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ContextVision AB Interim / Quarterly Report 2023
9979_10-q_2023-04-27_d442065f-eb61-448e-836a-d7a580ec903e.pdf
Interim / Quarterly Report
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ContextVision
CONTEXTVISION AB
INTERIM FINANCIAL
REPORT Q1
Q1 HIGHLIGHTS
- Continued strong net sales and EBITDA growth
- Adding new contracts, and increasing current ones at our largest OEMs
- At the Annual Shareholder meeting, the Board will propose a dividend of 0.30 SEK/share split in two equal tranches, with payment in May and November 2023.
Q1 FINANCIAL DATA
- Net sales continued operations* of SEK 32.4 M (27.2)
- Operating result continued operations of SEK 10.8 M (7.3)
- Earnings per share continued operations of SEK 0.11 (0.08)
-
EBITDA continued operations of SEK 13.1 M (9.2)
-
For further information, see Annual Report 2022 for Continued/Discontinued Operations
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 2 OF 14
CONTINUED STRONG GROWTH
Gerald Pötzsch, THE COMPANY'S CEO COMMENTED:
I'm very proud to present another strong quarterly report with a revenue of SEK 32.4 M (27.2), an increase of 19% since the previous quarter. In addition to the strong revenue, we also increased EBITDA continuing operations by 42%, SEK 13.1 M (9.2). The 2021/22 cost comparison remains difficult, as Q1 2022 still partly included Inify's discontinued business, and it will take until Q2/Q3 before we can get a clean comparison of the cost. However, compared to Q4 2022, we have decreased our consultancy costs, having converted consultants into employees within our R&D organization.
During the quarter we signed a number of new contracts, mainly in the Asia region. They are expected to be implemented in 2023 and to generate service and license revenue before the year's end.
With China finally starting to open up after the long-lasting Covid situation, our Swedish team will be able to start traveling there, to work even closer with our larger Chinese customers. In the rest of Asia, as well as in the Americas and EMEA region, inflation, potential recession and war are creating general uncertainty; however, our industry is still fairly stable.
Looking at the sales pipeline, it is also abundantly clear that our strategy of focusing on larger OEMs is continuing to show results. Both new, large OEMs and current OEM customers are increasing their share of wallet with us. Communicating our growth strategy – something that we initiated during the quarter – has also increased OEMs' interest in working with us in areas beyond image enhancement.
In summary, I believe that ContextVision is continuing to make great strides toward the strategic goals we have set up for ourselves – financially, but also in the pace and agility we are showing the market. I'm looking forward to a very exciting rest of 2023.
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 3 OF 14
FIRST QUARTER 2023
FINANCIAL INFORMATION
NET SALES
- ContextVision's net sales from continuing operations in the first quarter 2023 amounted to SEK 32.4 M (27.2). This represents an increase of 19% compared to the same quarter previous year.
- All license sales are generated outside Sweden and from external sales.
- The currency exchange rates had an average positive effect on sales of approximately 22% in the quarter. There was a positive effect from invoicing currencies, EUR, USD and negative effects from JPY.
OTHER INCOME
- Other Income from co-working agreement with Inify Laboratories AB amounts to SEK 58 K during the quarter for the group.
OPERATING PROFIT AND MARGIN
- The operating income for ContextVision is SEK 10.8 M (7.3) in the first quarter. The operating margin was 33.5% (26.8%) in the quarter.
- EBITDA for the quarter reached SEK 13.1 M (9.2).
- Capitalization is recorded as intangible fixed assets only when product development meets certain requirements.
