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ContextVision Sees Strong Momentum in 2019 Across Medical Imaging and Digital Pathology Sectors
STOCKHOLM – February 20, 2020
ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, today announced solid sales in Q4 to close out a record year for the company. With sales growth across its medical imaging offerings and patent approval for its unique method for high-quality digital pathology data generation, this past quarter has set a strong foundation for the future of the company.
Sales in the fourth quarter ended at 28.1 MSEK, a small increase compared to the fourth quarter in 2018. Sales in 2019 ended at 95.3 MSEK. Operating result was -4.6 MSEK in Q4 and 10.1 MSEK for 2019. This with a strong EBITDA reaching 8.1 MSEK in Q4 and 28.2 MSEK for 2019.
Altumira™, ContextVision’s latest AI-based product for image enhancement in radiography, was a strong driver of sales, with a 55 percent increase in radiography compared to the corresponding quarter in 2018.
In Q4, ContextVision also announced the market launch for its next-generation ultrasound product, Rivent™, which has now entered the product development phase. The launch was well received among potential customers and the official product release is targeted for the second quarter of 2020.
Subsequent events after year end in terms of multiple signed contracts will have positive effects on revenue in 2020.
“In Q4, we continued to strengthen our brand with new product initiatives and we also made important advancements in our partnerships with existing and prospective medical imaging customers. This success gives us great optimism about further sales growth in the sector” said Fredrik Palm, CEO of ContextVision.
ContextVision is progressing towards the release of the first digital pathology product, INIFY Prostate Screening. The product development timeline is extended to ensure INIFY meets the high demands in quality and robustness required by ContextVision.
The company also achieved a major milestone in Q4 with its first digital pathology patent for its unique and objective data-generation method, Master Annotation. This Master Annotation method is the cornerstone of INIFY Prostate Screening, the company’s first decision support product for screening on prostate biopsy images. This powerful AI-based software outlines and quantifies suspected cancerous areas in a series of prostate biopsies and sorts them in a worst-first order. Beta-testing for the product is currently ongoing and ContextVision is dedicated to set the CE mark, and make the first product commercially available as soon as all quality measures are met.
Fredrik Palm, chief executive officer, ContextVision, said:
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 is introducing 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.