Price Target Changed • Jun 22
Price target decreased by 7.7% to €11.97 Down from €12.97, the current price target is an average from 3 analysts. New target price is 145% above last closing price of €4.89. Stock is up 269% over the past year. The company is forecast to post a net loss per share of €0.44 next year compared to a net loss per share of €0.93 last year. Announcement • Jun 05
Median Technologies SA has completed a Follow-on Equity Offering in the amount of €50 million. Median Technologies SA has completed a Follow-on Equity Offering in the amount of €50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: €5
Transaction Features: Regulation S Announcement • May 28
Median Technologies SA has filed a Follow-on Equity Offering in the amount of €50 million. Median Technologies SA has filed a Follow-on Equity Offering in the amount of €50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: €5
Transaction Features: Regulation S Announcement • May 01
Median Technologies SA, Annual General Meeting, Jun 10, 2026 Median Technologies SA, Annual General Meeting, Jun 10, 2026. Location: 174 avenue victor hugo, paris France Reported Earnings • Apr 26
Full year 2025 earnings released: €0.93 loss per share (vs €1.37 loss in FY 2024) Full year 2025 results: €0.93 loss per share. Revenue: €23.5m (up 2.2% from FY 2024). Net loss: €34.1m (loss widened 35% from FY 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare Services industry in Europe. Announcement • Mar 03
Median Technologies to Showcase Eyonis®? LCS , Its AI/ML-Based Software as A Medical Device for Lung Cancer Screening, At the European Congress of Radiology Median Technologies announced that it will feature eyonis®? LCS at the European Congress of Radiology (ECR) 2026 in Vienna, March 4-6, 2026. The Median eyonis®? team will welcome attendees at Booth #AI-16, AI Exhibition, Expo X1, from March 4 to March 7 (technical exhibition dates), to present the latest developments related to eyonis®? Lung Cancer Screening (LCS), its AI-powered Software as a Medical Device (SaMD). On February 9, 2026, Median announced that eyonis®? LCS, its AI-based CADe/CADx SaMD for lung cancer screening, received FDA 510(k) clearance for detection and characterization of parenchymal pulmonary nodules in low-dose CT (LDCT) scans. eyonis®? LCS is the only medical device software capable of detecting and characterization of lung cancer in LDCT scans, achieving 93.3% sensitivity, 92.4% specificity, and 99.9% negative predictive value (NPV) (manufact manufacturer values calculated on a lung cancer screening reference population). eyonis®? LCS helps clinicians identify suspicious findings at early stages, enhancing the efficiency and consistency of lung cancer screening programs. Median continues to advance along the European regulatory pathway for eyonis®? LCS and anticipates obtaining CE marking in second quarter 2026. Announcement • Feb 19
Median Technologies Launches Eyonis® Lcs Software for Lung Cancer Screening Following Fda Clearance Median Technologies has announced the launch of eyonis® LCS, an AI-powered Software as a Medical Device (SaMD) for lung cancer screening, following its FDA 510(k) clearance. Oran Muduroglu has been appointed as President of Median eyonis Inc. to lead the U.S. commercialization of this software. The company has established a commercial and clinical infrastructure, including a Medicare reimbursement pathway, to support the expansion of eyonis® LCS across the U.S. The launch strategy includes forming key clinical partnerships and engaging with healthcare providers to enhance access to lung cancer screening programs. The first U.S. sites are expected to be operational in Third Quarter 2026. Announcement • Feb 18
Median Technologies Appoints Oran Muduroglu as President and Executive Chairman of Median Eyonis Inc Median Technologies announced the appointment of Oran Muduroglu as President of Median eyonis Inc., Median’s U.S. subsidiary. Oran will continue to serve as Executive Chairman of the Board of Directors of Median Technologies while assuming operational leadership of U.S. commercialization. Oran brings more than three decades of experience building, engineering, and scaling enterprise imaging and workflow platforms, consistently translating technical innovation into broad U.S. adoption. He led the sale of Cemax to 3M/Imation in 1995, helping accelerate the transition to modern Picture Archiving and Communication Systems (PACS). He later co-founded Stentor, acquired by Philips in 2005, which became one of the first enterprise platforms enabling fully digital imaging workflows and an early SaaS model in medical imaging, reaching the number two U.S. market