STOCKHOLM – Aug 13, 2020 – ContextVision, a medical technology software company specializing in image analysis and artificial intelligence, today reports a progressive second quarter. INIFY® Prostate Screening – the company’s first decision support tool in a planned digital pathology portfolio – was granted CE-mark status, paving the way for a strong entry into the fast-growing digital pathology market. In addition, the company continues to spearhead the image enhancement market with its new next-generation ultrasound product, Rivent®.
“It’s been a very progressive quarter with multiple product releases. Our market entry in digital pathology with INIFY Prostate Screening is a real milestone. Now, we are focusing on installations at key reference centers to broaden the use of INIFY in the clinical workflow, while continuing R&D work on a portfolio targeting those cancer types that cause the heaviest burden on pathology labs around the world. Additionally, we are strengthening the organization with key people who will be instrumental in developing the company further,” says Fredrik Palm, CEO of ContextVision.
One of these key people is Magnus Aurell, who was appointed VP of Digital Pathology in May.
“Magnus Aurell has over 25 years of experience from senior management positions in technology companies in the medical field. He will play an essential role in developing our pathology business unit, and will also be a key member of the management team,” says Palm.
ContextVision also strengthened its board of directors in the second quarter. Martin Ingvar, Professor in Integrative Medicine at Karolinska Institutet and founding member of ICHOM, was elected member of the board at the annual general meeting in May.
“Dr. Ingvar brings a unique mix of clinical experience and a strong vision for how healthcare services may be delivered in the future, in an increasingly digital clinical setting,” says Erik Danielsen, Chairman of the board.
ContextVision saw the release of its first digital pathology product, INIFY Prostate Screening. The predicting engine in the product is built on deep learning algorithms and offers top accuracy on a pixel level. It is trained on data generated with our patented MasterAnnotation™ method and verified by top pathologists. The product will allow pathologists to focus their time on specimens with suspicious cancer and minimize time spent on benign tissue.
INIFY will facilitate the transformation of clinical pathology into a digital discipline, ultimately offering improved workflow and much higher quality and standardization. The feedback from BETA site tests has been very positive from usability, workflow and performance viewpoints. Contracts with several labs in the forefront of digitalization are already in place, and we have additional prospects in late-phase discussions.
Sales in Q2 ended at 20.1 MSEK, which is 13% lower compared to the second quarter of 2019. EBITDA was 3.7 MSEK and the operating result ended at 1.6 MSEK. COVID-19 affected sales, largely due to a lower demand for ultrasound systems as hospitals and clinics have been forced to make other priorities. X-ray sales continued on the positive path and grew 78% compared to the second quarter of 2019. Sales for the first six months of the fiscal year grew 11.3% compared to the same period in 2019 and ended at 49.3 MSEK, with an EBITDA of 17.6 MSEK.
Rivent®, a new product for 2D ultrasound, was released for sale in May. It enables an extraordinary sharp image quality, which has been increasingly requested by leading ultrasound manufactures around the world.
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.