Inify Laboratories AB — Earnings Release 2024

Feb 26, 2025

Inify Laboratories: 60% quarterly sales growth and highly positive response to UK expansion

Inify Laboratories: 60% quarterly sales growth and highly positive response to UK expansion

STOCKHOLM - February 26, 2025 - Inify Laboratories, a unique laboratory service

that provides cancer diagnostics within pathology, saw sales grow by 60%

compared to the previous quarter, and 472% compared to the fourth quarter 2023.

Sales for the full year reached SEK 13.7 million, compared to SEK 1.2 million

the year before.

"Both the fourth quarter and the full year 2024 were a success for Inify. Our

sales grew substantially, and our Swedish laboratory operations generated

positive financial results for both the fourth quarter and the full year," says

CEO Fredrik Palm at Inify Laboratories.

At the end of the year, Inify had around 80% market share of prostate

diagnostics in the Stockholm region, and has signed the company's first

agreement with a Swedish region - an important milestone in domestic expansion

and increasing the current market share in Sweden.

"While we see this as a major achievement in our first full year of operation,

the laboratory has the capacity to handle volumes exceeding Sweden's total

national demand, leaving substantial room for continued growth," says Palm.

The expansion into the UK health care market is moving ahead rapidly, with

strong recruitments and promising location evaluations. Inify has also continued

to deepen and expand dialogues with both the public healthcare system (NHS) and

private healthcare providers. The UK laboratory operations will be established

in 2025, with the goal of opening for clinical activities in early 2026.

"The response in the UK has been very positive, with strong expectations for how

we can collaboratively develop the pathway for patients undergoing investigation

for suspected prostate cancer," says Palm.

Funding to support the UK expansion and strengthen working capital was secured

in the fourth quarter. The company also began its development of a system to

support diagnostics in the gastrointestinal tract.

"This opens up new opportunities in a market with sample volumes ten times

larger than those of prostate cancer. Our goal is to be able to initiate the

expansion of our service offering in the second half of 2025," says Palm.

Additionally, the company entered an important research collaboration within

prostate cancer, with a leading research group at Karolinska Institute in

Sweden.

"The future looks bright for Inify. Going forward, we have ambitious goals - not

just our establishment in the UK, a market that is six times larger than Sweden,

but also the development of our system to expand our service offering," Palm

concludes.

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's shares are listed

onEuronext Growth Oslo under the ticker

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