CONTEXTVISION SEES RECORD-BREAKING FOURTH QUARTER SALES
STOCKHOLM, Sweden – Feb. 23, 2017 – ContextVision, a world leading provider of medical image processing software, saw record-breaking quarterly sales and is on track to be a leader in image analysis for digital pathology.
Q4 2016 Performance
Sales for the fourth quarter reached a record of 24.9 MSEK. Annual revenue reached 81.9 MSEK, which is the highest annual sales for the second year running. The operating profit in the quarter was 2.9 MSEK (1.1 MSEK) and the operating margin was 11.8 percent (5.9 percent), targeting future growth by supporting research efforts.
“We are very pleased that we are able to generate profit whilst investing significantly into research. The research program is developing very well, positioning the company to become a leading medical technology company using artificial intelligence,” said ContextVision’s CEO, Anita Tollstadius.
ContextVision saw strong sales in all regions during the fourth quarter, especially in Asia, with a 38 percent increase compared to the same period in 2015. This was the eighth consecutive quarter of growth in the region.
Despite a comparatively higher cost for R&D, the company generated 2,9 MSEK in profit and a positive cash flow. With research program contributions from Eurostar, R&D costs were lower than the third quarter.
Recognized for our skills within artificial intelligence
“During the Radiological Society of North America (RSNA) meeting in Chicago this past December, we focused our messaging on our latest development within artificial intelligence and unveiled our new visual identity. We are well known for our competence in image quality and are now being recognized for our skills within artificial intelligence,” said Tollstadius.
Entering product developing phase
ContextVision recruited new members to their team, adding new competence within deep learning, immunology and regulatory affairs. The company also broadened feasibility tests to include breast cancer in addition to prostate cancer, and plans to enter the product development phase during the first half of 2017.
For further information, please contact ContextVision’s CEO, Anita Tollstadius, at +46 70 337 30 26.
About ContextVision
ContextVision is a medical technology company specializing in image analysis and artificial intelligence. 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 taking a leading position within deep learning, the latest artificial intelligence technology. ContextVision is currently investing significantly in the field to expand its product portfolio. The present product portfolio includes state-of-the-art image enhancement software for 2D/3D/4D ultrasound, MRI, X-ray and mammography which is used by leading equipment manufacturers worldwide. ContextVision is based in Sweden and listed on the Oslo Stock Exchange under the ticker COV. For more information, please visit www.contextvision.com.