IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) doubled revenues in 2021, in what the brain tumour imaging specialist said was a transformational year for the group.
Revenues rose to £521,000 (2020: £255,000) while Trevor Brown, chief executive, also highlighted secured several new patents, a strategic decision to sponsor a Phase I therapeutic clinical trial and new product development milestones.
Sales were helped by hospitals and healthcare providers being able to resume activity postponed due to the pandemic, he said, as did a switch to fully automated processing enhancements.
“Prior to this, our products were solely packaged as ‘plugins’ to the Apple Mac platform and required manual user operation by an MR Technologist or neuroradiologist to process the datasets.
“Because most hospitals use Windows PCs and busy neuroradiologists want all information available from a single workstation, our sales were limited hitherto.
Now, high-volume cancer centres, located in large metropolitan areas, can take advantage of our advanced imaging solutions and "Nobody else offers quantitative information that has been correlated with actual tissue samples.”
Operating subsidiaries, Imaging Biometrics and Stone Checker also remained fully functional throughout the pandemic, said Brown, adding that the first-in-human trial of an oral form of IQ-AI’s brain cancer treatment Gallium Maltolate (GaM) is now underway in the US.
IQ-AI posted a loss for the year to end 2021 of £501,000 (2020: £717,000).