and AI Programs, and is convinced additional products will be generated in future.

“The board believes that a portfolio approach balances risks and opportunities over several different organ systems and that the current AI development pipeline could yield further market-leading products over the coming months and years.”

 

 

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Watch

Full interview: FDA StoneChecker clearance a 'validation and tremendous leap...

IQ-AI Limited's (LON:IQAI) David Smith says the focus of their work on StoneChecker's moved into the commercial phase following FDA clearance for the product in the US. The software helps to identify the patients who would respond best to lithotripsy, which breaks up kidney stones using sound...

on 1/10/19

3 min read