ContextVision, a medical technology company specializing in image analysis and artificial intelligence, has heavily invested in developing state-of-the-art competence within artificial intelligence and the development of a first product within digital pathology that will make the diagnosis of prostate cancer both quicker and more accurate. The product will be ready for market by the end of 2018, as previously announced.
“The product development is going very well and according to plan. In addition, we have achieved very good results from feasibility tests of other forms of cancer, such as lung cancer. It looks very promising,” said Anita Tollstadius, CEO of ContextVision.
Stable 3Q sales
Sales in the third quarter ended at 18,0 MSEK, which is 11% lower than the third quarter last year. This was expected as there was a large order for a field upgrade this time last year.
“Our sales have always fluctuated quarter-by-quarter, and we had a very strong second quarter, so that does not bother me. What we see is that our sales in recent years have shown stable growth and I am very pleased with the state of things,” said Tollstadius.
Solid platform
The company has spent a significant amount of resources to create a strong platform for becoming commercially successful within digital pathology by developing a range of products over the next few years.
“In the third quarter, we have completed our unique platform and thereby created the foundation for a whole product portfolio within digital pathology, ” said Tollstadius.
The platform includes a broad set of skills and tools required for effective product development. Over the last six months, ContextVision has been focusing on accessing bulk data and developing more accurate annotations. Normally, annotations (i.e. marking and classifying patterns in an image) are being done with help from pathologists, resulting in a biased training of algorithms.
“Instead of building a product based on subjective data, we have developed a unique method for objective annotation of images. This quarter, we have set up a laboratory practice with Scilife in Uppsala and made this part of our product development process. This was our last key cornerstone for our platform,” said Tollstadius.
Attracting talent
There is great demand for competence within deep learning and artificial intelligence. ContextVision has, for many years, built an environment that is attractive to many.
“We see that we are able to attract extremely good people. Attaining the best minds in a competivite global world is a tough task, but we have been successful in recruiting highly-qualified people thanks to our success in deep learning competitions and an attractive company culture,” said Tollstadius.
The company has for many years invested heavily in research and development. In the third quarter, the cost ended at 4,0 MSEK.
“We will continue to invest in research and preparations for entering the market, but we still have a strong cash position to support our offensive strategies,” said Tollstadius.
About ContextVision
ContextVision is a medical technology company specializing in image analysis and artificial intelligence. 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 is taking a leading position within deep learning, the latest artificial intelligence technology. ContextVision is currently investing significantly in the field to expand its product portfolio. The present product portfolio includes state-of-the-art image enhancement software for 2D/3D/4D ultrasound, MRI, X-ray and mammography which is used by leading equipment manufacturers worldwide. ContextVision is based in Sweden and listed on the Oslo Stock Exchange under the ticker COV. For more information, please visit www.contextvision.com.