| Earnings per share | Q1 2023 | Q1 2022 |
|---|---|---|
| Net results (KSEK) | 8 624 | 6 313 |
| Average number of shares | 77 367 500 | 77 367 500 |
| Earnings per share | 0,11 | 0,08 |
| Operating margin | Q1 2023 | Q1 2022 |
| --- | --- | --- |
| Operating income (KSEK) | 10 837 | 7 272 |
| Non-recurring items (KSEK) | 0 | 0 |
| Net sales (KSEK) | 32 361 | 27 176 |
| Operating margin | 33,5% | 26,8% |
| Profit margin | Q1 2023 | Q1 2022 |
| --- | --- | --- |
| Result after financial items (KSEK) | 10 786 | 7 213 |
| Net sales (KSEK) | 32 361 | 27 176 |
| Profit margin | 33,5% | 26,8% |
| Equity ratio | Q1 2023 | Q1 2022 |
| --- | --- | --- |
| Equity at period end (KSEK) | 75 482 | 41 145 |
| Total assets (KSEK) | 101 253 | 73 402 |
| Equity ratio | 74.5% | 56,1% |
| EBITDA (KSEK) | Q1 2023 | Q1 2022 |
| --- | --- | --- |
| Net results | 8 624 | 6 313 |
| Interests | 51 | 59 |
| Taxes | 2 162 | 900 |
| Depreciation and write-down | 2 269 | 1 973 |
| Amortization | 0 | 0 |
| EBITDA (KSEK) | 13 106 | 9 245 |
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 4 OF 14
CASH-FLOW AND FINANCIAL POSITION
- The cashflow in the first quarter was SEK 2.6 M (-28.1).
- Cash at period end amounted to SEK 44.4 M (18.9).
- Equity at period end amounted to SEK 75.5 M (41.1), giving an equity ratio of 74.5 % (56.1%).
FINANCIAL INSTRUMENTS
- The Group’s financial instruments consist of cash and bank deposits, accounts receivable (trade), accounts payable, other short-term liabilities relating to operations and derivatives (primarily forward exchange contracts). The fair value of financial instruments approximates the carrying amount as of March 31st, 2023.
- Derivatives refer to currency hedging contracts, which have been valued to market value on the balance sheet day and are included in the level 2 of the valuation hierarchy.
- Net derivative value at the balance sheet date amounts to SEK -1 524 K.
EMPLOYEES AND MANAGEMENT
- At period end the group had 34 (39) employees of which 13 (15) are dedicated to research and development. 1 employee is located in the USA and 1 in China.
OTHER INFORMATION
CONTEXTVISION GROUP
- The group consists of ContextVision AB (publ), company registration number 556377-8900 as parent company and ContextVision Inc Corp registration number 36-4333625 State of Illinois, USA, as a wholly owned subsidiary. Inify Laboratories, company registration number 559345-4431 was a wholly owned subsidiary until February 10th 2022.
- Operations in the group are conducted primarily in the parent company and consist of research and development, sales, marketing and administrative functions.
RISKS & UNCERTAINTIES
- ContextVision’s major risk factors include business risks connected to the general global financial situation, to the level of healthcare investment on different markets, currency exchange risks, the company’s ability to recruit and keep qualified employees and the effect of political decisions.
- The business risk connected to the Covid-19 pandemic is continuously evaluated but is not considered to be a low risk factor for the moment. However, we can still not entirely ignore future changes in circumstances related to Covid-19.
- Russia’s invasion of Ukraine has affected the company. We have stopped all new marketing to the Russian market. However, we will continue to deliver licenses to our two existing customers with reference to the fact that it does not violate any sanction rules and that it supports healthcare. We monitor the development closely and should there be any changes in sanction rules we will reevaluate our decision. We have so far had limited contact with our customers in Ukraine and ContextVision is ready to deliver licenses when it is possible.
- Uncertainty related to higher energy prices, supply chain issues and inflation is being closely monitored and mitigated to best ability.
- The company’s risk factors are described in more detail in the 2022 annual report. The risks and uncertainties have not changed significantly since then.
BASIS OF PREPARATION
- The condensed consolidated financial statements for the 1st quarter ended March 31, 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting and recommendation RFR 1 of the Swedish Financial Reporting Board (RFR), and with regards to the Parent Company, RFR 2. The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements as of December 31, 2022
NEW AND CHANGED ACCOUNTING PRINCIPLES
No new or changed accounting principles have had effect on the accounting for the period.
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 5 OF 14
COMPANY MAJOR SHAREHOLDERS
| The 30 largest shareholders as per March 31st, 2023 | No of shares | (%) |
|---|---|---|
| Monsun AS | 23 000 000 | 29.73 |
| Sven Günther-Hanssen | 8 516 670 | 11.01 |
| Martin Hedlund | 8 316 660 | 10.75 |
| State Street Bank and Trust Comp | 4 282 185 | 5.53 |
| TAURI AS | 3 883 275 | 5.02 |
| MP PENSION PK | 2 480 123 | 3.21 |
| BRAS KAPITAL AS | 2 120 347 | 2.74 |
| Danske Bank A/S | 1 726 970 | 2.23 |
| STAVLAND | 1 700 000 | 2.20 |
| STAVLAND | 1 089 031 | 1.41 |
| Others | 20 252 239 | 25.94 |
| Total outstanding shares | 77 367 500 | 100.00 |
ANNUAL GENERAL MEETING
- The Annual General Meeting will take place May 3, 2023, at Holländargatan 13, 2 tr Stockholm, Sweden.
