On October 20, 2020 Median Technologies (Paris:ALMDT)(ALMDT), The Imaging Phenomics Company, reported an update on its performance for Q3, 2020 (unaudited figures) (Press release, MEDIAN Technologies, OCT 20, 2020, View Source [SID1234568699]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

Revenue totalled €3.5m in Q3 2020 vs. €2.3m in Q3 2019, a 50% increase. Revenue growth was up 12% compared to Q2 2020. The company has experienced a steady increase in its quarterly revenue for eight consecutive quarters. At the end of Q3 2020, cumulative revenue for the first three quarters of 2020 was €9.4m, higher than that generated throughout the entirety of 2019 (€9m). Revenues are entirely generated by the iCRO1 business unit, which provides imaging solutions and services for oncology trials.

As of September 30, 2020, the order backlog2 was solid at €50.7m, in a context of revenue growth. In Q3 2020, phase I/II studies, which typically have lower unit budgets than phase III studies, were signed with new clients. The company also recorded the cancellation of a phase III contract due to the Covid-19 outbreak.

As of September 30, 2020, the Company cash and cash equivalents was €17.3m. In Q3 2020, the company monthly average cash burn rate was €0.7m.

"We are satisfied to record a new revenue growth in the third quarter, despite the global health and economic situation. Our order backlog of more than €50m is strong in a context of accelerating conversion into revenues. We expect this momentum to continue in a sustainable manner over the coming quarters", Fredrik Brag, Median’s CEO said.