Median Technologies Posts Strong 2024 Financial Results, Advances AI-Powered Cancer Diagnosis Solutions

Median Technologies, a pioneering French company focused on developing artificial intelligence (AI) solutions for early cancer diagnosis and treatment, recently reported its full-year 2024 financial results. The company, known for its AI-powered Software as a Medical Device (SaMD) eyonis™ and its Imaging and Clinical Research Organization (iCRO) services, posted notable financial and operational advancements during the year. Financial Overview: For the fiscal year ending December 31, 2024, Median Technologies recorded a consolidated revenue of €22.9 million, representing a 3.3% increase from €22.2 million in 2023. This growth was driven primarily by the iCRO Business Unit, which provides imaging services to assess the efficacy of oncology drugs in clinical trials. Despite the revenue increase, the company's net loss widened from €22.982 million in 2023 to €25.240 million in 2024. This increase in net loss can be attributed to higher net financial expenses, mainly due to interest and financial charges associated with EIB tranche B financing and the Celestial Successor Fund (CSF) bonds. Operational Efficiency: A significant highlight from the financial report is the reduction in staff costs, which decreased by €1.7 million from €25.485 million in 2023 to €23.807 million in 2024. This reduction was primarily due to decreased employee share-based payments, although full-year payroll costs remained stable. The company's operational loss marginally narrowed, moving from €23.116 million in 2023 to €22.533 million in 2024, reflecting the initial stages of cost-saving measures announced in 2024. Key Milestones in 2024: Operationally, 2024 marked crucial progress in the development and validation of Median’s core products. The company successfully completed two pivotal studies for its eyonis™ Longitudinal Cancer Screening (LCS) software: REALITY in August 2024 and RELIVE in March 2025. These achievements are vital as they provide the necessary data to support regulatory applications in both the U.S. and Europe. Specifically, the company plans to file a U.S. 510(k) application for eyonis™ LCS in May 2025, aiming for a commercial launch by the end of the year. Additionally, an application for European CE marking is slated for June 2025. U.S. Market Potential: The U.S. market presents substantial opportunities for eyonis™ LCS, with an estimated 14.5 million individuals eligible for lung cancer imaging screening tests. The presence of a $650 reimbursement code for AI-driven post-processing of medical images underscores the potential economic benefits of the technology. By identifying cancer at an earlier, more treatable stage and reducing false positives, eyonis™ LCS aims to significantly improve patient outcomes while also lowering healthcare costs. Post-Fiscal Year Events and Financing: Early in Q1 2025, Median Technologies bolstered its financial position with a €4 million injection from the initial tranche of a €10 million equity line completed with IRIS. The receipt of the 2024 French research and innovation tax credit further fortified the company’s cash reserves, adding €1.4 million in Q1 2025. Moreover, the company extended the maturity of its European Investment Bank (EIB) financing facility by six months, pushing it to October 2025. Median is currently working with the EIB on securing a new financing facility of up to €37.5 million, which would enable the company to cover its regulatory and commercialization activities for eyonis™ LCS until the end of 2025. Future Outlook: Looking ahead, Median Technologies is poised to achieve several critical milestones by the end of 2025. The company anticipates filing for FDA clearance in the U.S. and CE marking in Europe for its eyonis™ LCS software. With the iCRO business unit expected to become financially sustainable in 2025, Median can shift its focus to accelerating the commercial launch of eyonis™ LCS, thereby enhancing its market position and potentially driving long-term revenue growth. Industry Insights and Evaluation: Industry experts commend Median Technologies for its strategic approach to integrating AI into medical diagnostics. The successful completion of the pivotal studies for eyonis™ LCS is seen as a pivotal step toward regulatory approval and subsequent market entry. The potential to reduce healthcare costs and improve patient outcomes aligns with broader trends in the adoption of AI in healthcare, making Median a frontrunner in this emerging field. Analysts predict that the company’s financial prudence and operational improvements will position it well for sustained growth and innovation. Median Technologies, headquartered in Sophia Antipolis, France, and listed on the Euronext Growth market, continues to lead in AI-driven medical imaging solutions. The company’s robust global presence, with operations in the U.S. and China, and its eligibility for the French SME equity savings plan scheme (PEA-PME), underscore its commitment to innovation and accessibility in healthcare technology.