Welcome to ContextVision. My name is Gerald, and next to me we have Richard Hallström, our CFO. Today we will focus on reporting our Q4 results, and we will also wrap up a full-year 2023 review. This is going to be a new format for us. It's an initiative to increase transparency about our activities internally and the results. But let's have a look at the agenda. We will start with some background information, a short introduction. I'll go a little bit deeper into what has happened on the business side. We'll then hand over to Richard for the financial developments in Q4 and the full year, and we'll be rounding off with a summary and outlook.
If we look to the Q4 and the full year, I'm extremely proud on behalf of the ContextVision team to announce that a second year in a row we have grown double-digit.
That's in my second year of service, so I can't compliment the organization more than saying that we will celebrate the fantastic achievements in 2023 rather soon. But diving a little bit into the Q4 highlights, we'll go through the details in the business update. But just from a helicopter perspective, I think the major accomplishments were the release of our new X-ray AI-powered scatter correction feature as part of the Altumira and Altumira Plus product family. We're able to showcase with excellent feedback those products in the world's largest exhibition, RSNA, in November 2023. At the same time, we're executing on our strategic growth plan with further investments into R&D and really making great progress in our new POCUS venture.
Now, having that said, we also encountered one-off investments in Q4, mainly in our F&A organization, but we'll go through those details in a minute.
On the Q4 financials, let me just mention that we had another record Q4 sales, I should say, with SEK 33.2 million on the top line and a lower EBITDA compared to a previous year of SEK 5.2 million. But for the full year, I think that seasonality has evened out, and we were able to deliver earnings per share on the same level as the previous year. Top line came in at an all-time high for the company of 132.2 million SEK, which represents around 12% growth, out of which 5% were currency effects. So in summary, we're delivering 8% organic growth at 37% EBITDA. And I think that's fantastic and will allow us to even invest more into our future growth. So let's have a brief look into how the business overall developed.
First of all, let's have a look at the top line, which I think over many quarters in a row now shows consecutive positive growth, now trailing at SEK 132 million. Looking at the bottom line, you see the impact of two relevant strategic decisions in the company. Number one, to spin off our digital pathology business, which is now Inify Laboratories, almost two years ago, which showed a fast recovery of the bottom line. But then, as planned and announced earlier, the investment into our new venture, POCUS, which also has an impact in the EBITDA as of Q3 2023. Now, looking forward, opportunities are clearly defined by updates and refreshments in our portfolio.
Most recently, we were able to launch the new Altumira and Altumira Plus features, which are now AI-powered and allow for an impressive scatter reduction and dose reduction opportunity of up to 50% less radiation for gridless imaging. We've showcased those features with excellent feedback at the world's largest exhibition, RSNA, in November 2023, which took place in Chicago. I must say it was a really busy event for us. It clearly is worth, despite all the costs, to participate. We were even able to celebrate our 40-year anniversary together with customers, which led to overall an impressive number of qualified leads, both in X-ray but also in ultrasound, which makes me very optimistic for 2024. Talking about growth opportunities, we should spend a minute in looking into point-of-care ultrasound, POCUS.
We plan to invest around 10% of net sales into this venture, and that is mainly for the reason to enter an entirely new market beyond image quality. So we will focus on image acquisition, something that we call acquisition intelligence. And the goal here really is to make ultrasound imaging as efficient as a lab test and make it accessible for untrained users. I talked about the huge potential, so let's zoom a little bit into the market potential here. And that is huge, mainly for two reasons. Number one, the addressable ultrasound equipment market, which covers cloud-based system, compact system, and mobile systems, is expected to grow around 16% year-over-year. But with POCUS and acquisition intelligence, we will allow ultrasound manufacturers to tap into a significant market beyond the diagnostic market, and that's into treatment revenue streams.
