Progress in establishing reference centers within digital pathology
STOCKHOLM – April 22, 2021
ContextVision, a medical technology software company specializing in image processing, image analysis and decision support tools for digital pathology, today reports its first quarter results for 2021.
The quarter saw strong and promising progress within digital pathology and the company’s first product, INIFY Prostate Screening. While the ongoing pandemic slowed sales slightly, solid financials – paired with close dialogues with present and prospective clients – provide a positive outlook.
“Dr. Filippo Fraggetta – one of the leading pathologists in Europe and instrumental in the development of the product – confirms the preliminary results from the ongoing clinical study, indicating that using INIFY Prostate decreases variance between pathologists will benefit referrals and patients in the longer term. This is really great news”, says CEO Fredrik Palm at ContextVision.
European reference centers within digital pathology
The first quarter saw the additions of important reference centers. Installations were carried out at Vall d’Hebron University Hospital in Barcelona, as well as Hôpital de Bicêtre in Paris, a fully digitalized, high-throughput laboratory in the forefront of digital pathology in France.
“Installations and evaluations at key reference centers within digital pathology in Europe are of highest importance, adding laboratories like the ones in Paris and Barcelona is certainly in line with our strategy. INIFY Prostate’s state of the art technology, that it is both easy to install and user-friendly, are all important factors when digitalizing laboratories and easing the pathologists’ heavy workload”, says Palm.
In parallel, ContextVision proceeded in the first quarter with development of the next-generation product for prostate, as well as research within colorectal cancer.
Lower sales, but no lack of interest or demand
Sales continue to be affected by the pandemic situation, but the first quarter’s lower level in comparison with the previous quarter is also in part related to quarterly variations.
“What is most important is that there is no lack of interest or demand, nor are there any customer losses within medical imaging, so it is just a matter of persistence until we can return to the sales growth we normally would expect,” says Palm.
The financials are solid, with a cash position of close to SEK 50 million at the end of the quarter, allowing the company to continue its strategic process as planned
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 COV.
For further information, please contact ContextVision’s CEO, Fredrik Palm, at +46 76 870 25 43 or visit www.contextvision.com.
