STOCKHOLM – February 21, 2019 – ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, is closing in on a commercial product within digital pathology with a planned launch in 2019. Tests prove that ContextVision’s algorithms perform as well as pathologists and have also helped identify suspicious cancer areas that are difficult to detect.
“We have taken major steps in approaching a commercial product and the development of our first product within digital pathology is steadily moving forward towards our planned launch during the second quarter,” said Anita Tollstadius, CEO at ContextVision.
As one of the pre-launch activities during the fourth quarter, ContextVision exhibited at the 5th Digital Pathology & AI Congress in London in December and generated a lot of interest from leading players within the pathology world.
Success with objective data
During the fourth quarter, ContextVision reached new milestones within digital pathology by proving that the company’s in-house method, Master Annotation(TM), generates accurate and more objective input to the training of the company’s deep learning networks, and creates major value in detecting suspicious cancer areas in digital pathology images.
“The feedback from our tests is great news for us. It proves that using our more objective input data to train our deep learning networks creates good results, which is crucial for making our new product, INIFY(TM) for prostate cancer, a success,” said Tollstadius.
The company also took an extremely important step forward within medical imaging, with the launch of the first product in a new generation of image enhancement products.
“This new product, Altumira(TM), is the result of combining our GOP technology with artificial intelligence, more specifically deep learning technology,” said Tollstadius.
Strongest ever sales
As previously announced, ContextVision had the strongest fourth quarter sales ever, reaching 27,9 MSEK, 24% higher than the previous year. That means that the company’s yearly sales also reached a new all-time high of 90,9 MSEK, which is 13 percent higher than 2017.
“Despite increased investments in research as we move towards our new market, we delivered a positive operating result of 2,7 MSEK in the fourth quarter and we maintain a strong cash position at year end,” said Tollstadius.
For further information, please contact ContextVision’s CEO, Anita Tollstadius, cell: +46 70 337 30 26 or visit www.contextvision.com.
ContextVision is a medical technology software company that specializes in image analysis and artificial intelligence. ContextVision is the global market leader within image enhancement and is a software partner to leading medical imaging manufacturers all over the world. Its cutting-edge technology helps doctors accurately interpret medical images, a crucial foundation for better diagnosis and treatment.
As an industry pioneer for more than 30 years, ContextVision is significantly investing in R&D to develop new applications of the latest artificial intelligence technologies and expanding into the growing digital pathology market. The release of its first product, supporting the diagnosis of prostate cancer, is planned in the near future.
The company is based in Sweden, with local representation in the U.S., Russia, Japan, China and Korea. ContextVision is listed on the Oslo Stock Exchange under the ticker COV.
For more information please visit www.contextvision.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This information is information that ContextVision is obliged to make public pursuant to the EU Market Abuse Regulation (EU) 596/2014). The information was submitted for publication, through the agency of the contact persons set out above, on February 21, 2019.