Median Technologies: Strong Business Activity for the First Half of 2020 (Unaudited Figures)
July 08 2020 - 10:45AM
Business Wire
- First-half revenue up 47.9% to €5.9 million, compared with €4.0
million in H1 2019
- 7 consecutive quarters of revenue growth
- Order backlog to €53.6 million as of June 30th, 2020, up 40%
compared with order backlog as of December 31st, 2019 and up 74.6%
compared with order backlog as of June 30th, 2019
- Cash and cash equivalents expected to reach €19.4 million
Regulatory News:
Median Technologies (Paris:ALMDT), The Imaging Phenomics
Company®, today announces a strong business activity for the first
half of 2020 (unaudited figures).
As of June 30th, Median Technologies’ revenue reached €5.9
million, up 49.7% compared with the first half of 2019 (€4
million). In total, the company’s revenues have been consistently
growing over the past seven quarters. Median’s iCRO1 Business Unit,
which provides imaging solutions and services for clinical trials
in oncology, accounts for 100% of the company’s revenue. The
iBiopsy® activity is still in the R&D investment phase and does
not generate any income at this stage.
In thousands of euros
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Revenue
1,607
1,904
2,107
2,318
2,624
2,835
3,097
Revenue progression
(Q, Q-1)
+18.5%
+10.7%
+10%
+13.2%
+8 %
+9.2%
As of June 30th, 2020, the order backlog2 stood at €53.6
million, i.e. €15.3 million more than as of December 31st, 2019,
and €9.2 million more than as of March 30th, 2020. Over a one-year
period, the order backlog increased by 74.6% (Median’s order
backlog was of €30.7 million as of June 30th, 2019, a €22.9 million
increase in one year). Median’s order backlog increased over the
first semester mainly thanks to very large orders in Europe, for
phase III studies involving major pharmaceutical companies. The
company’s order backlog allows to approach the coming quarters with
full confidence in terms of expected revenue.
Cash and cash equivalents are expected to reach around €19.4
million as of June 30th, 2020. That amount includes a received
payment of €15 million, as part of the first installment of a €35
million loan granted to the company by the European Investment Bank
(EIB). This loan aims to boost investments in Median’s imaging
phenomics platform, iBiopsy®. The amount of cash and cash
equivalents also takes into account a Research Tax Credit of €1.4
million, which was cashed by the company. During the first half of
2020, and excluding impacts from the EIB first tranche disbursement
and the Research Tax Credit reimbursement, Median spent €4.6
million in cash, with a burn rate of €3.7 million in the first
quarter, dropping to €0.9 million in the second quarter.
In the first half of 2020, Median increased investments in the
development and validation of its imaging phenomics platform,
iBiopsy®; signed its first partnership with Assistance Publique –
Hôpitaux de Paris (AP-HP); structured iBiopsy® around three
clinical development plans, for which the first clinical validation
stages have been launched. Median also announced promising first
validation results for its iBiopsy® technology, as part of a study
assessing the risk of recurrence for patients with primary liver
cancer (HCC – hepatocellular carcinoma).
Median’s iCRO Business Unit continued to develop itself in
China, where it is now fully operational to manage projects
contracted with Chinese companies. As of June 30th, iCRO order
intake worldwide had largely exceeded the compan’s first-half
forecasts, despite the health crisis caused by Covid-19.
“These first-half results show a significant increase of our
order backlog, up €15.3 million over the period, including an
acceleration of the trend during the second quarter. As
anticipated, the Covid-19 health crisis had an extremely limited
impact on our results in the first half of 2020. This impact was
limited to payment delays, which were resolved in the second
quarter. We’re also recording a 47.9% revenue increase compared
with the first half of 2019, as our sales remarkably grew for the
7th consecutive quarter,” said Fredrik Brag, CEO and co-founder of
Median. “With major events, such as the signing of a collaboration
agreement with AP-HP, the receipt of the first payment from our EIB
loan and the publication of promising first validation results, the
first six month of 2020 also brought very positive news for
iBiopsy®. And we’re confident that these trends will continue.”
The preliminary results set forth above are based on
management’s initial review of the Company’s operations for the
period ending June 30th, 2020 and are subject to revision based
upon the Company’s H1 closing procedures and upon the completion
and external audit of the Company’s half year financial statements.
Actual results may differ materially from these preliminary results
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 results
are not a comprehensive statement of the Company’s financial
results for the first half of 2020, 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.
About Median Technologies: Median Technologies provides
innovative imaging solutions and services to advance healthcare for
everyone. We leverage the power of Imaging Phenomics to provide
insights into novel therapies and treatment strategies. Our unique
solutions for medical image analysis and management in oncology
trials and iBiopsy® for imaging phenotyping, together with our
global team of experts, are advancing the development of new drugs
and diagnostic tools to monitor disease and assess response to
therapy. Median Technologies supports biopharmaceutical sponsors
and healthcare professionals around the world to quickly and
precisely bring new treatments to patients in need. This is how we
are helping to create a healthier world.
Founded in 2002, based in Sophia-Antipolis, France, with a
subsidiary in the US and another one in Shanghai, Median has
received the label “Innovative company” by the BPI and is listed on
Euronext Growth market (ISIN: FR0011049824, ticker: ALMDT). For
more information: www.mediantechnologies.com
------------------------
1 iCRO: Imaging Contract Research Organization 2 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
selection of the Company’s services for a given project. The
contract is usually signed a few months following written
confirmation.
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version on businesswire.com: https://www.businesswire.com/news/home/20200708005681/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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