STOCKHOLM - April 23, 2020 - ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, today announced record sales and EBITDA, mainly driven by the company's medical imaging business, despite the current global challenges. ContextVision's first digital pathology solution continues to accelerate toward market availability.
Medical Imaging
Sales in Q1 ended at 29.2 MSEK, a substantial increase of 38.4% compared to the first quarter in 2019. EBITDA was 13,8 MSEK and the operating result ended at 11,8 MSEK, strengthening the liquidity at the end of the quarter. This growth is attributed to both the company's solid business with existing customers and significant revenue gain from new customer contracts as mentioned in the Company's February 2020 press release. The recently signed contracts fortify the company's leading and dominant global market position as an independent provider of image processing software. Sales in Asia was the main revenue driver although the Company also experienced strong growth in the U.S. as well.
ContextVision's signature products within X-ray and ultrasound, continue to be the strongest contributors for growth. In addition to the regular demand for these solutions, the company has experienced special requests for additional volume of products due to an elevated need for imaging systems and exams amidst the current COVID-19 pandemic. The image processing software is instrumental for the image quality delivered by systems used for image-based diagnosis such as lung disease, a major complication as a result of COVID-19.
In Q1, ContextVision also strengthened its senior management team with the appointment of Ola Lindblad as its new VP of medical imaging. Ola brings extensive leadership experience from multinational corporations to the company; he will now spearhead and help drive ContextVision's continued success globally.
"I'm thrilled about joining ContextVision at this point in time. The combination of internationally recognized state of art products and highly skilled development and management team's positions ContextVision for a very exciting future. I am confident that I can contribute meaningfully to that success as I initially focus on further enhancing our overall product lifecycle process as well as growing our footprint in market. As soon as the pandemic is over I look forward to start meeting with our customers." says Lindblad.
Digital Pathology
ContextVision will soon release its first digital pathology product, INIFY Prostate Screening. Once available, we are confident the product will rapidly gain acceptance as it supports the clinical workflow in the pathology lab and proves useful in accurately diagnosing prostate cancer.
The company is currently finalizing INIFY's integration with well-known PACS (picture archiving and communication system) and LIS (laboratory information systems) systems resulting in a comprehensive clinically integrated software solution that will improve case-throughput while at the same time reducing the margin for diagnostic errors in the pathology lab.
Fredrik Palm, chief executive officer, ContextVision, said:
"The global challenges brought on by COVID-19 have created an unpredictable business landscape for many, and we're grateful and pleased by the continued progress we've been able to make despite this ongoing crisis. While we expect some inevitable business challenges during the remainder of the year, we will be focused on building value with our superior imaging diagnosis and clinical decision support tools. Knowing that our products are instrumental for patient diagnosis, we are motivated more than ever to continue delivering on our promise to improve patient diagnosis and care."
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.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
- ContextVision Q1 2020 Financial Report (https://ml-eu.globenewswire.com/Resource/Download/532bac89-4268-4485-9cd1-f9dfb32987c3)
