Rankings Pharma & medtech ContextVision
ContextVision
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−6
- Margin−6
- Multiples vs own history−4
Strengths
- Net cash+3
- Buybacks+1
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 4.42 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +1%
- P/E (trailing)
- 24.7
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−17 of −30
- −6Quality of growthRevenue fell 15.6% in 2025 to SEK 110.3m and is still below the 2023 level (132.2). Underlying growth was only about 1.6% in Q2 2026 and 4.1% in H1; the rest of the reported growth of 23.6% came from changed revenue recognition timing and larger licence sales.
- −6MarginThe operating margin has fallen from 45% (2021) and 34% (2022) to −1.6% in 2025 and 9.9% TTM; the gross margin fell from about 60% to 46.6%. Even the adjusted EBITDA margin of 44% in Q2 was lifted by the one-off effect in revenue recognition.
- −3Moat and price pressureThe company reports price pressure in the industry because customers are choosing high-end over premium configurations. The customers are ultrasound and X-ray OEMs, which can develop image processing and AI themselves and thereby replace a licence supplier.
- −2Future segmentThe AI initiative (Data Quality, 6.3 MSEK invested in H1 2026) and the collaboration with BeamWorks on digital biomarkers in ultrasound (March 2026) have no revenue or commercial agreement yet.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −4Multiples vs own historyP/E 27.9 (TTM) and EV/EBITDA 16.8 versus P/E 16.8-18.1 and EV/EBITDA 14.0-15.1 in 2023-2024, when the margin was 2-3 times higher. EV/revenue 2.5 is in line with 2024-2025 (2.1-2.6), but far below 2021-2022 (6-13).
- −1FCF yieldFCF yield 4.2% (TTM, SEK 15.2m) after almost zero in 2025; net cash of about SEK 68m corresponds to about 18% of market value and dampens price risk.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−9 of −35
- −3China and Korea exposureChina accounts for approx. 34% of revenue (40.9 of 119.3 MSEK TTM) and Korea for approx. 16%; the company mentions cautious purchasing in some markets, and Chinese procurement policy favours local suppliers.
- −2Customer concentrationApprox. 60 OEM customers, where the largest historically accounted for approx. 17% and the next two for approx. 11% each (older disclosure; newer figures not found). Loss of one large customer would hit revenue hard.
- −2Small organisation and management changeOnly 39 employees; new CTO and a changed leadership team in March 2026 and a reorganised sales organisation in H2 - the technology depends on a few key people.
- −1Liquidity in the stockThe company has terminated its market-making agreement; with insiders at about 54% and a free float of about 27m shares, the spread may widen.
- −1CurrencyThe currency effect was -2.9% on revenue in Q2 2026; revenues are in USD/CNY/KRW/JPY, while costs are in SEK.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Net cashCash 78.5 MSEK versus debt (leases) of 10.9 MSEK as of 30 Jun 2026: net cash approx. 68 MSEK, current ratio 4.6.
- +1BuybacksBuyback programme of up to NOK 10m (extended to May 2026), funded below FCF; the company held 3.69% own shares in May 2026.
Caveats
What the score does not capture, or where the data is weak.
Swedish company listed in Oslo: the share price is in NOK, but the accounts are in SEK. All financial figures in the penny object (cash, debt, revenue) are therefore in SEK m, while prices are in NOK. Stockanalysis's market value (NOK 371.8m) is based on 74.51m shares; the company held 2.86m own shares (3.69%) in May 2026. No analyst coverage on stockanalysis (forecast 404). The reported growth in Q2 2026 (+23.6%) was partly driven by a changed assessment of the timing of revenue recognition; underlying growth was about 1.6%, and the effect is not quantified in the press release. Customer concentration and the ownership list are based on older sources (Affärsvärlden), as updated figures were not found.
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