Farma

utepils
15.08.2019 kl 10:16 1461

Nornes oppdatering:

ContextVision’s 2Q figures were very strong and better than we expected. Combining this with good progress in Digital Pathology and new AI-based products already coming into the market, we keep our positive stance on COV share.

2Q figures above expectations
ContextVision (COV) released its 2Q19 report this morning with sales of SEK 23.1m being spot on our estimate, but EBITDA of SEK 7.3m was close to 30% better than we expected. EBITDA margin was 31% (25% expected), which is even higher than the levels seen before the company started the journey into Digital Pathology. Cash position was improved by SEK 2.5m QoQ despite the more than SEK 7m CAPEX on intangibles (product development mainly for Digital Pathology but also for other AI-based products).

Digital Pathology product beta testing in clinical setup in 3Q; first AI-based product out in the market
Multiple beta sites for INIFY Prostate – the Digital Pathology product – are now in preparation for testing. COV expects to sign agreements, install and start testing (in clinical setting) in 3Q. Notably, the first AI-based product for X-ray – Altumira – is released for sale and first contract signed. More contracts expected in 2019.

Estimates should be upped and positive stance to stay
We are likely to increase our EBTIDA estimates following the very strong 2Q report. The product development seems also going well with Digital Pathology into testing within clinical setup in 3Q. Therefore, we stay positive on COV share awaiting exciting months and likely years ahead.

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