- Total revenues of €18.7 million as of September 30, 2022, +21%
vs the same period in 2021,
- Order backlog of €62.5 million as of September 30, 2022, +15%
vs the order backlog on September 30, 2021,
- Cash of €25.9 million on September 30, 2022,
- Very strong traction with the launch of Median’s Imaging Lab
for the iCRO activity,
- Advanced interactions with the FDA for the iBiopsy® LCS
CADe/CADx SaMD clinical pivotal study.
Fredrik Brag, CEO and founder of Median
Technologies will host a live webcast and provide a company update
on October 26, 2022: 2:00 pm CEST – Webcast held in English,
link to register 6:00 pm CEST –
Webcast held in French, link to
register
Regulatory News:
Median Technologies (Euronext Growth - ALMDT) (Paris:ALMDT),
whose Board of Directors approved on October 18, 2022 the
consolidated IFRS financial statements for the first half of 2022
after a limited review, announces today its half-year results as
well as revenues for the third quarter of 2022.
Fredrik Brag, CEO and Founder of Median Technologies said:
“We are very pleased that in this uncertain economic
environment, Median continues to deliver double digit growth of its
revenues and backlog. We can already observe the very strong impact
of the launch of Imaging Lab in May 2022, which is generating
significant traction with biopharma companies. Median is
positioning itself to become the strategic partner to extract
insights from medical images by applying AI solutions to better
understand the mechanism of action of new drugs. Therefore, we are
becoming the natural provider for clinical studies. With this
strong and unique differentiator, we expect to see a clear impact
on our iCRO order backlog in the coming months. Our iBiopsy®
activities have also been very intense during the quarter with the
formation of a first class clinical advisory board and our
continued interaction with the FDA for our iBiopsy® LCS CADe/CADx
SaMD which is following its natural course. We still expect to
start our pivotal study in the coming months. Furthermore, the
European Union has announced that lung cancer screening1
will become one of the main priorities for the new cancer plan
“Europe’s beating cancer plan”, which should substantially increase
our total addressable market in the coming years.”
Further growth during Q3 2022
Third quarter revenues amounted to €6.0 million, representing a
13% increase compared to Q3 2021 revenues (€5.3 million). Revenues
for the first three quarters of 2022 were €18.7 million, up 21%
compared to the €15.4 million for the first three quarters of 2021.
Revenues are entirely generated by the iCRO2 business, which
provides imaging services to the biopharmaceutical industry
worldwide for oncology clinical trials.
The order backlog3 was €62.5 million on September 30, 2022 , up
€8.3 million compared to September 30, 2021 (€54.2 million,
+15%).
Cash and cash equivalents totaled €25.9 million on September 30,
2022, including receipt of the 2021 research and innovation tax
credit for €1.6 million, and benefiting from the collection of late
payments from the second quarter by the Chinese subsidiary
following the lockdown in the Shanghai region.
Financial information at June 30, 2022 (IFRS consolidated
financial statements)
Median Technologies continued robust growth momentum during the
first half of 2022 .
Cash flow statement
Cash flow (€ thousands)
06/30/2022 (six
months)
06/30/2021 (six
months)
Operating cash flow
(5,682)
(3,961)
Change in operating working capital
Requirement
(4,390)
(2,485)
Net cash flow from operating
activities
(10,072)
(6,446)
Net cash flow from investing
activities
(662)
(417)
Net cash flow from financing
activities
(155)
27,355
Impact of changes in exchange rates
120
126
Net change in cash and cash
equivalents
(10,769)
20,618
Cash at end of period
28,241
36,933
The Company continued the development program of its iBiopsy®
Lung Cancer Screening (LCS) CADe/CADx software as medical device
(SaMD), which resulted in an increase of the cash flow deficit,
partially offset by the additional margins generated by the growing
iCRO business.
Working capital requirements deteriorated temporarily due to the
closure of Chinese administration offices during the lockdown in
Shanghai, which delayed the invoicing and collection process for
trade receivables. On June 30, 2022, the Group estimated late
payments of €2.5 million.
Consolidated income statement under
IFRS
€ thousands
H1 2022
H1 2021
Revenue from ordinary
activities
12,839
10,207
Staff costs
(13,707)
(7,721)
External costs
(9,362)
(6,429)
Operating profit (loss)
(11,010)
(4,544)
Net financial income
2,441
(4,764)
Net profit (loss)
(8,881)
(9,506)
The operating loss reached (€11.0) million, representing an
increase of €6.5 million relative to the year-earlier period,
including €4.3 million due to the accounting under IFRS of free
share allocations made in October 2021 for the Group’s employees
and management (with no cash impact), and also due to the
investments made for research and development work for the iBiopsy®
platform.
The increase in revenues and the margin generated by the iCRO
business helped reduce the impact of investments in iBiopsy® on
operating result.
Financial result reached €2.4 million, due primarily to an IFRS
accounting valuation adjustment (with no cash impact) of the equity
warrants issued in favor of the EIB with the drawing of the first
€15 million tranche of its loan in H1 2020. This valuation has been
significantly impacted by changes in the share price since the
issue of these warrants. Although it is recorded in the statement
of financial position under financial instruments, no reimbursement
will be made that could affect the Group’s cash in the future.
Median Technologies informs its shareholders
and the financial community that its half year financial report on
the accounts for the half year ending June 30, 2022, has been made
available and filed with the French financial markets authority
(Autorité des Marchés Financiers).
The half year financial report is available on
the Company’s website:
http://www.mediantechnologies.com/investors/
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,
changes in foreign exchange rates and interest rates, volatility in
economic conditions the impact of cost containment initiatives and
their evolution, the average number of shares outstanding, as well
as those developed or identified in Median Technologies’ public
filings with the AMF, including those listed under “Risk Factors”
and “Forward-Looking Statements” in Median Technologies’ 2018
Reference Document. 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 Autorité des Marchés Financiers.
About Median Technologies: About Median Technologies: Median
Technologies provides innovative imaging solutions and services to
advance healthcare for everyone. We harness the power of medical
images by using the most advanced Artificial Intelligence
technologies, to increase the accuracy of diagnosis and treatment
of many cancers and other metabolic diseases at their earliest
stages and provide insights into novel therapies for patients. Our
iCRO solutions for medical image analysis and management in
oncology trials and iBiopsy®, our AI-powered software as medical
device help biopharmaceutical companies and clinicians to bring new
treatments and diagnose patients earlier and more accurately. 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 (Paris). FR0011049824– ticker: ALMDT. Median
is eligible for the French SME equity savings plan scheme
(PEA-PME), is part of the Enternext® PEA-PME 150 index and has been
awarded the Euronext European Rising Tech label. For more
information: www.mediantechnologies.com
-----------------------
1
https://health.ec.europa.eu/publications/proposal-council-recommendation-cr-strengthening-prevention-through-early-detection-new-approach_en
2 Imaging 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/20221020005675/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 ggasparetto@actifin.fr
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