ContextVision AB: Q3 interim report 2026 – Stronger license sales and a growing clinical evidence base
Summary by AI BETAClose X
Q3 highlights
- Strong underlying revenue* growth, driven by higher license sales.
- Strengthened customer relationships, with positive development, notably in the Chinese market.
- Industry developments confirm the shift toward application-specific imaging, in line with ContextVision’s strategy within quantitative imaging and liver biomarkers.
- Initiation of a share buyback program, as authorized by the AGM in May.
Q3 financial data
- Revenue of 26.5 MSEK (23.7), up 11.5%.
- EBITDA amounted to 7.1 MSEK (1.4) with an EBITDA margin of 27.0% (5.7).
- Adjusted EBITDA amounted to 9.2 MSEK (4.0) with an adjusted EBITDA margin of 34.7% (16.7).**
- Cash flow from operating activities was 7.2 MSEK (–2.0).
- Earnings per share were 0.06 SEK (0.00).
- Adjusted earnings per share were 0.09 SEK (0.03).**
Nine months financial data
- Revenue of 90.3 MSEK (78.6), up 14.9%.
- EBITDA amounted to 22.4 MSEK (2.0) with an EBITDA margin of 24.8% (2.5).
- Adjusted EBITDA amounted to 30.7 MSEK (11.2) with an adjusted EBITDA margin of 34.0% (14.3).**
- Cash flow from operating activities was 22.1 MSEK (–0.2).
- Earnings per share were 0.19 SEK (–0.04).
- Adjusted earnings per share were 0.30 SEK (0.08).**
*Adjusted for the refined assessment of the timing of revenue recognition and translational FX effects.
** ContextVision adjusts for investments in Data Quality to facilitate analysis of the underlying business. The investments amounted to 2.0 MSEK in Q3 and 8.3 MSEK for the nine months 2026.
Stronger license sales and a growing clinical evidence base
Higher license sales drove strong underlying growth in the third quarter and a clear improvement in profitability. At the same time, we continued to strengthen clinical evidence for our quantitative imaging solutions, and developments in the industry confirm the shift toward application-specific imaging that guides our strategy.
Revenue for the third quarter of 2026 amounted to 26.5 MSEK (23.7), an increase of 11.5% compared to Q3 2025. Revenue was again affected by the refined assessment of the timing of revenue recognition introduced in Q1 2026, which had a negative effect of -4.1 MSEK in the quarter. In addition, a translational FX effect of 0.2% had a marginally positive impact on sales, corresponding to 0.1 MSEK. Adjusted for these items, underlying revenue growth for the quarter amounted to approximately 34.5%, compared to 1.6% in Q2. For the first nine months of the year, with the equivalent adjustment, underlying growth amounted to 11.7%.
License revenue was the main driver for growth in the quarter, with noticeably positive development among customers in China. As the timing of orders between quarters is an important factor in our business, we look at development over several quarters rather than one at a time. Viewed together with the earlier quarters this year, the development is in line with our expectations and does not materially alter our outlook for the full year.
EBITDA for the third quarter amounted to 7.1 MSEK (1.4), with a margin of 27.0% (5.7%), and adjusted EBITDA, excluding investments in Data Quality of 2.0 MSEK, amounted to 9.2 MSEK (4.0),
a margin of 34.7% (16.7%). With costs for R&D, sales and administration broadly unchanged, the higher license revenue translated directly into improved profitability.
Recent developments in the industry support the direction toward developing high-valued clinical application-specific imaging. One of the leading global ultrasound manufacturers recently announced that it has discontinued sales of general imaging systems to focus on procedural imaging, mainly within interventional cardiology. For ContextVision, the shift is most visible in our work on liver biomarkers, and seeing others move in the same direction adds a market proof-point to our vision for quantitative imaging.
Our solutions also need strong clinical evidence of how they perform in practice. In our clinical program for liver disease diagnostics at the University of Washington, approximately 25 patients have now been included. Recruitment is demanding, as participants must meet specific clinical criteria and represent different stages of the disease.
Our dialogue with BeamWorks Inc., a South Korean medical AI company, advanced during the quarter, with the goal of taking the collaboration we announced earlier this year a step further. By combining our expertise in ultrasound image processing with BeamWorks’ deep learning platform, we aim to jointly build and launch products using AI and computer vision technologies for the detection of anatomical structures and abnormalities in real time. We will provide an update as soon as there is more to report.
The third quarter combined a solid financial result with clear progress in the areas that will drive our long-term growth. A new share buyback program, initiated during the period, has already made significant progress and reflects our confidence in the company’s direction. In the fourth quarter, our focus is on converting our dialogue with customers into new agreements, continuing to build clinical evidence for our quantitative imaging solutions, and moving our partnerships forward. Step by step, we are building the foundation for the next phase of ContextVision’s development.
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.
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