STOCKHOLM – August 15, 2019 – ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, continued to advance its artificial intelligence portfolio in the second quarter 2019. The company’s AI-based product Altumira™ for X-ray is now commercially available and INIFY Prostate for digital pathology will soon move to beta testing in several pathology labs. Q2 sales reached 23,1 MSEK, record sales for second quarter, 5,5% higher than Q2 2018. The operating result was positive 5,4 MSEK, mainly due to higher capitalization for product development but also supported by strong sales performance.
“ContextVision is making great advances in artificial intelligence for medical imaging. As a result, the company is seeing record sales and breaking new ground in digital pathology,” said Fredrik Palm, CEO of ContextVision.
Product updates
Altumira ™, our first AI-based image enhancement product for static and dynamic X-ray was released for sale in the second quarter.
“We have signed one contract and we have a pipeline of potential customers that we expect to materialize into additional signed contracts within 2019”, said Palm.
Digital Pathology
ContextVision’s digital pathology product INIFY Prostate™ continues to move forward based on rigorous research and development.
“We plan to sign agreements, install and start beta tests in the upcoming quarter for INIFY Prostate 1.0, the companies first product that will support pathologists in their daily work with prostate biopsies”, said Palm.
The company has an agreement with one of the larger biobanks in the world. In the second quarter, the company made further progress with this partnership, defining a pilot project within the prostate cancer segment.
The company welcomed Dr. Marilyn Bui from Moffit Cancer Center in Tampa, Florida, USA to the ContextVision advisory board. Dr. Bui is president of the Digital Pathology Association (DPA) and works as a sarcoma pathologist and researcher.
“We continue to make progress in line with our strategy. In the second quarter we planned for the upcoming beta tests, a key part in the product development of our first digital pathology product, we defined the first project within our partnership with the biobank, and last but not least we welcomed Dr. Bui to our advisory board,” said Palm.
Q2 2019 Sales Performance
Sales continued to grow in the second quarter reaching 23,1 MSEK, the highest ever sales in a second quarter for the company. Sales in Asia grew nine percent compared to the same quarter last year. The company continues to grow in China and Japan in part from a mix of stock orders and an increased volume run rate from several of the company’s customers. In addition, we had an expected sales recovery in the U.S. in the second quarter after weaker sales in the first quarter. Sales was also supported by favorable currency rates in the quarter.
“In the second quarter of 2019 we saw great growth in various areas and the company is positioned to continue to lead the market in image processing,” said Palm.
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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.
For further information, please contact ContextVision’s CEO, Fredrik Palm, at +46 76 870 25 43 or visit www.contextvision.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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