STOCKHOLM February 18, 2021 ContextVision, a medical technology software company specializing in image processing, image analysis and decision support tools for digital pathology, today reports its fourth quarter and quarterly results. year 2020.
Total sales in 2020 reached 94.7 MSEK (95.3), which corresponds to the 2019 record year if adjusted for the currency effect, a solid achievement largely linked to a strong start to the year. Total EBITDA ends at 25.5 MSEK and operating profit reaches 15.5 MSEK.
Fourth quarter sales reached 23.5 MSEK (28.1), an increase of 7% from the previous quarter, but a decrease of 16% from the corresponding quarter of last year due to the effects of the pandemic.
Sales are slowly increasing between quarters, although we haven’t returned to where we wanted to be before the pandemic. Given the circumstances, I consider total sales to be a solid achievement. Precautionary measures taken at the start of the pandemic, combined with strong business performance, helped strengthen year-end financial data. The introduction phase of our first digital pathology product has been extended due to remote communication. However, the response from users remains very positive and we continue to lay a solid foundation through close collaboration with reference centers. In summary, I am proud of what we have accomplished in such a special year, says Fredrik Palm, CEO of ContextVision.
With the release of INIFY Prostate Screening in mid-2020, we have gone from being a powerful candidate to being a leader in advanced decision support tools for digital pathology. In the fourth quarter, we focused on starting clinical evaluations at several benchmark sites where we installed the product. We have continued to have mature discussions with other centers at the forefront of digitization, in order to broaden our market footprint and build a solid foundation on which to grow. As recently announced, the latest center is the pathology department of Vall dHebron University Hospital in Barcelona, which serves as a reference center for the region. However, we find that the INIFY installation and evaluation process has been slowed down with remote communication as the only option. R&D activities continued with a focus on increasing the functionality of our product for prostate cancer, as well as other types of cancer known to be the heaviest burden for pathologists in the prostate. whole world.
Digital pathology is a growing market with obvious needs. As population growth and longer life expectancy lead to increased rates of disease, pathologists around the world face an increasing burden. Digitizing and equipping healthcare professionals with powerful software tools is a vital key, ultimately delivering improved workflow and higher quality.
Several contracts, including a business expansion with one of our major global ultrasound customers, were signed in the fourth quarter, paving the way for further growth. Ultrasound and MRI sales are still affected by the pandemic, although we are seeing positive signs in terms of increased sales from the previous quarter. X-ray sales saw a significant increase during the year, mainly driven by strong market penetration with Altumira, our latest line of AI-based products. Rivent, our 7e The product generation for 2D ultrasound continues to garner great attention in the market for its ability to combine exceptional image quality with extraordinary sharpness. Several discussions and mature evaluations with clients reinforce our optimism regarding the signing of additional contracts led by Rivent in the coming year.
Projects and business discussions are progressing, albeit at a slower pace due to the pandemic. The remote communication and customer support tools were continuously improved throughout the year in order to effectively boost the business under the current circumstances. These established tools and processes will continue to be of great value after the pandemic, having broadened our options for client interaction and service delivery.
The result we deliver, despite completely new circumstances for most of 2020, truly confirms our strong market positions and customer relationships. Although the near future remains unpredictable, I am truly impressed with the determination we have seen from the team, our clients and partners in driving projects and businesses with remote communication. I’m cautiously optimistic about the possibility of returning to an environment with fewer travel restrictions in 2021, so that we can continue to drive growth, Palm says.
ContextVision is a medical technology software company specializing in image analysis and artificial intelligence. As a global market leader in image enhancement, we are a trusted partner of 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 advanced technology helps clinicians accurately interpret medical images, a crucial basis for better diagnosis and treatment.
ContextVision is now entering the rapidly growing digital pathology market. We are significantly reinvesting in our portfolio of decision support tools and are committed to becoming a premier resource for pathologists to radically advance cancer diagnostics and improve patient care.
The company, established in 1983, is based in Sweden with local representation in the United States, Japan, China and Korea. ContextVision is listed on the Oslo Stock Exchange under the symbol CONTX.
For more information, please contact ContextVisions CEO Fredrik Palm on +46 76 870 25 43 or visitwww.contextvision.com.
This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.
ContextVision Q4 and annual financial report
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