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ContextVision AB Investor Presentation 2010
9979_rns_2010-02-18_1da23999-e432-4c42-b96e-53c0fa67471d.pdf
Investor Presentation
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CONTEXTVISION
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CONTEXTVISION
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Quarter four presentation
February 18, 2009
Jan Erik Hedborg, CEO
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Agenda
- Introduction
- Operational highlights
- Market & product performance
- Financial results
- Strategic review
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Q4 - operational highlights
- Sales recovery indicates some market recovery
- Strong GOPView iRVPlus initial delivery, fuelled by upgrade sales for installed products
- Launch of GOPView XR2Plus update – improved cost savings, increased throughput, and clinical value to the OEM customers
- Evaluation of GOPiCE US by our two key customers ongoing – first delivery start expected during Q3 2010
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Q4 - operational highlights (cont.)
- Dose reduction study for GOPView iRVPlus presented by Johns Hopkins Hospital at RSNA (up to 50% less dose compared to normal)
- Joint study ContextVision AB, SharpView AB, Massachusetts General Hospital (MGH) and the Centre for Medical Image Science and Visualization (CMIV) for 3D filtering MRI study (GOPiCE MR)
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COV in the media 2009
RSNA Video Profile: ContextVision
December 15, 2009
by Brendan Ratzigan, Writer
Technology for lowering radiation dosage from imaging was one of the big trends at RSNA 2009. And no company was more in the forefront of this trend than ContextVision. Headquartered in Linkoping, Sweden, the 38-year-old company was showing some of its latest tools, such as GOP View Mk-2 Plus, for protecting patients and practitioners from radiation exposure.
Last week at the show, our camera crew caught up with Donald Barry®. Ph.D., product general manager for X-ray of ContextVision, to talk about the Mk-2 Plus and other products.
ContextVision ser djupt in i röntgenplåten
[Seal: The Center]
For all core carcinogenesis team and services in ContextVision related assets, kemiappongers från Linköping's universitet har vuxit i tjänhet.
Contextvision ser alltid insatser om att tillväga som medicinärer. Bolaget ska öka prisen för att förbättra information, röntgenfulla och använda sig varje medicinska produkter som begränsas med lönsam för att använda mediciner.
Tidvatten läser att ställa sämre deponier eftersom det på ett bra sätt och sämre information är röntgenlös.
1,100+ jobs are looking for you...
New processors bring greater speed to medical imaging industry
By Taranta Mikkelsen, Peter Rönnqvist, and Hans Herborg
AuntMinne.com contributing writers
June 12, 2009
In personal computers, quad-core microprocessors and graphics processors allow the user to view graphics with extreme detail. The gaming industry has embraced this technology, and an entire generation of teenagers has driven the development of advanced computer games. Now, the medical imaging industry has discovered that it can leverage the high-speed computation technology to advance medical imaging.
ContextVision aims CT dose reduction at OEMs
Cell microprocessor boosts algorithm speed to cut dose
ContextVision has adapted its GOPView CT enhancement software to run on
Imaging | Technology
The Technology Solutions Resource for Medical Imaging and Radiation Oncology Professionals
This article appeared in Imaging Technology News, Nov/Dec 2009 Issue
Real-Time Imaging Drives Interventional Radiology
Interventional radiology sees images in real time thanks to new imaging algorithms and automated image fusion.
By: Don Barry, ContextVision
With a patient on the table, an interventional radiologist follows the movement of his catheter through a maze of arterial vessels. As he weaves his catheter through an intricate web of arteries to reach the coronary arteries and the area of interest, he gets constant real-time feedback from the monitors so he can carefully position the catheter to perform the intervention.
A Conversation with . . .
Jan Erik Hedborg
A clearer vision of interventional radiology
JAN ERIK HEDBORG, CEO OF CONTEXTVISION
DANIEL HEDBORG, is the headquarter in Stockholm, Sweden, and an office in Toronto, Mass., discusses the latest developments in the field of interventional radiology, as well as how image enhancement software can guide these more-relevant procedures and ensure these industries while maintaining high-quality images.
Ori-Image: Why do you think there is growing interest in the field of interventional radiology?
A Jan Erik Hedborg: Interventional radiology (II)
DIAGNOSTIC IMAGING | SCAN
BUSINESS NEWS FOR MEDICAL IMAGING
"THE STORY BEHIND THE ANNOUNCEMENT"
ContextVision aims CT dose reduction at OEMs
Cell microprocessor boosts algorithm speed to cut dose
ContextVision has adapted its GOPView CT enhancement software to run on
slower and clunkier technologies, such as multicore PCs. The software itself is based on the GOP algorithm, which has been adapted to enhance fine structure while reducing noise and speckle in MRI, x-ray, and interventional radiology equipment, as well as CT. The company has mailed these versions on a range
a few seconds on image reconstruction, however, this computational horsepower can be leveraged to clean up noisy images acquired using less x-ray dose: 70% less dose than otherwise delivered, according to ContextVision.
