Press Release – For immediate release – 5:45pm CET
Median Technologies Announces Preliminary Full Year 2017 Unaudited Financial Results
- Full year 2017 revenues increased by 21% to €7.69 million from €6.35 million in 2016
- Net new business of €14.69 million in 2017, increased backlog to €23 million as of December 31, 2017
- Cash and cash equivalents are expected to be approximately €28.29 million as of December 31, 2017
Median Technologies (Paris: ALMDT), the industry-leading Imaging Phenomics Company® today announced preliminary and unaudited financial results for the full year ended December 31, 2017.
For the year ended December 31, 2017, the Company’s revenue growth was 21%, or €7.69 million. Net new business totaled €14.69 million and contributed to an ending backlog of €23 million. New business growth for the iCRO (iSee®) segment was strengthened by preferred provider agreements with leading clinical research organizations (CROs) and large oncology pharmaceutical companies. Steady new business growth further supported the deployment of MediScan® and its predecessor, now in over 80 hospitals worldwide. In 2017, the Company also closed the first iBiopsy® deals in targeted therapeutic areas. Cash and cash equivalents are expected to be approximately €28.29 million as of December 31, 2017
“Our strategy of helping pharmaceutical companies and hospitals extract the most meaning from medical images by using technology continues to drive growth for Median Technologies,” says Fredrik Brag, Chairman, CEO and Co-founder. “This past year alone, our technology leadership continued with the recent launches of MediScan and iSee – our advanced and comprehensive software for medical image analysis. We also have teamed for success with new collaborations with Syneos Health, Medidata Solutions, Memorial Sloan Kettering Cancer Center and Xingtai People’s Hospital to help bring better treatments to patients in need,” says Brag.
“In 2018, we expect this momentum to continue and believe our innovation with new technology expansions for iBiopsy, MediScan and iSee and accelerated growth plans for our business lines: Clinical Trials and Patient Care will fuel growth,” added Brag.
The preliminary results set forth above are based on management’s initial review of the Company’s operations for the year ended December 31, 2017 and are subject to revision based upon the Company’s year-end closing procedures and the completion and external audit of the Company’s year-end financial statements. Actual results may differ materially from these preliminary results as a result of the completion of year-end 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 results are not a comprehensive statement of the Company’s financial results for the fourth quarter or full year ended December 31, 2017, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the Company’s results for any future period.
The Company expects to announce full 2017 financial results on April 12, 2018, after market close.