ContextVision – Aiming to build the company’s first modern pathology lab
STOCKHOLM – October 21, 2021
ContextVision, a medical technology software company specializing in image processing and decision support tools within digital pathology, has decided to build its first fully digital pathology laboratory – thus confirming its strong dedication to advancing digitalization within pathology, for the best of both patients and the medical profession.
Sales in the third quarter reached 26.0 MSEK (22.0), a 7% increase compared with the previous quarter, and an increase of 18% versus last year’s corresponding quarter. EBITDA ended at 5.7 MSEK and the cash position was 48.1 MSEK at the end of the quarter.
“Building our own modern digital pathology lab would enable us to advance faster and create greater value for patients, clinicians and pathologists. We have investigated this path in a research project for quite some time. The need is unquestioned, and the potential is huge, making this a game changer for ContextVision,” says CEO Fredrik Palm of ContextVision.
Lab manager already recruited
INIFY Prostate will be the core machine learning technology intended to be seamlessly integrated in the lab. Statistical process control over the entire chain, from specimen delivery to diagnostic report, will enable an innovative pathology service with the highest efficiency and diagnostic quality. The lab will focus on prostate cancer diagnosis as a start, and the first steps are already taken.
“Negotiations have been initiated regarding lab premises in Stockholm in proximity to world-class medical research and healthcare. We have already recruited an experienced lab manager, a vital team member in the construction and operation of the lab, who will join us full-time in January 2022,” says Palm.
In connection with this, the board of directors has instructed the management to create a subsidiary for the intended laboratory operations.
INIFY development
Results from the company’s multicenter study in EU were presented at the European Congress of Pathology in August. The study showed that INIFY Prostate is robust across the four different sites involved, and that the pathologists and surrounding staff were very positive to the product’s performance.
Recently announced, first results from the ongoing studies in the United States were presented at the Pathology Vision congress in Las Vegas. These showed an impressive sensitivity in detecting cancer areas, including very small areas of ≤1mm. The study was conducted with two labs to prove the robustness against differences in hardware setups.
Additionally, results from an ongoing research project in Sweden within colorectal cancer were presented. They indicated that the pathologist could perform assessments significantly faster with maintained diagnostic accuracy, when using our prototype.
Strong sales
Medical Imaging business continues on its positive path. At long last, the world is gradually reopening, enabling staff to travel and meet present and new potential customers. Exceptional orders in America took the company to a third quarter sales record. Sales in America are expected to grow in comparison with historical numbers, but will most likely become more evenly distributed during the upcoming year.
“Strong sales continue to give signals of a stepwise return to our expected pre-pandemic growth plan. With important organization additions strengthening our team, we look forward to the fourth quarter and a strong year finish, while preparing for a successful 2022,” says Palm.
ContextVision is a medical technology software company specialized in image analysis and artificial intelligence. As the global market leader within image enhancement, we are a trusted partner to leading manufacturers of ultrasound, X- ray and MRI equipment around the world.
Our expertise is to develop powerful software products, based on proprietary technology and artificial intelligence for image-based applications. Our cutting-edge technology helps clinicians accurately interpret medical images, a crucial foundation for better diagnosis and treatment.
ContextVision has built up a business unit for the fast-growing digital pathology market. We are re-investing significantly in our product portfolio of decision support tools, and we are dedicated to becoming a leading resource for pathologists to radically develop cancer diagnosis and improve patient care.
The company, established in 1983, is based in Sweden with local representation in the U.S., Japan, China and Korea. ContextVision is listed on the Oslo Stock Exchange under the ticker CONTX.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was submitted for publication, through the agency of the contact persons set out above on 21 October 2021.
For further information, please contact ContextVision’s CEO, Fredrik Palm, at +46 76 870 25 43 or visit www.contextvision.com.