position within three years. Further, as CEO of Medicalis, acquired by Siemens Healthineers in 2017, he led commercialization of a clinical decision support and workflow platform adopted by approximately nine of the top 15 U.S. health systems. In 2018, Alphabet’s Verily recruited him to lead development of a value-based care platform supporting physician groups in managing Medicare Advantage risk. Across these ventures, Oran has led complex national deployments requiring deep Electronic Medical Records (EMR) and PACS interoperability, rigorous product development, disciplined enterprise sales, and alignment with evolving reimbursement models — experience directly relevant to the U.S. launch of eyonis® LCS. Announcement • Feb 10
Median Technologies Receives FDA 510(K) Clearance for eyonis®? LCS, the First AI Tech-Based Detection and Diagnosis Device for Lung Cancer Screening Median Technologies announced it has received FDA 510(k) clearance for eyonis®? LCS, its AI/ML-powered computer-aided detection and diagnosis (CADe/CADx) Software as a Medical Device intended for lung cancer screening. Lung cancer is the leading cause of cancer death in the United States, and patient outcomes are substantially improved when cancer is identified at early stages. Curable stage 1 lung cancer can be diagnosed through Low-Dose CT (LDCT) screening, yielding ~80% long-term survival versus 15% 5-year survival in symptom-detected disease. By supporting detection and characterization of parenchymal pulmonary nodules on LDCT scans, eyonis®? LCS is designed to help clinicians identify suspicious findings earlier, reduce inter- reader variability and improve the efficiency and consistency of lung cancer screening programs. Based on current eligibility criteria, 14.5 million individuals qualify for screening, and this population is expected to increase over time as screening guidelines expand. Median Technologies believes that eyonis®? LCS can play a major role in helping healthcare systems expand access to screening, reduce operational burden, and support more standardized parenchymal nodule evaluation, particularly as screening volumes grow amid a worsening shortage of radiologists. This opportunity is supported by an existing reimbursement framework: AI-driven CT tissue characterization is reimbursed under Category III CPT codes 0721T and 0722T, both assigned to New Technology APC 1508, with Medicare payments ranging from $601-$700. These codes provide a predictable payment pathway that accelerates adoption of advanced AI medical devices among U.S. imaging providers. eyonis®? LCS is positioned to leverage this established reimbursement pathway, generating immediate economic value for imaging providers and accelerating nationwide adoption. Median plans to commercialize eyonis®? LCS in the United States through a combination of direct enterprise sales, strategic distribution partnerships, and integration into existing clinical environments. Median will utilize the current CMS reimbursement framework, including applicable New Technology APC pathways, while working toward broader, long-term insurance coverage. The Company will provide further details regarding the commercial launch in the coming weeks. These statements are not historical facts. They include projections and estimates as well as the assumptions on which are based, statements concerning projects, objectives, intentions, and support support the efficiency and consistency of lung Cancer screening programs. Price Target Changed • Feb 09
Price target increased by 19% to €9.25 Up from €7.80, the current price target is an average from 4 analysts. New target price is 48% above last closing price of €6.27. Stock is up 163% over the past year. The company is forecast to post a net loss per share of €0.67 next year compared to a net loss per share of €1.37 last year. Announcement • Jan 14
Median Technologies SA to Report Fiscal Year 2025 Results on Apr 23, 2026 Median Technologies SA announced that they will report fiscal year 2025 results at 5:40 PM, Central European Standard Time on Apr 23, 2026 Announcement • Nov 26
