Inify Laboratories AB — Earnings Release 2024

Aug 21, 2024

INIFY Laboratories: 62% revenue growth and strong international interest

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

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

fromContextVision (https://www.contextvision.com/), with 40 years of experience

within digital imaging for medical applications. It is listed onEuronext Growth

Oslo under the ticker

INIFY (https://live.euronext.com/en/product/equities/SE0017486103-MERK).