THE BOARD OF DIRECTORS AND THE CEO ASSURANCE
We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1st to March 31st 2023, has been prepared in accordance with IAS 34- Interim Financial Reporting, and gives a true and fair view of the Group's assets, liabilities, financial position and result for the period viewed in the entirety, and that the interim management report, to the best of our knowledge, includes a fair review of any significant events that arose during the three-month period and their effect on the full year financial report, and any significant related parties transactions.
Stockholm 2023-04-26
Olof Sandén – Chairman of the board
Sven Gunther-Hansen – Member of the board
Martin Hedlund – Member of the board
Magne Jordanger – Member of the board
Martin Ingvar – Member of the board
Gerald Pötzsch – CEO of ContextVision AB
This report has not been reviewed by the company's auditors.
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 6 OF 14
PRESENTATION AND REPORTING DATES
This quarterly report will be published on the company's website on the 27th of April 2023.
Please visit www.contextvision.com for further information or use [email protected] to send a question directly to management.
REPORTING DATES
| Q4 and 12 months 2022 | February 16, 2023 |
|---|---|
| Annual report available on company's website | March 30, 2023 |
| Q1 result 2023 | April 27, 2023 |
| Annual General Meeting | May 3, 2023 |
| Q2 result 2023 | August 24, 2023 |
| Q3 result 2023 | October 26, 2023 |
| Q4 and 12 months 2023 | February 15, 2024 |
FOR MORE INFORMATION PLEASE CONTACT:
Gerald Pötzsch
Phone +46 (0)8 750 35 50
CONTEXTVISION FAST FACTS
- ContextVision is a medical technology software company that specializes in image analysis, image processing and artificial intelligence.
- ContextVision is the global market leader within image enhancement and is a software partner to leading medical imaging manufacturers all over the world.
- The company is based in Sweden, with local representation in the U.S., Japan, China and South Korea.
- ContextVision is a spin-off from the Image Processing Laboratory at Linköping University, Sweden. The corporate identity was established in 1983 with the first OEM agreement in radiology in 1987.
- The company's share is traded on the Oslo Stock Exchange since 1997, under the ticker CONTX.
THE COMPANY OFFERS:
- More than 35 years of experience in developing software for image-based applications within the medical field.
- Unprecedented image enhancement products for ultrasound, Radiography and MRI.
- Continuous reinvestment in R&D that ensures timely and rewarding upgrade paths.
- Strong customer relationships and support to ensure partnership success.
- ContextVision's medical imaging technology enables the company's customers to provide superior digital imaging solutions for hospitals and clinicians. Such solutions promise more rapid and accurate diagnoses, reduced operator eye fatigue, and ultimately, a greater return-on-investment for medical imaging users.
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 7 OF 14
CONSOLIDATED Income Statement (KSEK)
| Net sales | Q1 2023 | Q1 2022 | FULL YEAR 2022 | ||
|---|---|---|---|---|---|
| Net sales | 32 361 | 27 176 | 117 825 | ||
| Capitalized work for own account | 22 | 0 | 3 673 | ||
| Other income | 58 | 0 | 1 714 | ||
| Total income | 32 441 | 27 176 | 123 212 | ||
| Goods for resale | -781 | -627 | -2 404 | ||
| Other external costs | -6 622 | -4 993 | -25 851 | ||
| Personnel costs | -11 932 | -12 311 | -45 878 | ||
| Depreciation | -2 269 | -1 973 | -7 946 | ||
| Write-down of intangible assets | 0 | 0 | 0 | ||
| Operating results | 10 837 | 7 272 | 41 133 | ||
| Interest income | 6 | 0 | 111 | ||
| Interest cost | -57 | -59 | -199 | ||
| Results after financial items | 10 786 | 7 213 | 41 045 | ||
| Tax | -2 162 | -900 | -7 726 | ||
| Net results from continued operations | 8 624 | 6 313 | 33 319 | ||
| Discontinued operations | |||||
| Net results (after tax) from discontinued operations | 0 | -3 330 | -4 527 | ||
| Net results from continued operations and discontinued operations | 8 624 | 2 983 | 28 792 |
Capitalized cost are reclassified from cost to income section as "Capitalized cost for own account".
