Q3 Highlights 

• Continued turbulent market conditions affecting sales development. 
• Solid progress with our Data Quality initiative as we secured key approvals allowing us to initiate patient recruitment. 
• Strategic product adjustments to align our long-term Image Quality offering with evolving market dynamics. 
• Collaborations with OEMs to support a larger part of the image processing chain going forward. 
• Preparation to launch the first product from our new line of clinically focused products at the RSNA in Q4. 
• Initiated our share buyback program, as authorized by the AGM in May. 

Q3 Financial Data 

• Revenue of 23.7 MSEK (30.1) , down –21.2%. 
• EBITDA amounted to 1.4 MSEK (9.4) with an EBITDA margin of 5.7% (31.1). 
• Adjusted EBITDA amounted to 4.0 MSEK (11.4) with an adjusted EBITDA margin of 16.7% (37.9).* 
• Cash flow from operating activities was –2.0 MSEK (3.3). 
• Earnings per share was 0.00 SEK (0.07). 
• Adjusted earnings per share was 0.03 SEK (0.10).* 

Nine Months Financial Data 

• Revenue of 78.6 MSEK (96.5), down –18.6%. 
• EBITDA amounted to 2.0 MSEK (29.5) with an EBITDA margin of 2.5% (30.6). 
• Adjusted EBITDA amounted to 11.2 MSEK (34.4) with an adjusted EBITDA margin of 14.3% (35.7).* 
• Cash flow from operating activities was –0.2 MSEK (23.9). 
• Earnings per share was –0.04 SEK (0.24). 
• Adjusted earnings per share was 0.08 SEK (0.30).* 

* ContextVision adjusts for investments in Data Quality to facilitate analysis of the underlying business. The investments amounted to 2.6 MSEK in Q3 and 9.2 MSEK in the first nine months of 2025. 

Navigating market uncertainty while making solid progress with our Data Quality initiative

During the third quarter, we continued to experience a turbulent market, as our customers faced ongoing price pressure and trade-related challenges, leading to general uncertainty and hesitation. While navigating these complex market dynamics, we made solid progress with our Data Quality initiative as we secured key approvals allowing us to initiate patient recruitment. In parallel, we started our share buyback program, reflecting our confidence in the long-term development of ContextVision. 
 
Revenue for the third quarter amounted to 23.7 MSEK (30.1), a decline of -21.2% compared to Q3 2024. This was mainly due to lower license sales and a translational FX effect of 1.1 MSEK. While our market-leading customers manage current market conditions with less impact on our license sales, customers with a smaller global footprint and lower volumes are more directly impacted, also affecting our sales directly. 

The broader healthcare sector remains challenging, with geopolitical and structural headwinds resulting in increased price pressure, shifting demand from premium to mid-range segments, and delayed procurements in key regions. While we have not lost customers during the period, we expect the market conditions to persist in the short term. 

Adjusted EBITDA came in at 4.0 MSEK (11.4), corresponding to a margin of 16.7% when excluding investments in Data Quality of 2.6 MSEK. The decrease in profitability is explained by lowerrevenue, increased R&D, FX effects, and non-recurring foreign tax expenses of 2.9 MSEK. We expect costs related to the Data Quality initiative to increase going forward, while we are simultaneously implementing cost reductions elsewhere. 

While financial performance reflects market uncertainty, our strategic initiatives in Image Quality and Data Quality continue to advance as planned, reinforcing the foundation of our business. To unlock the value of our investments in Image Quality and Data Quality we also invest in the infrastructure of the company; for example, in our IT, QA-function and R&D equipment. 

Strategically, we continue adapting our long-term image quality offerings to serve market segments that are increasingly attractive within the evolving market landscape as we continue to deepen our long-standing partnerships with leading OEMs. We have previously initiated collaborations with OEMs to support a broader part of the image processing chain, and these are moving forward according to plan, with positive response on presented prototypes. In Q4, at the RSNA (Radiological Society of North America), we also plan to launch the first product from our new line of clinically focused products. 

In the third quarter, we devoted significant efforts in the Data Quality initiative as we took important steps in our plan. We made further progress by securing Institutional Review Board (IRB) and Ethics Committee approval of the clinical protocol, allowing us to initiate subject recruitment. Currently, our collaboration partner University of Washington, USA, is actively screening patients with the goal of enrolling the first study participant in the near term. 

The study aims to develop a novel, AI-powered, ultrasound-based biomarker for quantifying hepatic steatosis in patients with metabolic dysfunction–associated steatotic liver disease (MASLD). We will collect data from different modalities, patient demographics as well as clinical data, from more than 100 participants, spanning the full MASLD spectrum, to build disease-specific biomarker and organ specific diagnostics solutions. The initiative represents an important step toward non-invasive, quantitative, and scalable diagnostics, addressing a global health challenge that affects nearly one in four people worldwide, thus representing a large market potential for ContextVision. 

During the period, we also initiated our share buyback program, as authorized by the AGM in May. The program reflects our confidence in our future. Step by step we are position ContextVisionfor the future of healthcare and technological innovation. 

Dr. Dr. Gerald Pötzsch 
Chief Executive Officer 

For more information, please contact 
Richard Hallström 
Chief Financial Officer 
richard.hallstrom@contextvision.com 
 
About ContextVision 
ContextVision is a software company specialized in image analysis and artificial intelligence. As the global market leader within image enhancement, we are a trusted partner to leading manufacturers of ultrasound, X- ray and MRI equipment around the world. Our expertise is to develop powerful software products, based on proprietary technology and artificial intelligence for image-based applications. Our cutting-edge technology helps clinicians accurately interpret medical images, a crucial foundation for better diagnosis and treatment. The company, established in 1983, is based in Sweden with local representation in the U.S., Japan, China and Korea. ContextVision is listed on the Oslo Stock Exchange under the ticker CONTX.