The innovation company Chromaviso has increased its revenue by 70% in 2022 - a growth primarily driven by more hospitals and nursing homes in the Nordic region prioritizing scientifically proven health-promoting lighting. Now, the use of light as a treatment is set to expand into new areas where the potential is still enormous.
2022 was a strong year of growth for Chromaviso, who provides evidence-based lighting solutions to the healthcare sector. The company, based in the IT cluster at Katrinebjerg in Aarhus, has just released its annual financial report, showing a growth in revenue from 22 million Danish kroner in 2021 to 38 million kroner in 2022. The pre-tax result (EBITA) stands at 5.0 million kroner, which is also a significant improvement from the previous year.
The increasing revenue is driven by increased sales for projects across the healthcare sector throughout the Nordic region, explains Anders Kryger, CEO and co-founder of Chromaviso:
— This is a very satisfying result, which can fundamentally be attributed to the breakthrough of light with health benefits. The sector has truly recognized that lighting solutions can contribute positively to treatment and creating a good working environment for staff. Therefore, we have gone from being a well-kept secret to suddenly being at the top of the wishlist when it comes to designing new hospital constructions or renovating nursing homes. It is an achievement that we are proud of, he says.
In collaboration with doctors and sleep researchers, Chromaviso has developed lighting solutions with proven effects on health and well-being over the years. As one of the few manufacturers in the world, the company has built its solutions on research-based evidence, which is a significant reason why Chromaviso's lighting can be found in renowned hospitals such as Rigshospitalet in Copenhagen, Nya Karolinska Universitetssjukhus in Stockholm, Helsinki University Hospital, and Oslo Rikshospitalet.
— Our vision from the beginning has been to improve health and well-being through light. But light is not just light when it is used in a healthcare context. Our research has particularly focused on finding specific protocols that can control light based on different diagnoses. Today, we can demonstrate that light in the right doses at the right times can be used as a non-medical treatment that can counteract depression, promote recovery, or support the circadian rhythm of dementia patients, explains Anders Kryger.
He continues,
— The experiences from our research projects also show that with evidence-based light, we can improve the working environment for healthcare personnel and reduce sick leave by up to 20%. This means a lot in a healthcare system where it is crucial to retain skilled employees.
While the COVID-19 pandemic had its impact on the world, Chromaviso, like many others in the industry, experienced that most development projects in the healthcare sector were put on hold. In 2020 and 2021, several planned projects were postponed. However, it is now clear that hospitals once again have the capacity to think innovatively, which opens up opportunities for more investments. Therefore, there is reason to expect further growth in the future.
— Even though we are already present in many hospitals and nursing homes, our analyses show that the overall potential for health-promoting light is up to 15 times greater than our current revenue, in the Nordic region alone. At the same time, more European countries are starting to show interest in the experiences we have gained in Denmark, Norway, and Sweden. Currently, at Chromaviso, we are leading an innovation project aimed at improving care in European nursing homes, including personalizing the light that residents and care staff are exposed to throughout the 24-hour day, explains Anders Kryger.
— Furthermore, there is also significant untapped potential for expanding health-promoting light into sectors beyond those we currently work with. This is something we look forward to in the coming years, concludes Anders Kryger.