Inify Laboratories: 60% quarterly sales growth and highly positive response to UK expansion

26 Feb 2025 08:00 CET

STOCKHOLM - February 26, 2025 - Inify Laboratories, a unique laboratory service
that provides cancer diagnostics within pathology, saw sales grow by 60%
compared to the previous quarter, and 472% compared to the fourth quarter 2023.
Sales for the full year reached SEK 13.7 million, compared to SEK 1.2 million
the year before.

"Both the fourth quarter and the full year 2024 were a success for Inify. Our
sales grew substantially, and our Swedish laboratory operations generated
positive financial results for both the fourth quarter and the full year," says
CEO Fredrik Palm at Inify Laboratories.

At the end of the year, Inify had around 80% market share of prostate
diagnostics in the Stockholm region, and has signed the company's first
agreement with a Swedish region - an important milestone in domestic expansion
and increasing the current market share in Sweden.

"While we see this as a major achievement in our first full year of operation,
the laboratory has the capacity to handle volumes exceeding Sweden's total
national demand, leaving substantial room for continued growth," says Palm.

The expansion into the UK health care market is moving ahead rapidly, with
strong recruitments and promising location evaluations. Inify has also continued
to deepen and expand dialogues with both the public healthcare system (NHS) and
private healthcare providers. The UK laboratory operations will be established
in 2025, with the goal of opening for clinical activities in early 2026.

"The response in the UK has been very positive, with strong expectations for how
we can collaboratively develop the pathway for patients undergoing investigation
for suspected prostate cancer," says Palm.

Funding to support the UK expansion and strengthen working capital was secured
in the fourth quarter. The company also began its development of a system to
support diagnostics in the gastrointestinal tract.

"This opens up new opportunities in a market with sample volumes ten times
larger than those of prostate cancer. Our goal is to be able to initiate the
expansion of our service offering in the second half of 2025," says Palm.

Additionally, the company entered an important research collaboration within
prostate cancer, with a leading research group at Karolinska Institute in
Sweden.

"The future looks bright for Inify. Going forward, we have ambitious goals - not
just our establishment in the UK, a market that is six times larger than Sweden,
but also the development of our system to expand our service offering," Palm
concludes.

For further information, please contact CEO, Fredrik Palm,
fredrik.palm@inify.com, or visit https://www.inify.com

###

The future of pathology

Inify Laboratories provides cancer diagnostics through ultramodern laboratory
services within pathology. It uses a fully digital, standardized and AI
-supported workflow to optimize quality and response times, initially within
prostate.The concept is scalable and can be extended to other diagnoses.
The service includes the whole chain of sample handling: from logistics, to
sample preparation, to reporting by a pathologist. The report is assisted by our
own AI, proven in clinical studies to have world-leading accuracy. The complete
workflow is supported by a tailor-made process control system.
The company, based in Sweden, became independent in 2022 through a spin-off
fromContextVision (https://www.contextvision.com/), with 40 years of experience
within digital imaging for medical applications. It's shares are listed
onEuronext Growth Oslo under the ticker
INIFY (https://live.euronext.com/en/product/equities/SE0017486103-MERK).

More information:
Access the news on Oslo Bors NewsWeb site

639695_Inify_Laboratories_Year_end_Report_Q4_2024_ENG.pdf