Press Release – For immediate release – 05:45pm CEST –
- Increase in revenue: +36%
- Operating loss of -€8.7 million with a doubling in expenses
- Net cash remains high at €35.4 million
Median Technologies (ALMDT:PA) The Imaging Phenomics Company®, has published its H1 2017 results.
The Board of Directors met on October 5, 2017 and approved the 2017 half-year financial statements They were subject to a limited review by the Statutory Auditors. The half-year financial report is available on the Company’s website: mediantechnologies.com (financial section)
“In accordance with our business plan, we have strengthened our medical and business teams to prepare the company for the growth of our activities and businesses both in our clinical trials market and in our patient care market, while continuing to comply with the global standards of operational excellence,” announced Fredrik Brag, Chairman and CEO of Median Technologies. “At the same time, we have continued to develop iBiopsy® (Imaging Biomarker Phenotyping System), our new and innovative imaging platform”, he added. “Our goal is to leverage imaging phenomics to accelerate breakthroughs in personalized medicine. Our purpose is to help clinicians leverage imaging biomarkers through ground-breaking solutions that integrate Artificial Intelligence (AI) with Big Data to help provide them with a thorough understanding of the biology of diseases and immune system mechanisms. Our aim is to bring multi-omics into the field of disease management and to facilitate the translation of new insights into novel therapies and new treatment strategies.
A summary table of Median’s financial performance for H1 2017 compared to H1 2016 is below:
Summary financial information (consolidated financial statements under IFRS)
| In thousands of euros (audited figures) | H1 2017 | H1 2016 |
| Revenue from ordinary activities | 3,958 | 2,920 |
| Staff costs | (7,717) | (3,810) |
| External costs | (4,190) | (2,560) |
| Operating result | (8,702) | (3,634) |
| Net financial result | (168) | (37) |
| Net result | (8,884) | (3,657) |
H1 2017: major investments for the future
Median Technologies H1 2017 revenue was €3.96 million, up 36% compared with H1 2016, due to an enhanced salesforce and the implementation of strategic and sales partnerships in clinical trials.
During H1, Median strengthened its medical, sales, R&D and management teams in France, the United States and Asia. The company is now sized to meet future growth.
The Company has hired several managers, notably expanding the US-based teams (+17 people). Overall, as of June 30, 2017, the Company’s average workforce stood at 100 employees, compared with 76 a year earlier.
Median also opened a subsidiary in Hong Kong that will allow the company to directly access the Asian markets and oversee all the operations carried out in the region for clinical trials, as well as to develop new opportunities in patient care.
Finally, Median continued its R&D investments for iBiopsy® to develop new solutions which will allow breakthrough and innovative discoveries for personalized medicine in partnership with Microsoft.
Taking these factors into account, an analysis of the half-year results points to:
- An increase in staff costs due to the international deployment of the Company (US & Asia);
- An increase of external costs including:
- Exceptional expenses due to the implementation of new tools to improve project management as well as to increase the company technical and operational productivity (CTMS/ERP/CRM…)
- Audit and consulting expenses to optimize the company’s internal organization
- Scientific study and research expenses for the development and roll-out of the iBiopsy® platform and for the modification and updating of Median’s legacy image analysis software platform, Lesion Management Solution (LMS).
As of June 30, 2017, Median Technologies had a solid balance sheet with a cash position of €35.4 million and no financial debt. Shareholders’ equity stood at €31.5 million following the reserved capital increase in favor of FURUI for €19.6 million in December 2016.
Outlook: sustained strong momentum in growing markets
Median continues to update its medical imaging solutions and will launch a new iBiopsy® module that will support various oncology research protocols in lung, prostate and liver. This complements iBiopsy’s® first module focused on quantification of non-alcoholic steatohepatitis (NASH).
In patient care, Median pursues its very strong collaboration with FURUI, its Chinese investor and partner, and works with key opinion leaders at developing partnerships that will allow the company to prepare future participation in major programs for lung cancer screening and diagnosis as well as the introduction of new products on the Chinese market.
Finally, the company is continuing its structuring to enter a phase of acceleration for an introduction to the Nasdaq.
Upcoming event
Publication of 2017 annual results – April 17th, 2018