On October 8, 2019 Median Technologies (Paris:ALMDT), The Imaging Phenomics Company, reported an update on its performance unaudited figures – in the third quarter of 2019 (Press release, MEDIAN Technologies, OCT 8, 2019, View Source [SID1234540115]).
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As of September 30th, 2019, the cumulated revenue for 2019 was € 6.3 million. In the first three quarters of 2019, the company has already generated equivalent revenues to the full 2018 year (€ 6.3 million). Sales in the third quarter 2019 grew to € 2.3 million, making it the fourth quarter in a row that the company experienced steady growth. Median’s revenue came solely from its iCRO1 business.
As of September 30th, 2019, the order backlog reached € 35.9 million, an increase of € 5.2 million since June 30th, 2019 and an increase of € 12.2 million compared to December 31st, 2018.
Considering the company’s positive performance and the Research Tax Credit payment (€ 1.6 million) received in July, the company increased its cash and cash equivalents to € 8.3 million, compared to € 7.9 million as of June 30th, 2019. The company’s cash burn rate has been steadily declining since the second half of 2018, down to € 0.4 million per month this quarter. The EIB (European Investment Bank) loan is expected to be finalized in Q4, 2019.
In the third quarter, the iCRO business exceeded the mark of 100 clinical studies contracted with biopharmaceutical sponsors, with a growing number of phase III studies and immuno-oncology trials (+45%). The company is experiencing an increase in repeat business with large biopharmaceutical companies, which shows a great deal of trust in Median’s performance, quality and competitiveness.
Meanwhile, Median continued to develop its imaging phenomics platform iBiopsy. A demo was successfully featured at the annual conference of the European Society of Medical Oncology (ESMO) (Free ESMO Whitepaper) (ESMO – September 27th to 30th, 2019, Barcelona, Spain), creating a lot of traction and interest by pharma groups.
"Our continued iCRO excellent performance validates the strategic decisions we made in 2018. Our iCRO business is demonstrating its capacity for sustainable growth and profitability," said Fredrik Brag, CEO and co-founder of Median. "With iBiopsy, Median is at the forefront of the development of non-invasive biomarker diagnostic solutions, which are currently generating great interest from US investors. Liquid biopsy companies have multibillion-dollar valuations. In oncology, the two obvious oncology non-invasive biomarker diagnostic solutions are liquid biopsies and imaging and we intend to become the leader in imaging", he added.