Median Technologies to Showcase AI-Powered Software as a Medical Device Eyonis LCS for Lung Cancer Screening at the RSNA 2025 Annual Meeting Median Technologies announced that it will attend the Radiological Society of North America (RSNA) 2025 Annual Meeting in Chicago, Il, USA, McCormick Place, from November 30-December 4, 2025. It has been evaluated in two pivotal studies required for marketing approvals in the U.S. and Europe, both of which have been successfully completed: REALITY (ClinicalTrials.gov ID: NCT06576232) and RELIVE (ClinicalTrials.com ID: NCT06751576). Based on these data, Median Technologies submitted its U.S. 510(k) clearance application for eyonis LCS on May 13, 2025, and its European CE mark application on June 30, 2025. eyonis LCS is currently under review for FDA 510(k) clearance and CE marking and is not yet commercially available in the U.S. or Europe. eyoni Lung Cancer Screening (LCS) is an artificial intelligence AI-based computer aided detection and diagnosis (CADe/CADx) system, or Software as a Medical Device (SaMD) that uses machine learning to help analyze imaging data generated with low dose computed tomography (LDCT). eyoni LCS empowers radiologists to diagnose lung cancer at its earliest, most treatable stages—when curative options remain possible for many patients. eyoni LCS has been the subject of two pivotal studies required for marketing approvals in the U.S. and Europe: REALITY (Clinicaltrials.gov ID: NCT06576232) and RELIVE (Clinicaltrials.gov ID: NCT06751576), both of which have been successfully completed. Based on these pivotal data, Median Technologies submitted U.S. application for 510(k) clearance of eyoni LCS on May 13th, 2025, and European application for CE mark on June 30th, 2025. eyoni LCS is currently under review for FDA 510(k) clearance and CE marking and is not yet for sale in the US and in Europe. Announcement • Nov 04
Median Technologies Appoints Didric Cederholm to Its Board of Directors, Effective October 30, 2025 Median Technologies SA announced that Didric Cederholm has joined its Board of Directors, chaired by Oran Muduroglu. The appointment was approved during the ordinary shareholders’ meeting, held on October 30, 2025. Didric Cederholm is a Founding Partner and the Chief Investment Officer of Lion Point Capital, a global special situations investment fund. Prior to founding Lion Point Capital, Didric spent nearly eight years at Elliott Management and was previously a Principal at Eos Partners. Didric graduated in 2003 with honors from Columbia Business School, where he was a Fulbright Scholar, and has a LLM from Stockholm University, where he graduated in 2001. From 1997-1999, Didric served in the Swedish Armed Forces as an Interrogation Officer and later as a 2nd Lieutenant in Swedish Military Intelligence. Didric lives in New York City with his wife, Kristin, and their 4 children. Price Target Changed • Oct 29
Price target decreased by 18% to €7.98 Down from €9.73, the current price target is an average from 4 analysts. New target price is 175% above last closing price of €2.90. Stock is down 24% over the past year. The company is forecast to post a net loss per share of €0.67 next year compared to a net loss per share of €1.37 last year. Reported Earnings • Oct 26
First half 2025 earnings released: €0.47 loss per share (vs €0.68 loss in 1H 2024) First half 2025 results: €0.47 loss per share (improved from €0.68 loss in 1H 2024). Revenue: €11.4m (up 3.9% from 1H 2024). Net loss: €9.21m (loss narrowed 26% from 1H 2024). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Oct 23
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €25m Forecast net loss in 3 years: €5.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-€34m). Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€5.2m net loss in 3 years). Price Target Changed • Oct 22
Price target decreased by 20% to €7.80 Down from €9.78, the current price target is an average from 4 analysts. New target price is 157% above last closing price of €3.04. Stock is down 21% over the past year. The company is forecast to post a net loss per share of €1.02 next year compared to a net loss per share of €1.37 last year. Breakeven Date Change • Oct 22
Forecast to breakeven in 2027 The 4 analysts covering Median Technologies expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 28% per year to 2026. The company is expected to make a profit of €66.7k in 2027. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Announcement • Sep 29
Median Technologies SA, Annual General Meeting, Oct 31, 2025 Median Technologies SA, Annual General Meeting, Oct 31, 2025. Location: 174 avenue victor hugo, paris France Major Estimate Revision • Sep 24
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €24.9m to €24.2m. Losses expected to increase from €0.69 per share to €0.84. Healthcare Services industry in France expected to see average net income growth of 15% next year. Consensus price target broadly unchanged at €9.73. Share price fell 5.7% to €2.79 over the past week. Announcement • Sep 08
