ContextVision continues positive sales development
ContextVision AB (OSE: COV), the medical imaging software company, today announced its second quarter and first half 2015 financial results. ContextVision continues its positive sales development. Revenues in the second quarter were 15 per cent higher than in the corresponding quarter last year and at par with the strong first quarter 2015.
As expected, the significant increase in R&D activities influenced the operating result in the quarter, demonstrating that ContextVision is well underway in expanding its technology platform.
ContextVision’s sales in the second quarter were SEK 18.1 million, compared to SEK 15.8 million in last year’s second quarter. The operating result ended at SEK 1.0 million against SEK 2.6 million last year, reflecting an increase in non-capitalized R&D costs. The operating margin for this year’s second quarter was 5.4 percent. However the operating margin for our core business was over 16%.
For the first half 2015, sales were SEK 36.4 million, compared to SEK 33.4 million last year. Operating result for the first half was SEK 2.9 million, vs SEK 4.5 million for the first six months of 2014.
ContextVision had particularly strong sales in Europe in the second quarter, while the U.S. sales figures also were boosted by the strong USD. The first half figures reflect both a positive sales development in the existing customer base as well as an extraordinarily high number of new customers. The most sophisticated ultrasound segments remain ContextVisions main growth area.
“The second quarter confirms ContextVision’s ability to uphold sales growth and profitability while investing aggressively in the development of new technology,” said CEO Anita Tollstadius.
From 2015 the Company has significantly increased its R&D activities, in order to develop new technology for its existing market as well as preparing for entry in new markets. ContextVision is currently the industry leader in sophisticated software for enhancement and analysis of medical images, and is preparing for expansion into the emerging digital pathology market. The new technology is expected to position ContextVision in a new market ten times the size of its current available market by 2018.
ContextVision’s cutting edge technology helps doctors interpret medical images, a crucial basis for accurate diagnosis and treatment. ContextVision provides state-of-the-art medical image analysis and enhancement software to equipment manufacturers worldwide. The company started out as an industry pioneer more than 30 years ago, and is today the global leader within specialized software for 2D/3D/4D Ultrasound, MRI, X-Ray, Mammography and CT. The company is investing heavily in R&D in order to expand its technology platform. ContextVision is based in Sweden and listed on the Oslo Stock Exchange under the ticker COV. For more information, please visit www.contextvision.com.
For further information, please contact ContextVision’s CEO, Anita Tollstadius, telephone +46 70 337 3026.