- As of June 30, 2024, order backlog at €71.7 million, an
all-time high for Median.
- First major iCRO deals in Japan and South Korea.
- China sales recovering and bookings growth accelerating.
- H1 2024 revenue at €10.9 million
- Selected as a Preferred Vendor to two of the Top 3 global
pharma companies.
- Final results from the Eyonis LCS Independent Verification
Study show continued improvement and provide a high degree of
confidence for the forthcoming Standalone pivotal study readout,
expected in August.
- Cash and cash equivalents at €16 million on
June 30, 2024, Company’s cash horizon: Q2, 2025.
Fredrik Brag, CEO and Founder of Median
Technologies, will provide a Company update and answer
questions via webcast: Wednesday, July 24, 2024 4:00
pm CEST – 10:00 am EDT (English): sign-up link 6:00
pm CEST – 12:00 pm EDT (French): sign-up link
Regulatory News:
Median Technologies (FR0011049824, ALMDT, PEA/SME eligible,
“Median” or “the Company”) reports today its business indicators
for the first half of 2024, provide an update on recent iCRO1
successful business achievements.
Fredrik Brag, CEO and Founder of Median Technologies
said: “iCRO experienced double-digit order backlog growth in
one year. The strategy initiated in 2023, leveraging our unique AI
capabilities, delivered its first results. H1 2024 revenue was
slightly below H1 2023 revenue, due mainly to the residual impact
from COVID-19 in China. Chinese bookings improved significantly in
H1 2024, and we expect to experience revenue growth in China in the
coming quarters. In May, we announced that Median has been selected
as a preferred vendor of a Top 3 pharma company. Median is now a
preferred imaging services provider to 2 of the Top 3 global pharma
groups. We are very proud to have been selected against our biggest
competitors by this additional leading oncology pharma with a
pipeline 30% bigger than our current largest client. This agreement
should significantly increase our revenues in the coming years.
This is a clear sign of the quality we provide for our clients and
the unique differentiator we bring with our AI expertise. Moreover,
we are very pleased to announce that we have been awarded our first
deals in Japan and South Korea for a total amount of €3.1 million.
These new deals outside China considerably increase Median’s reach
on the very dynamic East Asia clinical trial market. We expect
these achievements to be major catalysts for strong business growth
in the upcoming quarters.
We’re very encouraged by the final results of the eyonis™ LCS
independent verification study. All the primary endpoint and
secondary endpoints were met. Therefore, we have a high degree of
confidence in the forthcoming results of the Standalone pivotal
study, which will be reported in August.”
iCRO: paving the way for growth
acceleration
Leveraging AI expertise to partner with global players in the
pharma industry
Median's revised sales strategy, initiated in 2023, underpinned
by the Company’s distinctive AI capabilities, targets big pharma
groups and strategic partnerships with global CROs2. This approach
is designed to enhance Median’s iCRO core business, delivering
significant added value through its unique AI imaging expertise.
The success of the Company’s revised sales strategy is translating
into accelerating order backlog3 growth.
Median was awarded its first iCRO projects in Japan and South
Korea, extending its reach in the fast-growing East Asian oncology
clinical trials market. The project awards consist of two large
oncology phase III studies, for a total amount of €3.1 million.
These first awards in Asia outside of China are a breakthrough and
create excellent momentum for the growth of Median’s iCRO business
in this highly dynamic geography.
In May, Median was selected as preferred vendor by a Top 3
pharmaceutical company, adding another one of the largest global
pharmaceutical companies to its client portfolio. Median
Technologies is now a preferred provider for 2 of the Top 3 pharma
companies, based on oncology sales. Median will provide imaging
services, primarily for late phase clinical trials in the new
client’s oncology pipeline. Median’s recognized expertise in AI
applied to medical images has served as a powerful technological
differentiator throughout the various negotiation phases; this
unique asset sets it apart from the standard offering of the
Company’s competitors, as well as a significant catalyst for
accelerating growth opportunities for Median.
H1 2024 revenue at €10.9 million, order backlog at an all-time
high of €71.7 million
In Q2 2024, the Company's revenue stands at €5.6 million, up by
3.7% from Q1 2024 revenue and 5.7% compared to Q4 2023 revenue. H1
2024 revenues were €10.9 million, versus €11.4 million in H1 2023.
The residual impact of COVID-19 in China created temporary revenue
headwinds in H1 2024. However, Chinese bookings improved
significantly in H1 2024, and the Company expects to experience
revenue growth in China in the coming quarters. All the revenue
comes from the iCRO business, which provides imaging services to
the global bio-pharmaceutical industry.
