ContextVision shows strong momentum in Q4, leading to record sales for the year

STOCKHOLM – Feb 16, 2022- ContextVision, a medical technology software company specializing in image processing, image analysis and decision support tools for digital pathology, today reports its fourth quarter and full year 2021 results.

Total sales 2021 reached 98.1 MSEK (94.7), which is the highest revenue in the history of the company. After a slow start to the year, each quarter’s sales have steadily increased, ending with a very strong Q4’s 27.4 MSEK (23.5). Total EBITDA ended at 2.2 MSEK and operating results reached -9.0 MSEK.

Medical Imaging

The year closed off with record sales based on three consecutive record quarters. The main growth comes from our ultrasound products where we have seen a significant increase. The X-ray business has decreased slightly over the year; however, we see a pickup in Q4, to 5.0 MSEK (4.6). As for the business regions, the Americas market is growing – 17.6 MSEK (12.2) – while the others remain unchanged.

Q4 saw new customer signings, as well as an existing customer increasing their business with us. With that in mind, we look forward to a very promising 2022.

In Q4 we launched our new product for 3D/4D scanning with ultrasound, Rivent 3D. We continue to lead the development of image enhancement for 3D ultrasound. Rivent 3D is an addition to our Rivent product family, where we can now offer high quality 2D/3D/4D solutions for all systems – from smaller handheld to the most advanced systems in the market.

Digital Pathology

The focus for Digital Pathology during 2021 has been on finalizing the clinical studies using our tool, INIFY Prostate. The studies, conducted in EU and the United States, showed highly positive results in terms of exceptional accuracy in identifying cancer, as well as impressive precision in outlining cancerous areas. INIFY Prostate shows every sign of being one of the most accurate and advanced decision support tools in the world today.

During the second half of the year, it was decided that the Digital Pathology business unit make a strategic shift and focus entirely on the establishment of an AI-based pathology laboratory service. The product INIFY Prostate and its related IP and technology would now form an essential cornerstone in providing a complete pathology service, from specimen delivery to diagnostic report. The subsidiary Inify Laboratories was created.

Company spin-off

Following the change in strategy, during an extraordinary general shareholder meeting in December, the decision was made to spin off Inify Laboratories as a separate company. All assets related to Digital Pathology have been transferred to the subsidiary, and the spin-off was completed by a dividend of shares to existing shareholders in Feb 2022. Referring to the press release in August, the intention is to list the new company on Euronext Growth in Oslo.

“To build and establish a modern digital pathology lab service from scratch enables us to advance faster and create greater value for patients, clinicians and shareholders. This path has been investigated for quite some time, and we are now ready to realize it. The need is unquestioned, and the potential is huge, says Fredrik Palm, CEO of Inify Laboratories and former CEO of ContextVision.

“ContextVision has a great future ahead, a financially stable business with the majority of the largest system manufacturers in the world, and a strong product portfolio. We look forward to being able to fully focus on our main competences: image enhancement, image analysis and machine learning,” says Ola Lindblad, acting CEO of ContextVision.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.


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