Median Technologies Announces 2021 Revenue of €20.5 Million, Up 52%, and a Strengthened Cash Position of €39 Million

Regulatory News:

Median Technologies (ALMDT:PA) today announces its business activity indicators for the full year 2021. In 2021, the company’s business continued to grow at a rapid pace.

iBiopsy: Outstanding results for the iBiopsy Lung Cancer Screening clinical development plan

In 2021, the company announced two series of outstanding results in terms of sensitivity and specificity in characterizing malignant vs. benign lung nodules (press releases from September 6 and November 23, 2021). These results were complemented with additional data on lung nodule detection performance on January 5, 2022.

• iBiopsy Lung Cancer Screening (LCS) characterization performance for stage 1 lung cancer achieved 93.1% sensitivity and 96.2% specificity.
• iBiopsy Lung Cancer Screening (LCS) detection performance reached 94.9% sensitivity with a false positive rate of 1 per CT scan.

Median Technologies develops new AI-based Software as a Medical Device (SaMD) for early diagnosis of cancer and metabolic diseases. The company’s goal is to remove existing barriers to the implementation of lung cancer screening programs worldwide. Lung cancer is the leading cause of cancer mortality globally, causing 1.8 million deaths in 2020¹ (accounting for 18% of all cancer deaths).

iCRO: Record revenue and new confirmation of the quality of services of iCRO

2021 was a record year for Median Technologies’ iCRO² business, which provides solutions and services for image management in oncology trials to the biopharmaceutical industry worldwide.

As of December 31, 2021, Median Technologies’ revenue was €20.5 million, a 52% increase compared to 2020 revenue. The company recorded €5.1 million in revenue in Q4 2021, a 24.4% increase compared to Q4 revenue in 2020 (€4.1 million). The company’s revenue is generated entirely by the iCRO commercial activity.

In 2021, the company was confirmed as a preferred vendor for one of the world’s Top 3 pharmaceutical companies. Median Technologies was selected to implement this client’s imaging strategy in clinical trials on key oncology indications.

In addition, over the course of the year, the company was inspected by the FDA at its location of Sophia Antipolis, France, and successfully participated in 4 NMPA inspections (Chinese authority regulating drugs and medical devices) on behalf of a several clients.

The order backlog³ as of December 31, 2021, was €58 million, a €6.3 million increase compared to December 31, 2020 and a €3,8 million increase compared to September 30, 2021. The increase confirms the growth momentum recovery that began in the 3rd quarter after several quarters impacted by the health crisis.