Together, the magnitude of the addressable market is substantially bigger than the entire image quality market that we've sold into so far. A bit more into the zooming into the investments for growth that we have undertaken in Q4, I think it's worth to mention that we've invested substantially into our R&D organization. We've restructured the organization with a new layer in both software development and research, and that will allow us for significantly greater agility and scalability. We've also invested into our infrastructure. For example, eQMS systems, we've updated our ERP system to most recent cloud capabilities. Last but not least, we've also strengthened our investor communications, both with a new team and a new format in reporting, which you see today in the presentation. Also stay tuned for the annual report to come up.
Let me not forget to mention that in POCUS, I am extremely happy to announce today that we have successfully recruited a POCUS lead who will already start in February this year, 2024, and will be based in Boston, Massachusetts. Now, having that said, Richard, let's have a look into how those initiatives and investments are reflected in our financial figures.
Okay, thank you, then . Our net sales in the Q4 came in slightly above the same period last year with an increase of 2% or SEK 33.2 million. This without any FX effect since the Swedish krona was actually strengthening in the Q4. We've now managed to establish ourselves at the level around SEK 32 million-SEK 33 million in the most recent five quarters. This is even above the periods before that. For the full year, the net sales is up 12.2% and ended up at SEK 132 million, which is actually an all-time high for the company. Out of the increase of 12.2%, 5.4% of that came from currency. However, the strong underlying growth in terms of net sales was supported by lifted travel restrictions as we managed to increase our share of wallet and also to strengthen our existing partnerships.
However, we also had a SEK 4.7 million extraordinary non-recurring effect that we'll talk a little bit more about on the next slide. This SEK 4.7 million represents an extraordinary non-recurring sale of license and service for products that we decided to no longer market. If we adjust for that SEK 4.7 million, we still end up at SEK 127.5 million for 2023. This means, on a year-over-year comparison, an increase of 8.2%. This is good to know for comparability reasons when you make your analysis on the company going forward. Our profitability in the Q4 took a hit, and we ended up at a low SEK 5.2 million compared to the recent quarters. This is definitely lower.
The main reason for the lower profitability is that we changed our accounting policy for capitalization. We also increased personnel costs, whereas most of it is non-recurring.
As also stated before, we've invested in our F&A, which is really investor relations, our quality management systems, as well as our ERP. The same one-off also affects the full-year EBITDA, which anyhow came in at a very strong SEK 48.9 million, which is actually on par with last year. If we look at the one-off effects in the Q4, they sum up to roughly SEK 3 million. However, on top of that, we also invested into POCUS for almost 4% on net sales. This is not a one-off. On the contrary, we will actually accelerate our investment for growth coming into 2024, especially on POCUS. Finally, our cash flow in the Q4 ended up at -SEK 5.6 million. However, we had included a dividend of SEK 11.6 million.
Our full-year cash flow ended up at SEK 16.3 million, and that actually included two dividends that sum up to SEK 23.2 million. This means actually that the underlying cash flow for the company is one of the strongest in the history ever for ContextVision. Finally, we ended up at a cash position of SEK 58.1 million. And this means that we're definitely geared up for investments coming into 2024. And with that, Gerald, I hand over to you for the summary and outlook.
Thanks, Richard, for the financial update. It seems that in 2023, we've really managed well the timing of one-off effects on the top line and one-off effects on the cost side so that earnings per share are on the same level as the year before. But we've started investing into our new POCUS venture. That's fantastic to hear. Now, reflecting in a summary on 2023 and looking into the future, I think it's fair to say that 2023 has marked a remarkable year with remarkable achievements and a remarkable strategic repositioning of ContextVision. And then both our record sales as well as the innovative product launches, they really underscore our commitment to innovation in medical imaging.
I must say, probably beyond the current scope and investments, it is also fair to say that executing on our POCUS strategy, we will not only enhance our market presence, but we'll also drive meaningful advancements in healthcare overall. And having that said, I'm really confident in our direction. I'm excited for what the future holds. Thank you, everyone.
Thank you.