- H1 revenue up 19.5% to € 4 million, driven by iCRO
business
- Order backlog up 30% to € 30.7 million
- Significant decrease of operating expenses
- Cash and cash equivalents of € 7.9 million
Regulatory News:
Median Technologies (Paris:ALMDT) (ALMDT), The Imaging Phenomics
Company®, today announced its results for the first half of
2019.
The company’s Board of Directors met on October 1st and approved
the consolidated financial statements for the first half of
2019.
With € 4 million in revenue, Median Technologies’ sales
increased 19.5% compared to the first half of 2018. The company’s
H1 revenue came solely from its iCRO business1.
During the first six months of 2019, Median Technologies
continued to invest in the development of its imaging phenomics
platform, iBiopsy® and strengthened its AI and data science teams
in order to cement its position as a leader in the field.
As Median started managing operations locally in China, the
company’s iCRO Business Unit continued to expand, which resulted in
a significant increase of Chinese orders throughout the half of the
year. In Europe and the United States, new orders in the first half
of 2019 exceeded the company’s expectations for the entire year. As
of June 30, Median’s iCRO business unit was operationally at its
break-even point.
Simplified financial statements (IFRS
consolidated)
In thousands of euros (audited
figures)
First half 2019
First half 2018
Revenue from ordinary
activities
4,041
3,358
Staff costs
-4,124
-6,492
External costs
-3,520
-5,551
Operating results
-4,191
-9,087
Net financial result
-12
127
Net result
-4,223
-8,955
The company's operating expenses dropped sharply compared to
last year due to a 36% decrease in staff costs (€ -4.1 million as
of June 30, 2019 vs. € -6.5 million as of June 30, 2018) and a 37%
decrease in external costs (€ -3.5 million as of June 30, 2019 vs.
€ -5.6 million as of June 30, 2018).
As a result, the operating loss was cut by more than 50% to €
-4.19 million. The company’s net result at the half-year mark went
from € -9.0 million in 2018 to € -4.2 million in 2019.
As of June 30, 2019, Median had € 7.9 million in cash and cash
equivalents, not including the Research Tax Credit payment (€1.6
million) which was received in July, and € 4.9 million in net
equity. Net new orders reached € 11 million in the first half of
the year bringing the company’s order backlog to € 30.7 million, up
€ 7 million compared to December 31, 2018. The extent of the order
backlog makes Median confident about the company’s revenues for the
second half of 2019 and 2020.
Latest developments and perspectives
During the third quarter of 2019, Median Technologies has
continued negotiations for a € 35 million loan with the European
Investment Bank (EIB), however the process was slowed down due to
EIB logistical internal constrains. EIB and Median expect to
finalize the agreement in Q4. Median expects the lending of the
first tranche of € 15 million in the first half of 2020. Structured
in three tranches, the loan will enable Median Technologies to
boost investments in its imaging phenomics platform, iBiopsy®, over
the next few years. The ongoing negotiations for this loan were
announced on May 15th.
Current trends point to the company’s positive results in the
third quarter of 2019. Q3 results will be published shortly.
Median’s iCRO business is expected to keep growing steadily
worldwide. In the United States, two phase III contracts (totaling
€ 2 million) were signed in Q2, with one of the world’s top 3
pharmaceutical companies, a new customer for Median. These
contracts have opened promising opportunities for Median in the US.
The development of iBiopsy® is progressing as planned, including an
upcoming technology demonstrator at the annual convention of the
RSNA (Radiological Society of North America) in early December.
“Our results for H1 have exceeded all expectations. We
anticipate keeping up the momentum in the second half of the year,”
said Fredrik Brag, CEO and co-founder of Median.
Median informs its shareholders and the
financial community at large that its financial statements for the
first half of 2019 have been filed with the French market regulator
and are now available on the company’s website.
Forward-Looking Statements: This press release contains
forward-looking statements. Forward-looking statements are
statements that are not historical facts. These statements include
projections and estimates and their underlying assumptions,
statements regarding plans, objectives, intentions and expectations
with respect to future financial results, events, operations,
services, product development and potential, and statements
regarding future performance. Forward-looking statements are
generally identified by the words “expects”, “anticipates”,
“believes”, “intends”, “estimates”, “plans” and similar
expressions. Although Median’s management believes that the
expectations reflected in such forward looking statements are
reasonable, investors are cautioned that forward-looking
information and statements are subject to various risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of Median, that could cause actual results and
developments to differ materially from those expressed in, or
implied or projected by, the forward-looking information and
statements. These risks and uncertainties include among other
things, the uncertainties inherent in research and development,
future clinical data and analysis, including post marketing,
decisions by regulatory authorities such as the absence of
guarantee that the service if approved will be commercially
successful, the future approval, Median’s ability to benefit from
external growth opportunities, to complete related transactions
and/or obtain regulatory clearances, risks associated with
intellectual property, trends in exchange rates and prevailing
interest rates, volatile economic conditions, the impact of cost
containment initiatives and subsequent changes thereto, the average
number of shares outstanding as well as those discussed or
identified in the public filings with the AMF made by Median, other
than as required by applicable law, Median does not undertake any
obligation to update or revise any forward-looking information or
statements.
About Median Technologies: Median Technologies provides
innovative imaging solutions and services to improve healthcare for
all. We harness the power of imaging phenomics to foster the
emergence of new therapies and treatment strategies for patients.
Our solutions for the analysis and management of medical images in
clinical trials in oncology and our imaging phenomics platform
iBiopsy®, along with the expertise of our teams, help discover new
drugs and diagnostic tools to monitor diseases and evaluate the way
patients react to their treatments. Median Technologies helps
biopharmaceutical companies and healthcare professionals bring new
treatments to patients who need them quickly and with more
accuracy. We contribute to a healthier world.
Founded in 2002 and headquartered in Sophia Antipolis, in
France, with subsidiaries in the United States and Shanghai, Median
is labeled “Innovative Company” by BPI Financement and listed on
the Euronext Growth market (ISIN code: FR0011049824 - MNEMO:
ALMDT). Investors in Median are eligible for tax breaks in France.
For more information: www.mediantechnologies.com
1 imaging Contract Research Organization
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191003005561/en/
Median Technologies Emmanuelle Leygues Head of Corporate
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 1 56 88 11
11 ggasparetto@actifin.fr
Median Technologies (EU:ALMDT)
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