INIFY Laboratories: 62% revenue growth and strong international interest
STOCKHOLM - August 21, 2024 - Inify Laboratories, a unique laboratory service that provides cancer diagnostics within pathology, continues to deliver strong growth, with sales of SEK 3.6 million in the quarter – up 62% compared to the previous quarter.
Total sales for the first half of the year amounted to SEK 5.8 million, with a cash balance at the end of the second quarter of SEK 46,1 million.
“We have diagnosed more than 1,000 patients since the opening of our first laboratory and our market share in Sweden has grown to around 5%, which means that the continued growth potential in our home market is great. Seeing positive results within a year of the launch of our services is also an important milestone for us, further strengthening our international expansion plans,” says CEO Fredrik Palm at Inify Laboratories.
During the second quarter, Inify Laboratories celebrated its first year as an operational laboratory. The company has successfully delivered on all its promises regarding high quality, predictable response times and responsiveness to the customers' needs. This is confirmed by positive feedback from customers, as well as statistics from the National Cancer Registry.
“Our service has significantly cut many patients’ wait times for important diagnoses. This creates great value both for individual patients and for society at large, which we are extremely proud of,” says Emelie Edvigsson, Laboratory Director at Inify Laboratories.
Inify Laboratories has intensified its market mapping internationally, focusing on larger markets in Europe. The team has been strengthened with local resources, and the process of establishing local networks in high-interest markets has commenced.
“The interest in Inify is great and consistently positive. In many markets, long and unpredictable response times and varying quality in prostate cancer diagnostics are confirmed to be major challenges. Our focus this fall will be on increasing our Swedish market share, while in parallel intensifying our international establishment efforts,” says Palm.
For further information, please contact CEO Fredrik Palm, fredrik.palm@inify.com, or visit https://www.inify.com
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The future of pathology
Inify Laboratories provides cancer diagnostics through ultramodern laboratory services within pathology. It uses a fully digital, standardized and AI-supported workflow to optimize quality and response times, initially within prostate. The concept is scalable and can be extended to other diagnoses.
The service includes the whole chain of sample handling: from logistics, to sample preparation, to reporting by a pathologist. The report is assisted by our own AI, proven in clinical studies to have world-leading accuracy. The complete workflow is supported by a tailor-made process control system.
The company, based in Sweden, became independent in 2022 through a spin-off from ContextVision, with 40 years of experience within digital imaging for medical applications. It is listed on Euronext Growth Oslo under the ticker INIFY.