STOCKHOLM – October 24, 2019 – ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, has seen a strong third quarter in 2019 as new customers have been added and the first product in digital pathology has entered the beta-testing phase. Q3 sales reached 23 MSEK and total sales are growing +5% compared to the third quarter last year. The operating result was positive 4.6 MSEK.
“ContextVision continues to see solid sales as we build out our product portfolio and add new customers. ContextVision is committed to expanding the product offering, as our first product in digital pathology is in the beta-testing phase,” said Fredrik Palm, CEO of ContextVision.
ContextVision’s digital pathology product INIFY Prostate™ is currently in the beta-test phase. The company has seen great interest for the upcoming product with one signed agreement and several more pending final ethical approvals. While these contracts are being finalized, the company is gathering final data for algorithm verification.
The company attended the European Congress of Pathology in Nice, France this quarter. There was a great interest from conference attendees. Dr. Filippo Fraggetta from Ospedale Cannizzaro in Catania demonstrated how their prototype version of INIFY prostate screening has been seamlessly integrated in their laboratory information system (LIS) supporting an effective prostate biopsy workflow.
Currently ContextVision has a clear focus on prostate diagnosis within digital pathology. But in addition, the company finalized a research project partly funded by Swedish innovation agency, Vinnova, aiming towards an AI based decision support tool to identify and classify lung cancer. ContextVision plans to continue the research work and train deep-learning models with the data acquired during this project.
“This quarter we saw continued interest in INIFY Prostate and have entered an important next phase. As beta testing is underway we continue to gain valuable insights, securing additional beta-test contracts and focusing on the growth in digital pathology. In addition, we finalized an important research project focused on lung cancer,” said Palm.
Sales in Asia grew 10% compared to Q3 last year. Three new customer contracts, one within X-ray and two within ultrasound, were signed during Q3 which contributed to the strong sales figures.
In the Americas, the company sees continued growth in sales which is in line with expectations after signing long term contracts earlier in 2019. Sales grew 15% compared to Q3 last year.
The sales in Europe decreased -7% compared to Q3 last year. We have now seen the full effect of one customer phasing out one of our products.
Favorable currency exchange rates continued to support the top-line sales in the quarter.
“Strong global sales continued in Q3 as we saw continued customer growth. We have a solid product portfolio, broad customer base and promising prospect pipeline so we are optimistic about continued growth as we enter Q4,” said Palm.
ContextVision is a medical technology software company that specializes in image analysis and artificial intelligence. As the global market leader within image enhancement, ContextVision is a software partner to leading medical imaging manufacturers around 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 has developed state-of-the-art capabilities in the latest artificial intelligence technologies. By combining these with its well-established GOP technology, the company has started to introduce a new generation of image enhancement products. ContextVision are determined to expand by approaching the growing digital pathology market with new AI-based decision support tools for pathologists.
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 further information, please contact ContextVision’s CEO, Fredrik Palm, at +46 76 870 25 43 or visit www.contextvision.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.