Stable Q3 sales and very strong first nine months of 2022
STOCKHOLM – Oct 20, 2022- ContextVision, a medical technology software company specializing in image processing and image analysis, today reports its third quarter results.
Our Q3 revenues came in at 26.9 MSEK compared to 26.0 in last year, down 3 % from last year. Currencies played a role and had a positive impact of 7MSEK. Our comparison quarter in 2021 was exceptionally strong due to one off bookings that was done during that quarter. Our 9 months revenue came in at 86.6 MSEK compared to 70.7 MSEK last year, resulting in an overall growth of +23% for the first nine months of 2022. EBITDA for Q3 ended at 13.3 MSEK, with an EBITDA margin of 49.4% – yet another increase compared to the previous quarter. Our 9 months EBITDA was a strong 38.1 MSEK compared to 38.0 last year. Cash position has increased to 40.6 MSEK at the end of the quarter.
“We are especially excited to see in-person customer visits picking up again in the Americas, Europe and Asia, and we are receiving very good feedback on our new product features, which we will also be showcasing at RSNA (Radiological Society of North America) later in November” – Gerald Pötzsch, CEO of ContextVision.
The growth in Q3 mainly resulted from strong Asian suppliers and the continued success of our Ultrasound 2D products, for larger OEMs.
In line with the business growth, ContextVision is making further important investments in the organization, with several new key hires.
Summary
The growth strategy, “Focus on the core”, is bearing fruit. Continued top line growth, further increasing margins, strong positive cash flow and a stabilizing OPEX level after the spin-off of Inify Laboratories AB will allow us to significantly invest in further growth.