"When you lower the millipore to lower
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Market performance Q4
ASIA
- Strong sales fueled GOPView iRV sales start
- New customer prospects
- GOPView iRV and GOPiCE US business opportunities
EUROPE
- Strong sales
- New customer prospects incl. Eastern Europe
- GOPiCE US business opportunities
AMERICA
- Market remains weak
- GOPView iRV business opportunities
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Sales by product
- GOPView US sales recovery expected to continue in 2010
- GOPView XR sales remained weak but expected to improve in 2010
- Strong GOPView iRV initial sales
- Initial sales of GOPiCE US expected in Q3 2010
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Financial performance
Income statement (SEK 1000)
| Q4 2009 | Q4 2008 | 12 months 2009 | 12 months 2008 | |
|---|---|---|---|---|
| Net sales | 15 828 | 19 215 | 53 731 | 71 091 |
| Other revenues | 250 | 1 556 | 1 000 | 2 107 |
| Total revenues | 16 078 | 20 771 | 54 731 | 73 198 |
| Goods for resale | -709 | -362 | -1 489 | -1 502 |
| Other external costs | -5 752 | -6 462 | -17 950 | -17 723 |
| Personnel costs | -7 089 | -7 598 | -29 882 | -26 721 |
| Depreciation assets | -839 | -682 | -2 805 | -2 589 |
| Write-down of intangible assets | -1 933 | - | -1 933 | - |
| Operating results | -243 | 5 667 | 673 | 24 663 |
| Interest income | - | 454 | 341 | 2 837 |
| Interest costs and similar profit / loss items | -2 | -14 | -20 | -63 |
| Write-down of assets held for sale | -8 973 | - | -8 973 | - |
| Results after financial items | -9 218 | 6 107 | -7 979 | 27 437 |
| Tax | 107 | -1 294 | -273 | -7 240 |
| Net results | -9 111 | 4 813 | -8 252 | 20 197 |
| Earnings per share after tax, SEK | -1,26 | 0,60 | -1,05 | 2,49 |
Consolidated Statement of comprehensive income (SEK 1000)
| Q4 2009 | Q4 2008 | 12 months 2009 | 12 months 2008 | |
|---|---|---|---|---|
| Effect of currency hedging | -207 | -1 517 | 2 119 | -1 517 |
| Fair value adjustment of assets held for sale | -386 | 3 120 | -4 368 | -4 605 |
| Fair value adjustment for assets held for sale transferred to the income statement during the period | 8 973 | - | 8 973 | - |
| Translation difference | 42 | 138 | -90 | 189 |
| Total other comprehensive income | 8 422 | -5 984 | 6 634 | -5 933 |
| Net result for the period | -9 111 | 4 813 | -8 252 | 20 197 |
| Total comprehensive income for the period | -689 | -1 171 | -1 618 | 14 264 |
- Capital expenditure for a specific product has been written off due to difficulties in the development process (1,9 MSEK)
- Cost connected to the ongoing merger process 1,0 MSEK during Q4
- SharpView share value loss has been moved from statement of comprehensive income to the income statement as a write down of total 8.9 MSEK
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Financial performance
Balance sheet
Consolidated Balance Sheet (SEK 1000)
| 2009 | 2008 | |
|---|---|---|
| Intangible fixed assets | 11 247 | 11 311 |
| Tangible assets | 1 438 | 1 574 |
| Participation in associated companies | 1 426 | - |
| Long-term receivables from associated comapnies | 2 000 | - |
| Other financial assets | 50 | 6 385 |
| Inventories | 404 | 429 |
| Current receivables | 23 185 | 16 500 |
| Current investments | - | 15 202 |
| Cash and bank | 10 067 | 16 201 |
| Total assets | 49 817 | 67 602 |
| Equity | 40 678 | 49 535 |
| Provisions | 1 088 | 1 488 |
| Current liabilities | 8 051 | 16 579 |
| Total equity and liabilities | 49 817 | 67 602 |
- Development work mainly for GOPView iRV and GOPiCE US capitalized during 2009 (total 3,4 MSEK)
- Cash 10.1 MSEK as per 31 Dec 2009 (recovery in the beginning of 2010)
- The holding of SharpView has been reclassified as a holding in an associated company.
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Strategic review
Rational for a merger or other strategic opportunities
Optimize the value of the Company's world leading technology and products
- Combining ContextVision's core technology with other technology to create synergies for its customers
- Leverage customer relationships by enhancing existing ContextVision product offering
- Create economies of scale, and
- Build a stronger company brand towards end-users
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Strategic review
- Board of Directors decided in August 2009, as a consequence of the yearly strategic process, to pursue a merger or other strategic opportunities led by Nomura Code Securities
- The process started in October 2009 and is moving forward, an announcement on outcome is expected by the end Q1 2010
- There can be no assurance that a transaction will be entered into or completed as a result of this process
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ContextVision strengths & opportunities
- World leading technology and products
- Extensive customer base and market coverage
- Attractive market with strong underlying growth
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Thank You!
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