ContextVision AB : ContextVision makes quantum leap in R&D
The strategy will broaden ContextVision's technology platform, thereby reinforcing the company's position within its current medical image analysis and enhancement business, as well as introduce ContextVision's technology in entirely new markets. ContextVision is the world leader within its niches today, where the total available market is around SEK 180 million. The new strategy aims at positioning the company in markets with total sales of SEK 1,500 million by 2018.
"ContextVision is well prepared to embark on a new and exciting journey for the company. After more than three decades in the industry, we are recognized as the technology leader and serve a number of the industry's majors with our software. We have recently significantly reinforced our R&D capabilities, in-house as well as through partnerships in the academic world. Finally, we have a strong financial position, which enables us to take ContextVision to the next level," said CEO Anita Tollstadius.
The new R&D strategy serves to broaden the technology in order to bring new products to the existing image enhancement market, as well as to broaden the ultrasound market. The use of ultrasound is growing rapidly around the world, and ContextVision aims at delivering new technology that ensures even better diagnosis and treatment. Furthermore, ContextVision will develop technology for an entirely new and fast growing market: digital pathology.
Following pilot research studies performed in recent months, ContextVision has decided to broaden its technology platform based on new technology, such as deep learning technology. Deep learning is a branch of machine learning, which is increasingly being used to develop automated systems for recognition of data patterns or features, e.g. facial recognition. The deep learning technology is still in an early phase in medical imaging, and ContextVision's ambition is to assume leadership in medical imaging applications of the technology.
ContextVision expects the first products developed from its expanded R&D initiatives to enter the market in 2018.
For further information, please contact ContextVision's CEO, Anita Tollstadius, telephone +46 70 337 3026.
Please note that ContextVision will hold a presentation at Norne Securities in Oslo on Tuesday, 16 June at 11:30 am. The presentation is open to the public. Please register by e-mail to:
ann-charlotte.linderoth@contextvision.se
About the ultrasound market
The ultrasound market is rapidly developing into new clinical applications and new user groups are faced with the challenge to interpret ultrasound images. Today the use of ultrasound is spreading into smaller clinics (Point of Care Ultrasound, POCUS). In the future this equipment is expected to spread into further areas within emergency care or homecare which means that it will be used by people with very little, if any, clinical education. This puts new demands on the equipment and on guiding software.
About digital pathology
Histopathology is a medical discipline for the evaluation of abnormalities in tissue samples. For example a lot of biopsies are taken to diagnose cancer or to evaluate the stage of cancer. Digital pathology is a young and rapidly growing market. Instead of looking into a microscope, using digitalized images the pathologists can review the slides on a computer screen from anywhere. The shortage of pathology specialists is driving the market, as images can be distributed to any workstation over the Internet.
About ContextVision
ContextVision's technology provides doctors with improved images, which are crucial for accurate diagnosis and treatment. ContextVision is the industry leader in medical imaging analysis and enhancement software, with more than 150,000 installations worldwide through its OEM customers. The company started out as an industry pioneer more than 30 years ago, and is today developing the next generation of medical imaging software for 2D/3D/4D ultrasound, MRI, X-Ray, mammography and CT. ContextVision is based in Sweden and listed on the Oslo Stock Exchange under the ticker COV. For more information, please visit www.contextvision.com.