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ContextVision AB Investor Presentation 2020
9979_rns_2020-03-10_d7391bd8-94f8-4e1d-bf60-5ad36a0e47c0.pdf
Investor Presentation
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Q4 and full year 2019
Fredrik Palm, CEO
@Norne Securities, Oslo 2020-03-10
Highlights 2019
Sales – 95.3 MSEK
Op. result – 10.1 MSEK; EBITDA – 28.2 MSEK
Altumira™ - First AI-product line
Patent approval for MA-method
BETA-test agreement within Digital Pathology
Medical Imaging
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Total sales 2019
Total sales per year
- Sales Q4 2019: 28,1 MSEK (27,9) + 1 %
- Sales 2019: 95,3 MSEK (90,9) + 5 %
- Currency effect: In average 5,1% during Q4 2019 vs Q4 2018 In average 5,8% during 2019 vs 2018
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Sales per region 2019
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9 March 2020
Sales Asia 2017-2019 – per country
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Sales 2019 per region
Sales 2018
Each regions part of total
Sales 2019
Each regions part of total
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Sales per modality
2018
2019
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Sales development per modality
Modality sales 2017 - 2019 (MSEK)
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Medical Imaging 2020
New customers
Product development + R&D
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Digital Pathology
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Digital Pathology – First product
INIFY®, a portfolio of Decision Support Tools under development for diagnosis of the major cancer diseases
INIFY Prostate Screening - BETA test ongoing!
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Ground truth – Master Annotation™- now patented!
One of our methods for generating training data
A multiplex immunofluorescence overlay is combined with H&E staining on the same tissue slide for exact identification of suspicious areas
PCT application WO2018001689
Inventor: Kristian Eurén
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Awareness acceptance desire
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Advisors and network
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Digital Pathology 2020
INIFY Prostate Screening – CE mark
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Success factors
- Experience in Machine Learnings since the 90's
- Software product company
- Patented method for generating objective ground truth data.
- ISO certified company with regulatory infrastructure in place
- Established company, great track record
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Financials Q4 and full year 2019
2019 FINANCIAL DATA
- Sales of 95.3 MSEK (90.9)
- Operating result of 10.1 MSEK (-1.3) and operating margin of 10.6% (-1.4%)
- EBITDA 28.2 MSEK
- Earnings per share of 0.96 (-0.22) SEK
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Income statement 2019
| Q4 2019 | Q4 2018 | FULL YEAR 2019 | FULL YEAR 2018 | |
|---|---|---|---|---|
| Net sales | 28 137 | 27 937 | 95 312 | 90 903 |
| Total revenues | 28 137 | 27 937 | 95 312 | 90 903 |
| Goods for resale | -485 | -754 | -2 289 | -2 224 |
| Other external costs | -7 895 | -9 274 | -21 435 | -33 150 |
| Personnel costs | -11 706 | -12 310 | -43 347 | -50 130 |
| Depreciation assets | -2 251 | -1 274 | -8 170 | -5 029 |
| Write-down of intangible assets | -10 000 | -1 669 | -10 000 | -1 669 |
| Operating results | -4 199 | 2 656 | 10 072 | -1 299 |
| Interest income | 25 | 14 | 25 | 14 |
| Interest cost | -73 | - | -333 | -6 |
| Results after financial items | -4 247 | 2 670 | 9 763 | -1 291 |
| Tax | 874 | 130 | -2 365 | 112 |
| Net results | -3 373 | 2 800 | 7 398 | -1 179 |
| Earnings per share after tax (SEK) | -0,44 | 0,36 | 0,96 | -0,15 |
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Business Units / Operating Segments
The Business Unit Medical Imaging comprise research, product development and OEM sales within medical imaging. The product portfolio consists of products developed for a variety of modalities, such as Ultrasound, X-ray, MRI, Mammography, CT and iRV.
The Business Unit Digital Pathology presently includes research and product development of new products for the growing digital pathology market.
| | BUSINESS UNIT
MEDICAL IMAGING | | BUSINESS UNIT
DIGITAL PATHOLOGY | | GROUP TOTAL | |
| --- | --- | --- | --- | --- | --- | --- |
| | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
| Net sales | 95.3 | 41.1 | - | - | 95.3 | 90.9 |
| Operating expenses | 61.0 | -31.4 | -24.2 | -32.4 | -85.2 | -92.2 |
| Operating results | 34.3 | 31.1 | -24.2 | -32.4 | 10.1 | -1.3 |
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Product development and capitalization
During 2019 total development costs of 22,5 MSEK have been capitalized.
- Altumira - development of a new generation x-ray product, partly based on artificial intelligence (AI). Capitalization started in Q1 2018 and the product was launched during Q2 2019.
- INIFY Prostate Screening; development of a product for prostate cancer, the first product within the business unit Digital Pathology. The product is estimated to be launched during 2020.
- Rivent - development of a new 2D ultrasound product. Capitalization started during Q4 2019 and where ongoing at year end 2019. The product is estimated to be launched during 2020.
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Altumira™
AI-powered image enhancement
INIFY
Intelligent support for life-saving decisions
Rivent
Levelling up image enhancement for ultrasound
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Balance sheet 2019
| DECEMBER 31ST, 2019 | DECEMBER 31ST, 2018 | |
|---|---|---|
| Intangible fixed assets | 20 822 | 11 681 |
| Tangible assets | 2 677 | 3 353 |
| Right-of-use assets (acc. IFRS 16) | 9 461 | - |
| Other financial assets | 522 | 323 |
| Inventories | 884 | 714 |
| Current receivables | 23 399 | 22 817 |
| Cash and bank | 36 329 | 37 945 |
| Total assets | 94 094 | 76 833 |
| Equity | 66 136 | 58 562 |
| Deferred taxes | 1 560 | 968 |
| Non-current lease liabilities (acc. IFRS 16) | 4 734 | - |
| Current liabilities | 17 758 | 17 303 |
| Current lease liabilities (acc. IFRS 16) | 3 906 | - |
| Total equity and liabilities | 94 094 | 76 833 |
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Cash flow 2019
| Full year 2019 | Full year 2018 | |
|---|---|---|
| Cash flow for the period | -1 616 | -2 382 |
| Liquid assets at beginning of period | 37 945 | 40 327 |
| Liquid assets at period end | 36 329 | 37 945 |
Negative cash flow of -1,6 MSEK for 2019
Maintained strong cash position: 36,3 MSEK at year end
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Summary
Advanced the leading position within Medical Imaging
Invested further in Digital Pathology with focus on quality, robustness and workflow
Maintained a solid cash position
2020...
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Thank you!