ContextVision AB — Interim / Quarterly Report 2024

Feb 20, 2025

ContextVision AB: Year-end Report 2024 - Progress in Data Quality and growing interest

ContextVision AB: Year-end Report 2024 - Progress in Data Quality and growing interest

Q4 highlights

· Attended the RSNA Conference in Chicago and launched two products.

· Ongoing discussions about collaborations with key customers, including tier

1 OEMs.

· Strong interest in the industry regarding quantitative imaging - reinforcing

our strategy.

· Continued progress within Data Quality - now conducting tests, measurements

and experiments.

· Share buy-back of approximately 1.2 million shares at a price of 6.50 NOK

per share.

Q4 Financial Data

· Revenue of 34.1 MSEK (33.2), up 2.8%.

· EBITDA amounted to 9.1 MSEK (5.2) with an EBITDA margin of 26.8% (15.7).

· Adjusted EBITDA amounted to 11.4 MSEK (6.4) with an adjusted EBITDA margin

of 33.4% (19.2).*

· Cash flow from operating activities was 9.1 MSEK (5.9).

· Earnings per share was 0.08 SEK (0.04).

· Adjusted earnings per share was 0.11 SEK (0.06).*

Full Year Financial Data

· Revenue of 130.7 MSEK (132.2).

· EBITDA amounted to 38.7 MSEK (48.9) with an EBITDA margin of 29.6% (37.0).

· Adjusted EBITDA amounted to 45.8 MSEK (50.0) with an adjusted EBITDA margin

of 35.1% (37.9).*

· Cash flow from operating activities was 32.9 MSEK (44.7).

· Earnings per share was 0.32 SEK (0.42).

· Adjusted earnings per share was 0.41 SEK (0.44).*

* ContextVision do adjustments for investments in point-of-care ultrasound to

make it easier to analyse the underlying business as these investments do not

yet

bring revenues. The investments amounted to 1.2 MSEK in Q1, 1.6 MSEK in Q2 , 2,1

MSEK in Q3 and 2,3 MSEK in Q4 2024.

Progress in Data Quality and growing interest

During the last quarter of 2024, we made continued progress in our Data Quality

venture, with increasing industry interest confirming its transformative

potential. At the same time, we are advancing discussions with key customers on

strategic partnerships within Image Quality. These efforts set the stage for

continued success in both our Image Quality and Data Quality businesses as we

move into the coming year.

In the fourth quarter of the year, revenue increased compared to the same period

last year, reaching 34.1 MSEK (33.2) - a growth of 2.8%, or 0.9 MSEK. The

increase was largely driven by a sales push from a customer in Asia towards the

end of the quarter.

Adjusted EBITDA for the quarter came in at 11.4 MSEK (6.4) with an adjusted

EBITDA-margin of 33.4% (19.2) when adjusted for investments in Point-of-Care

Ultrasound (POCUS) totaling 2.3 MSEK (6.7% of revenue). The increase in

profitability is primarily attributed to a positive FX impact of 2.8 MSEK

compared to the same quarter last year as well as an update in capitalization

policy that affected Q4 2023. Looking ahead, we anticipate our cost base to

remain higher than in previous years, though lower than this quarter, as

administrative costs related to the share buy-back program and setting up an

incentive plan framework are non-recurring. As we also relocated our

headquarters this quarter, there were some non-recurring costs related to the

office move, but the relocation will however lower our costs going forward.

For the full year we reached revenue of 130.7 MSEK (132.2), slightly below

previous year, with an adjusted EBITDA of 45.8 MSEK (50,0). In December we

executed a share buy-back offer totaling 1,2 million shares at a price of 6.5

NOK per share underlining our good cash position. We are hopeful 2025 will

generate growth as we are cautiously optimistic about better market conditions.

A key highlight of Q4 was our participation at RSNA in Chicago, where we

launched updates for Rivent Mobile and Smart Noise Reduction for Altumira. The

conference clearly demonstrated the industry's growing emphasis on quantitative

imaging and AI-driven solutions, validating our strategic investments in these

areas. Customer engagements at RSNA reached new highs, reflecting strong market

interest in our innovations - not only in in our venture into Data Quality, but

also in faster image processing.

Throughout the quarter, we have engaged in advanced discussions with key

customers, including tier 1 OEMs, on strategic partnerships and collaborations.

We anticipate these partnerships will translate into future revenues. In

addition, we are working closely with customers to expand our professional

service offering, positioning ourselves as a more integral part of their entire

image processing chain. This initiative is expected to strengthen customer

relationships and increase our share of wallet.

Regarding our venture into Data Quality, also referred to as POCUS, we are

making steady progress. We are currently conducting tests, measurements and

experiments, further validating our approach. After the quarter, we reached a

significant milestone, signing a partnership with the University of Washington

to enter clinical research aiming to develop AI-based solutions that can

interpret organ-specific data. The project goal is to develop digital biomarkers

that assist in early disease detection and monitoring of Metabolic Dysfunction

-Associated Steatotic Liver Disease (MALSLD). This partnership represents the

next step in our commitment to leveraging technology for clinical advancements

and shaping a new product line within Data Quality, with the potential for

future expansion to additional diseases and organs. It positions to deliver

diagnostic quality beyond visualization and quantification for medical imaging

making imaging less user dependent, reinforcing our leadership in this evolving

field.

Overall, 2024 has been a year of strategic progress and execution, and I am

confident in our trajectory. I want to extend my gratitude to our team,

customers, partners and other stakeholders for their continued trust and

collaboration.

Looking ahead, we remain committed to driving innovation and sustainable growth.

I look forward to communicating more updates on our journey and seeing what we

can achieve together in 2025.

Dr. Dr. Gerald Pötzsch

Chief Executive Officer

For more information, please contact

Richard Hallström

Chief Financial Officer

richard.hallstrom@contextvision.com

About ContextVision

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. 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 CONTX.

This information is inside information pursuant to the EU Market Abuse

Regulation and is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act. The information was submitted for

publication, through the agency of the contact person set out above, at 08.00

a.m. CET on February 20, 2025.