22 October, 2015
Strong third quarter for ContextVision
ContextVision AB (OSE: COV), the medical imaging software company, today announced its third quarter 2015 financial results. ContextVision achieved one of its best quarterly financial results ever, despite expanded R&D activity. ContextVision’s cash position was the strongest in Company history at the end of the quarter, enabling the Company to pursue its ambitious R&D strategy.
Sales in the third quarter increased by more than 15 per cent compared to last year and ended at SEK 17.0 million, up from SEK 14.8 million. The positive sales development seen in the two first quarters of the year continued also in the third quarter. Sales for the first nine months of 2015 was SEK 53.5 million, up from SEK 48.2 million in the same period last year.
The operating result for the third quarter was SEK 2.9 million compared to SEK 1.5 million last year. This year’s result reflects an operating margin of 17 per cent. The operating result for the first nine months of 2015 was SEK 5.8 million, compared to SEK 5.9 million last year.
Net result for the third quarter ended at SEK 2.4 million, compared to SEK 1.0 million last year. Net result for the first nine months of 2015 was SEK 4.7 million, which is at par with last year.
“It is highly satisfactory to note that the profitability remains strong despite increased research costs. In addition, our R&D efforts aimed at expanding our technology platform and enter new market segments already started to gain momentum in the third quarter” said CEO Anita Tollstadius. ContextVision has embarked on a more aggressive R&D strategy since June 2015, aiming at new and groundbreaking software for current and new markets.
Asia was the main growth area for ContextVision in the third quarter, caused by an increased number of customers in the region. Ultrasound is the fastest growing segment in the medical imaging industry, and the segment represents more than 70 per cent of ContextVision revenues.
ContextVision’s strong cash position, which stood at SEK 35.7 million at the end of the third quarter, enables the Company to move its R&D initiatives forward with high speed, over time changing the Company’s technology platform, business scope and growth potential significantly.
While continuing its intensified R&D, ContextVision will continue to focus on stable sales development and good profitability in the Company’s current operations.
ContextVision’s cutting-edge technology helps doctors more accurately interpret medical images, a crucial foundation for better diagnosis and treatment. An industry pioneer for more than 30 years, the company’s state-of-the-art medical image analysis and enhancement software for 2D/3D/4D Ultrasound, MRI, X-Ray and Mammography is used by leading equipment manufacturers worldwide. ContextVision continues to invest 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.