Consolidated Statement of comprehensive income (KSEK)
| Q1 2023 | Q1 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Net result for the period continued operations and discontinued operations | 8 624 | 2 983 | 28 792 | ||
| Other comprehensive income | |||||
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) | |||||
| Effect of currency hedging | 336 | 34 | -535 | ||
| Translation difference | -8 | 30 | 175 | ||
| Result from discontinued operations | 0 | 295 | 295 | ||
| Total other comprehensive income | 328 | 359 | -65 | ||
| Total comprehensive income for the period continuing operations | 8 952 | 3 342 | 28 727 |
Financial Highlights
| Q1 2023 | Q1 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Earnings per share (SEK) from continued operations before/after dilution | 0,11 | 0,08 | 0,43 | ||
| Average number of shares | 77 367 500 | 77 367 500 | 77 367 500 | ||
| Operating margin (per cent) continued operations | 33,5 | 26,8 | 34,9 | ||
| Solidity (per cent) continued operations | 74,5 | 56,1 | 68,1 |
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 8 OF 14
Consolidated Balance Sheet in summary (KSEK)
| MARCH 31^{17}, 2023 | MARCH 31^{17}, 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Intangible fixed assets | 8 748 | 8 854 | 9 541 | ||
| Tangible assets | 3 368 | 3 209 | 3 700 | ||
| Right-of-use assets | 9 159 | 8 806 | 5 161 | ||
| Other financial assets | 1 166 | 641 | 1 254 | ||
| Inventories | 988 | 711 | 1 272 | ||
| Current receivables | 33 377 | 32 313 | 34 952 | ||
| Cash and bank | 44 447 | 18 868 | 41 858 | ||
| Total assets | 101 253 | 73 402 | 97 739 | ||
| Equity | 75 482 | 41 145 | 66 530 | ||
| Deferred taxes | 146 | 146 | 146 | ||
| Non-current lease liabilities | 3 583 | 3 679 | 1 881 | ||
| Current liabilities | 13 693 | 24 171 | 26 636 | ||
| Current lease liabilities | 8 349 | 4 261 | 2 546 | ||
| Total equity and liabilities | 101 253 | 73 402 | 97 739 |
Change in equity in summary (KSEK)
| Q1 2023 | Q1 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Opening balance | 66 530 | 37 803 | 37 803 | ||
| Total comprehensive income for the period | 8 952 | 3 342 | 28 726 | ||
| Dividend | 0 | 0 | 0 | ||
| Closing balance | 75 482 | 41 145 | 66 530 |
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 9 OF 14
CONSOLIDATED STATEMENT OF CASH FLOWS
| SEK K | Q1 2023 | Q1 2022 | Full Year 2022 |
|---|---|---|---|
| Operating Profit continued operations | 10 837 | 7 279 | 41 133 |
| Operating Profit discontinued operations | -3 330 | -4 520 | |
| Total Operating Profit | 10 837 | 3 949 | 36 613 |
| Adjustment of items not included in the cashflow | |||
| Depreciation and impairment of assets | 2 269 | 2 707 | 8 680 |
| Unrealized gain/loss on current investments | 336 | 34 | -536 |
| Interest Payments | -50 | -66 | -95 |
| Income tax paid | -1 089 | -1 982 | -2 821 |
| Others | -574 | 413 | 1 104 |
| Cash flow from operating activities before change in working capital | 11 729 | 5 054 | 42 946 |
| Change in working capital | |||
| Increase (-)/decrease (+) inventories | 284 | 317 | -244 |
| Increase (-)/decrease (+) current receivables | -8 065 | -4 070 | -7 029 |
| Increase (+)/decrease (-) liabilities | 4 834 | -6 343 | -10 173 |
| Cash flow from operating activities | 8 782 | -5 043 | 25 499 |
| Investing activities | |||
| Investments in intangible assets | -22 | -931 | -3 673 |
| Investments in tangible assets | 72 | -1 155 | |
| Investments in right-of-use assets | -5 192 | 60 | 390 |
| Investments in financial assets | -473 | ||
| Cash flow from investing activities | -5 142 | -5 914 | -4 911 |
| Financing activities | |||
