Q4 Highlights

• Minor growth in revenue when excluding currency effects.
• Reached a major milestone in the Data Quality initiative with the first patient enrolled in the clinical development program for liver disease diagnostics.
• Successfully launched a new clinically focused product line at RSNA 2025.
• Sustained customer engagement and initiated new strategic discussions in a challenging market environment.
• Initiated changes in the sales and marketing departments to support the continued transition toward a more technically oriented sales organization.

Q4 Financial Data

• Revenue of 31.7 MSEK (34.1), down –7.3%.
• EBITDA amounted to 5.2 MSEK (9.1) with an EBITDA margin of 16.5% (26.8).
• Adjusted EBITDA amounted to 7.9 MSEK (11.4) with an adjusted EBITDA margin of 24.9% (33.4).*
• Cash flow from operating activities was 4.6 MSEK (9.1).
• Earnings per share was 0.05 SEK (0.08).
• Adjusted earnings per share was 0.08 SEK (0.11).*

Full Year Financial Data

• Revenue of 110.3 MSEK (130.7), down –15.6%.
• EBITDA amounted to 7.2 MSEK (38.7) with an EBITDA margin of 6.5% (29.6%).
• Adjusted EBITDA amounted to 19.1 MSEK (45.8) with an adjusted EBITDA margin of 17.3% (35.1%).*
• Cash flow from operating activities was 4.4 MSEK (32.9).
• Earnings per share was 0.01 SEK (0.32).
• Adjusted earnings per share was 0.17 SEK (0.41).*

*ContextVision adjusts for investments in Data Quality to facilitate analysis of the underlying business. The investments amounted to 2.7 MSEK in Q4 and 11.9 MSEK for the full year of 2025.

Substantial progress in transformation amid early signs of stabilization

During the fourth quarter and the conclusion of 2025, ContextVision continued to navigate a challenging market environment while making important and decisive progress in our strategic transformation. Despite ongoing global uncertainty, we strengthened our long-term position through a major milestone in Data Quality, marked by the completion of the first patient first visit, further development of our Image Quality offering, and by maintaining close and constructive relationships with our customers.

Revenue for the fourth quarter amounted to 31.7 MSEK (34.1), a decline of -7.3% compared to Q4 2024. The decline in the quarter is primarily attributable to translational FX effects, as currency exchange rate movements had a negative impact on sales of -8.5%, corresponding to -2.9 MSEK. This was mainly driven by significant fluctuations in the USD/SEK rate compared to the prior year. It is also important to note that the comparable quarter last year benefited from a temporary sales push from a customer in Asia toward the end of the quarter, which positively impacted that year’s comparison. 

Adjusted EBITDA came in at 7.9 MSEK (11.4), corresponding to a margin of 24.9% when excluding investments in Data Quality of 2.7 MSEK. The reduced profitability is partly driven by crucial investment into the company’s general infrastructure, IT, quality assurance and R&D capabilities, which we anticipate will be of long-term benefit for competitiveness in the market. Toward the end of the year, we also implemented a shift within the sales and marketing department of the organization, resulting in a one-off cost impact of approximately 2.2 MSEK. These changes support the continued transition toward a more technically oriented sales organization. 

Market conditions throughout 2025 remained demanding for the healthcare and medical imaging sector. Reduced healthcare budgets, geopolitical uncertainty, new trade barriers, and a generally cautious investment climate affected not only our customers but also their end markets. During the fourth quarter, we began to observe early signs of stabilization in the market, with the rate of decline moderating compared to earlier in the year. While this development is encouraging, it remains too early to draw conclusions regarding any broader or sustained shift in market conditions.

One of our most significant achievements of the year was within Data Quality. Early in the fourth quarter, we announced the completion of the first patient first visit in our clinical development program for liver disease diagnostics. The program is conducted at the University of Washington in Seattle, USA. This milestone followed successful Institutional Review Board (IRB) approval, completion of the technical setup, and validation of investigational ultrasound sequences. It represents an important step forward in our innovation program and in our ambition to develop clinically relevant, AI-powered, quantitative diagnostic solutions with significant potential in the global market. 

During the fourth quarter, we participated in the RSNA (Radiological Society of North America), where we successfully launched a new line of clinically focused products. The interest and feedback we received further validated our strategic direction to complement our market-leading Image Quality solutions with products that seamlessly fit into clinical ultrasound workflows, while also enhancing collaboration and standardization. During the quarter we also initiated new and strategically relevant discussions with customers, that we believe can create value over time. 

For the full year, revenue amounted to 110.3 MSEK (130.7), with an adjusted EBITDA of 19.1 MSEK (45.8). The financial outcome reflects a year marked by challenging market conditions and continued uncertainty. Against this backdrop, I am particularly pleased with the progress we have made within Data Quality and with the strength of our customer relationships. The trust and long-term partnerships we have built and nurtured over many years will continue to provide a solid foundation for stability and future growth. 

As we enter 2026, we do so with a clear sense of direction. Context-Vision is well on its way to transforming into a company
with the capacity to meet the evolving needs of modern healthcare. By combining our deep expertise in image quality with data-driven, clinically focused quantitative imaging solutions, we are positioning Context-Vision for sustainable long-term value creation.

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.