On October 22nd, ContextVision announced its financial results for the third quarter of 2020. These show that sales continued to contract during the quarter, although were higher than Q2 and cumulative sales remained higher for the year. Total company revenues reached SEK 21.9m in Q3 2020, compared with SEK 22.9m in Q3 2019, a decrease of -4.3% year-on-year. This took cumulative 2020 sales to SEK 71.3m, compared with SEK 67.2m during 2019, an increase of +6% year-on-year.
Sales performance continues to be driven exclusively by the medical imaging segment, however, during the second quarter, the company entered the market with it’s first Digital Pathology solution. This a decision support tool for the diagnosis of prostate cancer branded INIFY Prostate Screening, which has the potential to radically transform the digital pathology sector, globally. The company was granted CE mark status during June-20 which enables the first sales within the EU region.
The sales contraction during the quarter was driven predominately by lower sales of 2D ultrasound solutions, which were approximately -20% lower, relative to 2019. This encompasses the Rivent product, the companies latest generation 2D ultrasound solution released during May-20. Lower revenues from 2D ultrasound during the quarter were partially offset by continued sales growth from Altumira, the companies AI-based product line for x-ray imaging as well as 3D ultrasound solutions.
From a geographical perspective, the sales performance during the quarter was driven by marginally higher sales from customers based in Asia (+1%), which were more than offset by sales declines from customers based in Europe (-10%) and North America (-13%). Sales from customers based in Europe have been trending lower throughout 2020, while cumulative sales from Asia and North America remain higher for the year.