| Payments of lease liabilities | -1 052 | -1 146 | -4 659 |
| Paid dividend | -500 | -500 | |
| Cash transfer to subsidiary* | -20 503 | -20 503 | |
| Cash flow from financing activities | -1 052 | -32 899 | -25 662 |
| Cash flow for the period | 2 589 | -28 064 | -5 073 |
| Change of cash and cash equivalent | |||
| Cash and cash equivalent at beginning of period | 41 858 | 46 931 | 46 931 |
| Cash and cash equivalent at period end | 44 447 | 18 868 | 41 858 |
- Transfer of liquid funds to subsidiaries in connection with the distribution of the same
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 10 OF 14
PARENT COMPANY Income Statement (KSEK)
| Q1 2023 | Q1 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Net sales | 32 362 | 28 398 | 117 825 | ||
| Capitalized work for own account | 22 | 0 | 3 673 | ||
| Other income | 58 | 0 | 2 002 | ||
| Total income | 32 442 | 28 398 | 123 500 | ||
| Goods for resale | -781 | -629 | -2 406 | ||
| Other external costs | -8 713 | -8 889 | -35 617 | ||
| Personnel costs | -11 116 | -13 194 | -44 654 | ||
| Depreciation | -1 076 | -1 504 | -4 223 | ||
| Operating results | 10 755 | 4 182 | 36 600 | ||
| Interest income | 6 | 0 | 111 | ||
| Interest cost | 0 | 0 | -2 | ||
| Results after financial items | 10 761 | 4 182 | 36 709 | ||
| Tax | -2 136 | -885 | -7 650 | ||
| Net results | 8 625 | 3 297 | 29 059 |
Parent Company Financial Highlights
| Q1 2023 | Q1 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Average number of shares | 77 367 500 | 77 367 500 | 77 367 500 | ||
| Operating margin (per cent) | 33,2 | 14,7 | 31,1 | ||
| Solidity (per cent) | 79,6 | 60,7 | 69,8 |
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 11 OF 14
PARENT COMPANY Balance Sheet in summary (KSEK)
| MARCH 31ST, 2023 | MARCH 31ST, 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Intangible fixed assets | 8 748 | 8 854 | 9 541 | ||
| Tangible assets | 3 368 | 3 209 | 3 700 | ||
| Other financial assets | 1 384 | 859 | 1 471 | ||
| Inventories | 988 | 711 | 1 272 | ||
| Current receivables | 34 484 | 33 275 | 35 915 | ||
| Cash and bank | 43 827 | 18 596 | 41 085 | ||
| Total assets | 92 799 | 65 504 | 92 984 | ||
| Equity | 73 893 | 39 740 | 64 932 | ||
| Untaxed reserves | 680 | 680 | 680 | ||
| Current liabilities | 18 226 | 25 084 | 27 372 | ||
| Total equity and liabilities | 92 799 | 65 504 | 92 984 |
Parent Company Change in equity in summary (KSEK)
| Q1 2023 | Q1 2022 | FULL YEAR 2022 | |||
|---|---|---|---|---|---|
| Opening balance | 64 932 | 36 408 | 36 408 | ||
| Total comprehensive income for the period | 8 961 | 3 331 | 28 524 | ||
| Dividend | 0 | 0 | |||
| Closing balance | 73 893 | 39 740 | 64 932 |
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 12 OF 14
NOTE 1 INCOME STATEMENT DISCOUNTINED OPERATIONS
CONSOLIDATED Income Statement (KSEK)
| Net sales discontinued operations | Q1 2023 | Q1 2022 | FULL YEAR 2022 | ||
|---|---|---|---|---|---|
| Net sales discontinued operations | 0 | 1 222 | 0 | ||
| Other income discontinued operations* | 0 | 0 | 288 | ||
| Total revenues | 0 | 0 | 288 | ||
| Goods for resale | 0 | -1 | -1 | ||
| Other external costs | 0 | -1 781 | -2 043 | ||
| Personnel costs | 0 | -2 029 | -2 030 | ||
| Depreciation | 0 | -734 | -733 | ||
| Operating results | 0 | -3 323 | -4 520 | ||
| Interest income | 0 | 0 | 0 | ||
| Interest cost | 0 | -7 | -7 | ||
| Results after financial items | 0 | -3 330 | -4 527 | ||
| Tax | 0 | 0 | 0 | ||
| Net results from discontinued operations | 0 | -3 330 | -4 527 |
*Other income refers to accumulated re-invoicing of costs to Inify Laboratories AB of SEK 288 K in 2022.
