Median Technologies Reports Its Financial Results for H1 2018 and Announces Its Strategic Shift in Focus to Its Imaging Phenomics Platform iBiopsy®

  • H1 2018 revenue: €3.4 million
  • Order backlog as of June 30, 2018: €21.4 million
  • Refocusing research and development activities on iBiopsy®

SOPHIA ANTIPOLIS, France–(BUSINESS WIRE)–Regulatory News:

Median Technologies (Paris:ALMDT), the industry-leading Imaging
Phenomics Company®, today reported its 2018 half-yearly results.

Median Technologies’ Board of Directors approved the consolidated
financial statements for the first half of 2018 on October 9, 2018.

For the 2018 first half period, Median Technologies’ revenue came to
€3.4 million, a decrease of 15% compared to the first half of 2017. This
evolution is primarily related to protracted times for setting up new
clinical trials for some of the company’s clients. The order backlog
came to €21.4 million as of June 30, 2018, a slight decrease compared to
the €22.5 million as of December 31, 2017.

In the first half of 2018, Median pursued its R&D investments for
iBiopsy®, its imaging platform based on Artificial Intelligence and
cloud computing. The initial iBiopsy® related collaboration
agreements signed in 2017 and at the beginning of 2018 in the
therapeutic fields of lung cancer, prostate cancer, and non-alcoholic
steatohepatitis (NASH) generated investments in R&D over the period. The
company also mobilized a portion of its R&D for the development of new
functionalities for its clinical trials imaging platform iSee®.

At the same time, in line with the previously announced strategy, Median
consolidated its deployment in Asia with the creation of a subsidiary in
Shanghai for its iCRO activity. Median’s development strategy in Asia is
motivated by the growing number of clinical trials performed in this
part of the globe. Asia is the region with the highest potential for
clinical trial development.

Selected financial information (IFRS consolidated financial
statements)

         
In thousands of euros (audited figures)   H1 2018   H1 2017
Revenue from ordinary activities   3,358   3,958
Staff costs (6,492) (7,717)
External costs (5,551) (4,190)
Operating result (9,087) (8,702)
Net financial result 127 (168)
Net result   (8,955)   (8,884)
 

The company’s staff costs slightly decreased over the semester. The
increase in external costs comes firstly from the implementation of
tools intended to improve clinical project management and to optimize
the company’s overall productivity, and also from R&D costs primarily
related to the two company’s proprietary imaging platforms evolution.

In view of all these elements, operating result shows a loss of €9.08
million, and a net loss of €8.95 million.

As of June 30, 2018, Median posted a cash position of greater than
€18.4 million, shareholder’s equity of €16 million, and no financial
debt.

Outlooks: The Group shifts its focus to iBiopsy®

Median is going to shift its focus to iBiopsy®, its imaging
phenomics platform offering solutions based on Artificial Intelligence
and cloud technologies. This strategic refocusing implies a reallocation
of all of the Group’s teams and R&D efforts.

Median Technologies has reached a turning point in its history with
a strategic shift in focus triggered around its imaging phenomics
platform iBiopsy
®, the very core of our
competitive advantage “
, says Fredrik Brag, Median
Technologies’ CEO. “AI applied to image processing and combined with
cloud computing and Big Data will heavily drive treatment decisions and
support the emergence of predictive and personalized medicine. Using our
iBiopsy® technology, scientists, biopharmaceutical companies, and
physicians will benefit from the power of imaging phenomics to better
understand diseases and diagnose them, as well as to develop new
targeted treatments. In the end, our platform will enable an optimal
adaption of treatments based on patients and their diseases,
” adds
Brag.

The Group also intends to maintain its efforts in the imaging market for
clinical trials with a short-term goal of reaching breakeven in the iCRO
business unit.

More broadly, the Company will pursue its strategy privileging medical,
technological, and industrial partnerships.

Median informs its shareholders and the financial community that its
2018 half-year financial report was made public and filed with the AMF.

The half-year financial report is available on the company website: www.mediantechnologies.com/investors/

Our next update will be the publication of the Full Year 2018 financial
results:
April 15, 2019, after market close.

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 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 US subsidiary
in Boston 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). The company has received the label
Pass French Tech Promotion 2017-2018. Median Technologies is a winner of
the Deloitte Technology Fast 500™ 2017 EMEA program and a member of the
Bpifrance Excellence Network. For more information: www.mediantechnologies.com

Contacts

Median Technologies
Emmanuelle Leygues
Senior Director,
Corporate Communications
+33 6 10 93 58 88
emmanuelle.leygues@mediantechnologies.com
or
Press
– ALIZE RP

Caroline Carmagnol/
Wendy Rigal
+ 33 1 44
54 36 66
median@alizerp.com
or
Investors
– ACTIFIN

Ghislaine Gasparetto
+33 1 56 88 11 11
ggasparetto@actifin.fr

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