Median Technologies Is Releasing Full Year 2020 Financial Results (audited) as Well as Q1 2021 Business Activity Indicators, Showing a Very Strong Growth - Seite 2

- €766 K

Repayable on 17 April 2025
together with the main loan

Impact of the fair value of the EIB
warrants

- €2,976 K

Restatement with no cash
impact

Other financial income and expenses

- €249 K

 

Given the increase in the company's headcount to support the growth of the iCRO business (+51% in 2020) and of the iBiopsy technology development, staff costs are up by 37%.

The 27% increase in external costs for the year compared to 2019 external costs is related to:

• the optimisation and deployment of a new, more efficient IT infrastructure between Europe, the US and China for the iCRO business and for future cloud-based operations of the iBiopsy platform,
• increased costs related to outsourcing of independent image readings for the iCRO business and
• the iBiopsy related investments.

Considering these elements, the operating result amounts to -€8.8m.

In the context of the debt issue linked to the EIB (European Investment Bank) loan, the Group granted warrants to the EIB. Under IFRS 9, these warrants are derivatives on own shares and must be valued at fair value through profit or loss. This debt impacts the net result in the consolidated IFRS income statements but has and will have no impact on the Group's cash flow.

Acceleration of growth in Q1, 2021 and post-closing events

As of March 31^st, 2021, the company's quarterly revenue stands at €5.2m, an increase of 86% compared to the revenue in the first quarter of 2020 (€2.8m). The Group is accelerating its quarterly growth momentum with a 27% increase over Q4 2020 revenues, marking a tenth consecutive quarter of growth.

As of March 31^st, 2021, the order backlog amounted to €52.6m, up from the backlog as of December 31^st, 2020, despite an excellent quarter of invoicing and the cancellation of a project in China for an amount of €1.6m.

Cash and cash equivalents amounted to €39.8m as of March 31^st, 2021. It should be noted that the cash position was strengthened by the capital increase by private placement targeting qualified investors finalised on March 25, 2021 for an amount of €28.1m, corresponding to €26.6m net of fees and commissions. The purpose of this fundraising is to allow the Company to finance its activities and fulfil its obligations under its contractual commitments with the EIB. The net proceeds of the capital increase are mainly intended to contribute to the financing of development operations of the iBiopsy business, in particular clinical validations on the three indications: lung cancer, primary liver cancer and NASH, as well as aspects related to regulatory and marketing strategies. The funds may also be used for any project that would accelerate the company's growth.