NOTE 2 SUBSEQUENT EVENTS
No significant events have occurred during the period between period-end and date of issuance of this report.
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 13 OF 14
DEFINITIONS
ContextVision presents certain financial measures in the financial statements that are not defined under IFRS. ContextVision believes that these measures provide useful supplementary information to investors and the management as they allow for evaluation of ContextVision's performance. Because not all companies calculate the financial figures in the same way, these are not always comparable to measures used by other companies.
| Earnings per share after tax (Return on equity) from continued operations | Net result for the period as a percentage of the average number of shares | Earnings per share shows the group's results in relation to shares and provides investors with additional information regarding the group's profitability. |
|---|---|---|
| Operating margin from continued operations | Operating income excluding non-recurring items as a percentage of net sales | The operating margin is helpful for investors when assessing the group's potential for dividends. |
| Profit margin from continued operations | Result after financial items as a percentage of net sales | The profit margin shows the group's results per SEK revenue and is of interest for both the group and for investors. |
| Solidity (Equity ratio) from continued operations | Equity at period end as a percentage of total assets | The equity ratio shows the group's long-term ability to pay its debts and is a complement to other key figures. It helps investors assess the possibility of dividends. |
| EBITDA from continued operations | Earnings before interest, taxes, depreciation, and amortization | EBITDA shows the group's underlying development, which is valuable as an indication of the group's underlying cash-generating capacity. |
CONTEXTVISION AB 556377-8900//FIRST QUARTER 2023 FINANCIAL REPORT/PAGE 14 OF 14
GLOSSARY
ALTUMIRA
ContextVision's next generation image enhancement for X-ray systems. Altumira is designed with AI (deep learning) technology in combination with ContextVision's leading GOP technology.
ARTIFICIAL INTELLIGENCE (AI)
Artificial Intelligence is the intelligence exhibited by machines or software.
DEEP LEARNING
Deep learning is the latest very powerful technology within machine learning, machine learning with deep neural networks.
DIGITAL PATHOLOGY
Digital pathology refers to the digital images of histopathology samples. The digitalization is achieved by scanning the prepared samples.
GOP® (GENERAL OPERATOR PROCESSOR)
ContextVision's methodology and technology base for image analysis and image enhancement, detecting structures in an image and relating them to their wider context in order to increase visualization accuracy.
HANDHELD ULTRASOUND
A small ultrasound unit that can be held in the hand when performing the examination, e.g., smartphones and tablet-based systems.
IMAGE ANALYSIS
Processing a digital image in order to describe/classify its contents or to extract quantitative measurements.
IMAGE PROCESSING
A generic term used to describe the computation of digital images, typically to enhance or analyze them.
IMAGE ENHANCEMENT
To improve the visual quality of a digital image by increasing the visibility of relevant structures, as in edge/contrast enhancement and the suppression of noise or artifacts.
INIFY LABORATORIES AB
Former subsidiary of ContextVision that was spun off on 9th February 2022. Inify Laboratories AB is now listed on the Oslo Börs under ticker "INIFY".
MACHINE LEARNING
Machine learning is the study of computer algorithms that improve automatically through experience.
MODALITY
A device that generates internal images of the body, such as X-ray, ultrasound, magnetic resonance imaging, and computed tomography.
MRI (MAGNETIC RESONANCE IMAGING)
A non-invasive procedure, generated by variations in strong magnetic fields, that produces a two-dimensional view of an internal organ or structure, especially the brain and spinal cord.
OEM
The acronym for Original Equipment Manufacturer.
RIVENT™
ContextVision's image enhancement product for 2D ultrasound with extended processing possibilities.
US (ULTRASOUND)
A procedure in which high-energy sound waves are bounced off internal tissues or organs to create echoes. The echo patterns are displayed on the screen of an ultrasound machine, forming a picture of body tissues called a sonogram.
XR (X-RAY)
A diagnostic device in which radiation is used to create images for examination of soft and hard tissue, such as muscle and bone.
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.
FOR MORE INFORMATION, PLEASE VISIT WWW.CONTEXTVISION.COM