Q1 highlights

• Partnership signed with the University of Washington as we progress our aim to develop organ-specific digital biomarkers
• Investments in ultrasound equipment to support our clinical research in the U.S.
• Attended the ECR Conference with high interest from current and potential customers
• Fruitful collaborations with customers to support a larger part of the image processing chain

Q1 Financial Data

• Revenue of 26.3 MSEK (34.7) , down 24,2%.
• EBITDA amounted to -1.6 MSEK (12.8) with an EBITDA margin of -6.3% (36.9).
• Adjusted EBITDA amounted to 2.1 MSEK (14.0) with an adjusted EBITDA margin of 8.1% (40.3).*
• Cash flow from operating activities was 0.3 MSEK (7.1).
• Earnings per share was -0,04 SEK (0.11).
• Adjusted earnings per share was 0.01 SEK (0.13).*

* ContextVision do adjustments for investments in Data Quality to make it easier to analyse the underlying business. The investments amounted to 3.8 MSEK in Q1 2025.

Executing on our strategy for Image Quality and Data Quality

The first quarter of the year has been eventful from many perspectives. Global macroeconomic factors continue to create uncertainty in the market, combined with an unfavorable seasonality for us. Despite this, we remain firmly committed to executing on our long-term strategy, with new partnerships within Data Quality, record high interest from both existing and potential Image Quality customers, and an increasing focus on expanding our revenue streams from Services.

Revenue from the first quarter amounted to 26.3 MSEK (34.7), a decrease of 24.2% compared to the record high Q1 2024. The decline is primarily explained by translational FX of -1.8%, seasonal impacts affecting sales among some of our larger customers, and an unfavorable ultrasound customer mix as new platforms, in which we are not yet integrated in, gained market share. In addition, the sales push from one customer in Q4 had a dampening effect on their sales this quarter.

Adjusted EBITDA came in at 2.1 MSEK (14.0), corresponding to an adjusted EBITDA margin of 8.1% when excluding investments in Data Quality of 3.8 MSEK. The decrease in profitability was primarily driven by increased investments and transactional FX effects of -3.9 MSEK year-on-year, as the SEK strengthened against USD and EUR. Our investments are related to Data Quality and the start of the clinical study, including the onboarding of new partners and investments in hardware, IT and associated equipment. We expect investment levels in Data Quality to stay elevated going forward, as the study progresses.

As we move forward, we continue to execute our strategy across both Image Quality and Data Quality. In Image Quality we are engaging in an unprecedented number of close collaborations with customers, where we can provide high-quality support across the image processing chain. This expands our share of wallet by providing greater value and thereby strengthening our revenue resilience, particularly if license sales fluctuate.

In Data Quality, we are taking significant steps. During the quarter, we signed a partnership with the University of Washington to initiate clinical research aimed at developing AI-based solutions for organ-specific data interpretation. After the quarter, we further strengthened our position through partnerships with the University of Waterloo's Laboratory on Innovative Technology in Medical Ultrasound (LITMUS) and InPhase Solutions AS. These collaborations enhance our technical and clinical capabilities in developing digital biomarkers for the early detection and monitoring of liver diseases. Today, approximately 25% of the global population is estimated to be affected by fatty liver disease, creating a growing societal need for non-invasive diagnostic solutions. We have a clear ambition of taking a leading role in this market, and we look forward to announcing more partnerships supporting this mission in the near future.

Finally, I would like to highlight the strong reputation that ContextVision holds in our field. At the European Congress of Radiology in Vienna in February we recorded a record number of customer meetings, and successfully renewed several contracts.

Looking ahead, we anticipate continued quarterly market fluctuations. However, by consistently executing on our dual strategy across Image and Data Quality, we are building new revenue streams and sources of growth while maintaining control of near-term cash flow.

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.

This information is inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 a.m. CET on May 7, 2025.