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IQ-AI says sales momentum recovering after Covid-19 disruption

Published: 11:57 20 Apr 2021 BST

IQ-AI Limited -

IQ-AI Limited (LON:IQAI) the brain tumour imaging specialist,  said sales momentum had started to pick up again after coronavirus disruption during the second half of 2020.

In a statement alongside results for the year to end-December, IQ-AI said that while the direct impact to operating subsidiaries, Imaging Biometrics (IB) and Stone Checker Software (SC), was negligible, hospitals and healthcare providers focused their efforts on dealing with the pandemic.

That sudden and significant shift in resources and priorities forced prospective clients to pause sales activities initiated in the latter half of 2019, it added.

Covid-19 has offered up opportunities, IQ-AI added.

As part of every new installation of IB Clinic throughout 2020, "remote-in" capability was included to assist those working from home during the pandemic.

This capability has facilitated sales to sites with multiple satellite imaging locations that are staffed by limited neuro radiologists enabling them remotely to stay connected to patients.

New sales strategies are now also being considered, including restructuring agreements with AI channel partners in a manner that incentivises direct interaction with IQ-AI experts.

Another option is more direct integrations of IQ-AI technology on established image workstations and servers such as the integration of the MR perfusion technology in an entirely new oncology platform with CorTechs.ai.

This platform, OnQ Neuro, combines the best-of-breed technologies from both companies and a US FDA 510(k) application has been submitted by CorTechs.ai and is currently under review. 

Merger and acquisition opportunities have also increased and the company said it will continue with these discussions in 2021.

“Despite these circumstances, we persevered. We regained sales momentum in the second half of 2020, accelerated development of novel technologies, and laid the foundation for an exciting 2021,” said the statement.

Revenues in 2020 were £255,000 (£273,000) with a loss after tax of £717,000 (£639,000). Cash and equivalents at the year-end were £479,000.

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