ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, reported strong sales in Q1, reaching 21.1 MSEK, 9% higher than the first quarter last year. The company reports positive feedback from user tests within digital pathology and continues to proceed with product development for this fast-growing market.
Securing long-term business
Two new, three-year contracts were signed with two of ContextVision's key customers in Asia and in the U.S. Overall, the company reports strong first quarter sales in Asia, while sales in the European market remained flat and lower in the U.S. due to postponed orders compared to Q1 last year.
"Following our best year ever, sales continue to grow in Q1. The growth in this quarter is coming from our business in Asia,"said Fredrik Palm, CEO of ContextVision. "This stable global growth is really created by successful long-term focus within our medical imaging business."
The operating result was 4.3 MSEK, with a negative cash flow of -0.7 MSEK.
Digital pathology
The company is continuing its focus on developing AI-based decision support tools for cancer diagnosis. First in the pipeline is INIFY prostate for prostate diagnosis. During the first quarter, the company has performed user tests with three additional pathology centers.
"The feedback has been positive and we expect BETA-installations to take place this summer, it will be our entrance into this fast-developing market where we will expand and offer a portfolio with decision support tools," said Palm.
Signed biobank agreement offers long-term potential
This past quarter, ContextVision signed an agreement with one of the largest biobanks in the world, giving the company access to a large amount of structured data, images and associated clinical data that opens for several new research projects within cancer diagnostics for the company.
"The agreement with the biobank is a very important step for us, supporting our long-term strategy within cancer diagnostics. Extensive amount of data is fundamental to develop AI-based products and tools so this will be an important enabler for further development" said Palm.
For further information, please contact ContextVision's CEO, Fredrik Palm, at +46 76 870 25 43 or visit www.contextvision.com.
About ContextVision
About ContextVision 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 is also 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.This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
