STOCKHOLM – August 12, 2021 – ContextVision, a medical technology software company specializing in image processing, delivered the Company’s best ever second quarter within Medical Imaging. Initial response from the ongoing clinical trials with the Company’s first digital pathology product, INIFY Prostate, are very promising.
Sales in the second quarter reached 24.4 MSEK (20,1), an 20% increase compared with the previous quarter, and an increase of 32% versus last year’s corresponding quarter when adjusted for currency exchange effects.
Impressive accuracy – is the feedback from evaluations sites within digital pathology
“INIFY Prostate delivered impressive accuracy in it’s ongoing clinical evaluations. In the second quarter we expanded into the US getting two prestigious medical sites onboard for clinical testing”, says CEO Fredrik Palm in ContextVision.
The company has intensified the interaction with new potential customers as well as deepened the relations with established sites and laboratories.
“It is rewarding to see the positive response we get when we demonstrate how INIFY identifies and outlines cancer areas with an impressive accuracy. We continue to advance our position step by step within digital pathology”, says Palm.
Significant pick up
ContextVision saw a significant pick up in revenue from its image enhancements software resulting in best second quarter ever, partly due to a catch up in the market, but also in a few cases due to timing of customer orders. Most of the increase is seen in ultrasound, mainly in the Asia region.
“Medical Imaging is returning to normal. During the period we have signed new contracts with several key customers, continuing to strengthen and extend our long-term partnerships over multiple markets and product cycles. Our relentless dedication to make progress together with customers under present circumstances is a clear success factor, and I am optimistic that we now have seen the start of a stepwise return to our initial growth plan before Covid”, says Palm.
New chairman elected in the quarter
In the second quarter Olof Sandén was elected as the Company’s new chairman of the board. Sandén brings extensive experience from international business and Medical device industry having had senior positions at Elekta, RISE, Business Sweden, BCG and others. Today he holds several board positions along with his daily work as a partner within an executive search firm.
“Imaging has been and will continue to be a corners stone in developing better healthcare. ContextVision is extremely well positioned to play an important role in this development, from its image enhancement software to ContextVision’s new inroads into image analysis and AI supported decision making, we are uniquely positioned. I am excited to support ContextVision in delivering valuable solutions to the global healthcare market enabling further development of patient care”, says Sandén
For further information, please contact ContextVision’s CEO, Fredrik Palm, at +46 76 870 25 43 or visit www.contextvision.com
About ContextVision
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 is now entering 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 subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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