STOCKHOLM – October 25, 2018 – ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, released its report for Q3 2018, and reported strong sales, reaching 21,9 MSEK, 22 percent higher than third quarter last year. The operating result was slightly positive, with a positive cash flow of 3,8 MSEK.
“I am very proud that we managed to maintain strong attentiveness to our customer’s needs, while we simultaneously managed to focus on our R&D goals,” said Anita Tollstadius, CEO of ContextVision. “The concept for our first digital pathology product has received a lot of positive feedback and we clearly see that the interest towards decision support tools based on image analysis has increased tremendously over the last year.”
Potential in Asia
During the third quarter, sales were considerably higher compared to last year. The Asian markets have developed well over the last few years and has continued to do so during the first nine months this year. The European market increased by 16 percent over the previous year and U.S. sales have recovered from low sales last year.
“We have a very strong position and we are very pleased that we managed to increase sales in all regions. However, we see the major potential in the Asian market, especially China, which is a more dynamic market and has generated several new customers the last few years,” said Tollstadius.
Exciting times within digital pathology
The development of ContextVision’s first digital pathology decision support tool, for prostate cancer, is moving towards the next milestone, highlighted with a display at the European Congress of pathology in Bilbao, Spain this past September.
“We generated a lot of interest and enjoyed very busy times in the booth. Dr. Fraggetta, who has a first prototype installed at his laboratory in Catania, gave presentations and demonstrated how the prototype facilitates his professional work as a pathologist,” said Tollstadius.
The interest for digitalization and for decision support tools has increased tremendously over the last year. It is obvious that the digitalization of pathology has gained momentum.
“As a result of our networking, we were invited as speakers at international congresses both in Japan and in Europe during September. This gives us recognition and shows that we are already seen as a serious player on the market. We have made very good progress in many ways this year and we have very exciting times in front of us,” said Tollstadius.
For further information, please contact ContextVision’s CEO, Anita Tollstadius, at +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.