ContextVision: Major breakthroughs in Q1
STOCKHOLM, Sweden - April 27, 2017 - ContextVision, a world leading provider of medical image processing software, achieved a key milestone within digital pathology and is now ready to enter product development phase.
The total sales during the quarter were 17,3 MSEK, which were 6,3% lower than first quarter the previous year.
"This was in line with our expectations following the very strong fourth quarter last year. We are very fortunate to have a stable and core business that generates a strong cash flow to support aggressive new product development programs," said ContextVision's CEO, Anita Tollstadius.
Access to vast amount of samples
In March, ContextVision signed an agreement with ALAB plus, one of Poland's largest provider of pathology services, which secured exclusive and direct access to a wealth of clinical pathology samples.
This gives ContextVision access to a large quantity of data, which is a big step forward towards developing deep learning algorithms.
"Now we are ready to enter the product development phase with an aim to develop a commercial product within prostate cancer for market entry by the end of next year," said Tollstadius.
Patent approval
In March ContextVision received a US patent approval for a new technology for the visualization of the skeleton using 3D ultrasound images.
The technology enables the clinicians to obtain a more accurate view of the fetal skeleton during pregnancy and helps the clinicians examine the fetus for spontaneous fractures and skeletal malformations.
"This offers a unique product feature named SkeletalView which is integrated into ContextVision's 3D rendering product, REALiCE, which is commercially available," said Tollstadius.
Increased R&D
During the first quarter ContextVision has increased the investments into research and prepared for the product development phase.
"Thanks to our strong cash position and strong cash flow generation we were able to increase the investments into R&D. Consequently, our operating result during the quarter was -3,4 MSEK, but we are very confident that this investment is not only necessary but will soon prove to be highly value-creating for our shareholders," said Tollstadius.
For further information, please contact ContextVision's CEO, Anita Tollstadius, at +46 70 337 30 26.
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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.