ContextVision: The best year in our history
ContextVision, the leading provider of image processing software, has delivered a record-breaking year. Reaching the highest yearly revenues ever and topped off by very good R&D-results within artificial intelligence and deep learning.
– We proudly announce that a very strong quarter ends 2015. And we have an even stronger cash position than previous year, said CEO Anita Tollstadius.
ContextVision sales in the fourth quarter was 18,8 MSEK, compared to 16,2 MSEK in last year’s fourth quarter. The operating profit was 1,1 MSEK (1,0 MSEK) and the operating margin 5,9% (5,9%).
The full year sales 2015 reached 72,2 MSEK, which is a 12% growth and the highest sales ever. ContextVision’s operating profit was 7,0 MSEK in 2015, providing an operating margin of 9,5%.
Results from experimental research exceeded the company’s expectations, and in addition, a new product prototype based on artificial intelligence was presented.
– The company has successfully continued to develop a new prototype by using the latest technologies for artificial intelligence, primarily deep learning, with very encouraging results, positioning us for further growth, said Tollstadius.
The decrease in operating margin from previous year (11%) was only slight considering the significant increased spending on research activities and business development. In parallel to increasing the activities towards new businesses, ContextVision was able to improve the profitability within the core business, reaching an operating margin of 23%.
ContextVision had particularly strong sales in the Asian region, with an impressive growth of over 50%. It was a particularly positive development in both China and Japan. China delivered an increase due to orders from several new customers which were successfully generated during the year. In Europe, overall sales were stable, with some minor fluctuations. A slight generally slow US healthcare market was compensated by a favourable currency but during the fourth quarter sales was also affected by lower sales from three of our major US customers, which is related to normal sales variation as these all had strong orders during the third quarter.
A significantly upgraded ultrasound portfolio was launched at the medical imaging industry’s most important gathering, the annual meeting of the Radiological Society of North America (RSNA) in December. The company’s unique 3D image enhancement is the definitive technology leader in the more sophisticated 3D ultrasound segment, where a significantly larger amount of data needs to be processed in real time.
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.
About deep learning:
Deep learning is the fastest growing area of machine learning. Deep learning mimics the brain to create a self-learning computer. It uses neural networks, many layers deep, and large datasets (“Big Data”) to teach computers how to detecting recognizable patterns in data. Deep learning is used in the research community and in industry to help solve many big data problems such as speech recognition and face recognition.
For further information, please contact ContextVision’s CEO, Anita Tollstadius, telephone +46 70 337 3026.