The order backlog is €71.7 million as of June 30, 2024, up by
5.1% compared to the order backlog on March 31, 2024 (€68.2
million) and up by 11% on June 30, 2023 (€64.6 million). As of June
30, 2024, the order backlog is at its highest level ever
reached.
eyonis™ LCS: On-Track for
Standalone pivotal study readout in August
Final results from the eyonis™ LCS Independent Verification
Study show continued improvement, all of the primary and secondary
endpoints were met. This provides a high degree of confidence for
the forthcoming Standalone pivotal study readout, expected in
August.
Cash of €16 million on June 30,
2024
As of June 30, 2024, Median Technologies' cash and cash
equivalents stand at €16 million, compared to €20.9 million as of
March 31, 2024. The Company expects operations to be fully financed
until the second quarter of 2025.
Next financial release on October 24, 2024,
after market close: Half Year Financial Report
Disclaimer: The preliminary figures set forth above are based on
management’s initial review of the Company’s operations for the
period ending June 30, 2024, and are subject to revision based upon
the finalization of the limited review conducted on the full year
financial statements by the Group's statutory auditors. Actual
results may differ materially from these preliminary figures as a
result of the completion of H1 closing procedures, final
adjustments and other developments arising between now and the time
that the Company’s financial results are finalized, and such
changes could be material. In addition, these preliminary figures
are not a comprehensive statement of the Company’s financial
results for H1 2024, should not be viewed as a substitute for
condensed interim financial statements prepared in accordance with
generally accepted accounting principles, and are not necessarily
indicative of the Company’s results for any future period.
Forward-looking statements: This press release contains
forward-looking statements. These statements are not historical
facts. They include projections and estimates as well as the
assumptions on which these are based, statements concerning
projects, objectives, intentions, and expectations with respect to
future financial results, events, operations, services, product
development and potential, or future performance. These
forward-looking statements can often be identified by the words
"expects," "anticipates," "believes," "intends," "estimates" or
"plans" and similar expressions. Although Median's management
believes that these forward-looking statements are reasonable,
investors are cautioned that forward-looking statements are subject
to numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of Median Technologies,
that could cause actual results and events to differ materially
from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include, but are not limited to, the uncertainties
inherent in research and development, future clinical data and
analysis, and decisions by regulatory authorities, Median
Technologies' ability to take advantage of external growth
opportunities and to complete related transactions and/or obtain
regulatory approvals, risks associated with intellectual property,
any future litigation in this area and the outcome of such
litigation, changes in foreign exchange rates and interest rates,
volatility in economic conditions the impact of cost containment
initiatives and changes of the same, the average number of shares
outstanding, as well as those developed or identified in the
documents available on the Median Technologies' website and in
particular the “Specific Risk Factors” section of the financial
annual report for the year ended December 31, 2023, published on
April 25, 2024. Median Technologies does not undertake to update
any forward-looking information or statements, subject to
applicable regulations, in particular Articles 223-1 et seq. of the
General Regulation of the French Autorité des Marchés
Financiers.
About Median Technologies: Pioneering innovative imaging
solutions and services, Median Technologies harnesses cutting-edge
AI to enhance the accuracy of early cancer diagnoses and
treatments. Median's offerings include iCRO, which provides medical
image analysis and management in oncology trials, and eyonis™, an
AI/ML tech-based suite of software as medical devices (SaMD).
Median empowers biopharmaceutical entities and clinicians to
advance patient care and expedite the development of novel
therapies. The French-based company, with a presence in the U.S.
and China, trades on the Euronext Growth market (ISIN:
FR0011049824, ticker: ALMDT). Median is also eligible for the
French SME equity savings plan scheme (PEA-PME). For more
information, visit www.mediantechnologies.com.
1 Imaging Contract Research Organization 2 CROs: Contract
Research Organization 3 The order backlog is the sum of orders
received but not yet fulfilled. An increase or decrease in the
order backlog corresponds to the order intake of the reporting
period, net of invoiced services, completed or cancelled contracts,
and currency impact for projects in foreign currency (re-evaluated
at the exchange rate on closing date). Orders are booked once the
customer confirms, in writing, its retention of the Company’s
services for a given project. The contract is usually signed a few
months after written confirmation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240718990412/en/
Median Technologies Emmanuelle Leygues Head of Corporate
Marketing & Financial Communications +33 6 10 93 58 88
emmanuelle.leygues@mediantechnologies.com
Press - ALIZE RP Caroline Carmagnol +33 6 64 18 99 59
median@alizerp.com
Investors - ACTIFIN Ghislaine Gasparetto +33 6 21 10 49
24 ghislaine.gasparetto@seitosei-actifin.com
Median Technologies (EU:ALMDT)
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