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ContextVision Sees Strong Sales, Major Progress Within R&D in Q4 2017
STOCKHOLM – February 22, 2018
ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, reports a sustainable business and progress of the ambitious AI-based research and development program. The company has a strong market position and sales ended at 22,5 MSEK in Q4 2017, compared to 24,9 MSEK the previous year. The difference is explained by the extraordinary order for field upgrades within MRI during 2016. ContextVision made up for most of this difference on a full-year basis and sales ended at 80,5 MSEK versus 81,9 MSEK last year, which was the highest sales year in our history. Our 3D ultrasound product, which remains unique within the market, grew during the fourth quarter. In the past three years this product has increased by 67 percent and our total sales of image enhancement software for ultrasound has increased by 32 percent over the same period. For the full year, total sales of ultrasound products ended at 61,6 MSEK of which 13,2 MSEK derived from the 3D product. At the same time ContextVision has focused even more on research and development. Research costs reached a substantial 6,0 MSEK in Q4 and the investment was 20,9 MSEK for the whole year, including a 1,3 MSEK grant from Eurostars. “By performing our AI research, refining methods as well as generating further data, and setting up all required practices, these investments have been very fruitful. We now have a strong position to move into the next phase of product development,” said Tollstadius.
In the quarter, ContextVision launched a new product group for ultrasound and an upgrade of the latest product for X-ray. The new group of products for ultrasound, VolarView(TM), serves the needs of the fast-growing handheld segment. “We are well prepared to meet the demands from new and old players entering this market segment,” said Tollstadius. The upgrade of the X-ray product was designed to address the specific requirements for orthopedic imaging and facilitates low dose exposures with the highest image quality.
Search tool milestone
ContextVision and its research partner HES-SO, Information Systems Institute University of Applied Sciences Western Switzerland, Sierre, presented the first results from the research on a content-based search tool for pathology. The search tool is one of the products being generated from the collaborative research program SL-DESUTO initiated in 2015, and is sponsored by Eurostars. “Reaching this milestone is a great step for ContextVision and gives us confidence that we are well on the way to developing a unique tool with great value to pathologists. The design of this new tool will help pathologists browse, search and retrieve images from large databases of digital images to quickly identify similar cases, and facilitate and shorten the diagnostic process,” said Tollstadius.
New AI patent
ContextVision received another U.S. patent approval, for a new deep learning technology. The patent covers a new general method for supervised deep learning for automated optimization of image quality. “This is a broad patent that provides strong basis for future products within optimization of image quality, and it shows that we have already accomplished much in our work within artificial intelligence,” said Tollstadius.
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.