Quarter two presentationAugust 20, 2009

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Jan Erik Hedborg, CEO

We make a recognized difference for life

ContextVision - sets the standard for image analysis and enhancement

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VISION

Agenda

Operational highlights Financial highlights Market performance Q2

Europe USA Asia

COV´s way forward

Q2 - operational highlights

GOPView® iRV contract with global manufacturer signed Positive clinical study of GOPiCE® US from leading U.S.

hospital stating significant better performance compared to current state-of-the image enhancement

Continued high activity level on product development and clinical validation (next generation volumetric/3D product – GOPiCE MR – for MRI initiated)

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Q1 – Financial highlights

Lower Q2 sales - negatively impacted by lower demand mainly due to the financial downturn and increased competition within ultrasound

Cost increased – mainly due to higher personnel costs and higher sales, marketing and clinical studies

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Market performance Q2 – USA Decline in ultrasound volumes due to competition Revenue impacted by financial downturn Well positioned for new GOPView iRV and GOPiCE US business

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Market performance Q2 – Europe

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Strong X-ray and mammography potential Ultrasound sales weaker Well positioned for new GOPView iRV and GOPiCE US business

Market performance Q2 – Asia

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Decline in ultrasound volumes China remains uncertain due to the economical turmoil Well positioned for new GOPView iRV and GOPiCE US business in

Japan & Korea

Sales by product Q2 XR growth through recent contracts and is expected to continue Weaker ultrasound demand in all three regions (USA, Europe & Asia) GOPView iRV will start to generate license revenues in Q4

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Angiography system(GOPView iRV application)

Financial performance

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Income statment

Revenue affected by lower demand generated by the financial crisis and higher competition in ultrasound

Personnel cost higher due to strategic recruitments

Q2 2009 Q2 2008Six months

2009Six months

2008Rolling 12-

months 2008Net sales 15 485 19 195 27 514 35 838 62 767 71 091Other revenues 250 34 500 34 2 573 2 107Total revenues 15 735 19 229 28 014 35 872 65 340 73 198Goods for resale -349 -407 -447 -774 -1 175 -1 502Other external costs -5 197 -3 476 -9 052 -8 082 -18 693 -17 723Personnel costs -8 724 -7 239 -16 375 -13 311 -29 785 -26 721Depreciation assets -654 -679 -1 300 -1 229 -2 660 -2 589Operating results 811 7 428 840 12 476 13 027 24 663Interest income 13 288 343 1 345 1 835 2 837Interest costs and similar profit / loss items 0 -10 -1 -48 -16 -63Results after financial items 824 7 706 1 182 13 773 14 846 27 437Tax -219 -2 146 -377 -3 842 -3 775 -7 240Net results 605 5 560 805 9 931 11 071 20 197

Earnings per share after tax, SEK 0,08 0,68 0,10 1,22 1,38 2,49

Consolidated Income Statement (SEK 1000)

Financial performance

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Balance sheet

Development work for GOPView iRV and GOPiCE US activated during 2008/2009

Financial assets consist of shares in SharpView – adjusted to market value

Cash 16MSEK

Q2 2009 Q2 2008 2008Intangible fixed assets 12 826 9 323 11 311Tangible assets 1 744 1 448 1 574Financial assets 2 189 10 449 5 844Inventories 802 677 429Current receivables 18 352 14 947 16 498Current investments - 14 992 15 202Cash and bank 16 105 12 340 16 201Total assets 52 018 64 176 67 059

Equity 40 555 52 053 49 535Provisions 737 1 829 947Current liabilities 10 726 10 294 16 577Total equity and liabilities 52 018 64 176 67 059

Consolidated Balance Sheet (SEK 1000)

Financial performance

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Cash flow

Assets represent GOPiCE US and GOPView iRV

Q2 2009 Q2 20086 months

20096 months

2008

Operation activitiesResult after financial items 824 7 706 1 182 13 773Depreciation of assets 654 679 1 302 1 229Urealised gain/loss on current investments -158 -100 859 -878Changes in provisions 450 - 450 -Income tax paid -1 034 -821 -7 385 -5 643Cash flow from operating activities 736 7 464 -3 592 8 481before change in working capital

Change in working captialIncrease(-)/decrease(+) inventories -131 -17 -373 32Increase(-)/decrease(+) current receivables -1 944 5 871 -310 4 342Increase(+)/decrease(-) liabilities 1 582 120 -797 -5 109Cash flow from operating activities 243 13 438 -5 072 7 746

Investing activitiesInvestments in intangible assets -1 058 -1 533 -2 715 -3 020Investments in tangible assets -206 -6 -273 -134Investments in financial assets 0 -10 399 0 -10 399Short-term investments 0 13 817 15 202 13 817Cash flow from investing activities -1 264 1 879 12 214 264

Financing activitiesCash dividend 0 -12 205 0 -12 205Repurchase of own stock 0 0 -7 239 0Cash flow from financing activities 0 -12 205 -7 239 -12 205

Cash flow for the period -1 021 3 112 -97 -4 195

Change of liquid assets Liquid assets at beginning of period 17 126 9 228 16 201 16 535Liquid assets at period end 16 105 12 340 16 105 12 340

Consolidated Statement of Cash Flows (SEK 1000)

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COV´s way forward Generate increased revenues from GOPView iRV, GOPiCE US and other existing products (XR, MAMMO)

Introduce GOPiCE MR (2010), GOPView XR3, GOPView US3 and GOPiCE CT (subject to go/no go decisions)

Expand business with tier 1 manufacturer´s

Strengthen COV branding & IPR

Develop new product concepts

Thank You!

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