Median Technologies SA to Report First Half, 2025 Results on Oct 23, 2025 Median Technologies SA announced that they will report first half, 2025 results on Oct 23, 2025 New Risk • Aug 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 84% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Negative equity (-€34m). Shareholders have been substantially diluted in the past year (84% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€4.3m net loss in 3 years). Market cap is less than US$100m (€64.4m market cap, or US$74.5m). Announcement • Aug 01
Median Technologies SA has completed a Follow-on Equity Offering in the amount of €23.944738 million. Median Technologies SA has completed a Follow-on Equity Offering in the amount of €23.944738 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,424,541
Price\Range: €1.66
Transaction Features: Rights Offering Price Target Changed • Jul 23
Price target decreased by 13% to €13.73 Down from €15.80, the current price target is an average from 4 analysts. New target price is 663% above last closing price of €1.80. Stock is down 48% over the past year. The company is forecast to post a net loss per share of €0.89 next year compared to a net loss per share of €1.37 last year. Announcement • Jul 23
Median Technologies SA has filed a Follow-on Equity Offering in the amount of €22 million. Median Technologies SA has filed a Follow-on Equity Offering in the amount of €22 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,253,012
Price\Range: €1.66
Transaction Features: Rights Offering New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Negative equity (-€34m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€24m net loss in 3 years). Market cap is less than US$100m (€40.1m market cap, or US$46.1m). Major Estimate Revision • May 15
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.755 to -€0.941 per share. Revenue forecast unchanged at €25.5m. Healthcare Services industry in France expected to see average net income growth of 49% next year. Consensus price target down from €16.30 to €15.80. Share price rose 12% to €2.51 over the past week. Announcement • May 14
Median Technologies Submits U.S. Application for 510(K) Clearance of Eyonis LCS Median Technologies announced that it has filed an application to the U.S. Food and Drug Administration (FDA) for 510(k) clearance of eyonis LCS, its AI/ML tech-based SaMD for computer aided detection and diagnosis (CADe/CADx) in lung cancer screening. The submission is based on positive data from the two pivotal studies of eyonis LC, REALITY and RELIVE, both of which met their primary endpoints. This data demonstrated that eyonis LCS provides robust diagnostic performance for early detection and characterization of lung nodules in high-risk lung cancer populations, with significant potential to impact patients' clinical outcomes. Additionally, Median's eyonis LCS SaMD confirmed safety and efficacy in RELIVE, the second and last pivotal study. RELIVE and REALITY pivotal studies met their primary endpoints and confirmed the device's safety and efficacy. This shows that eyonis LCS has the potential to be a game-changer in lung cancer screening. By providing early detection and characterization at scale, eyonis LCS can significantly improve high-risk patient outcomes. This represents a total addressable annual market of over $10 billion. The eligible U.S. patient number is expected to rise in the coming years, driven by planned broadening of the eligibility criteria. Similarly, new lung screening program deployments are planned in Europe and Asia. In the US alone, the direct medical costs of cancer patients care were estimated to be nearly $230 billion in 20231. The vast majority of cancer care costs are incurred in treating advanced cancer patients, versus preventive care such as screening that save patients' lives. Reported Earnings • May 05
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €1.37 loss per share (further deteriorated from €1.25 loss in FY 2023). Revenue: €23.0m (flat on FY 2023). Net loss: €25.2m (loss widened 9.8% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-€22m). Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€23m net loss in 3 years). Market cap is less than US$100m (€45.8m market cap, or US$51.8m). Major Estimate Revision • May 02
Consensus EPS estimates upgraded to €0.76 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €27.3m to €25.7m. 2025 losses expected to reduce from -€1.09 to -€0.755 per share. Healthcare Services industry in France expected to see average net income growth of 42% next year. Consensus price target broadly unchanged at €16.30. Share price fell 6.2% to €2.40 over the past week. Price Target Changed • Apr 25
Price target decreased by 7.2% to €14.50 Down from €15.63, the current price target is an average from 3 analysts. New target price is 466% above last closing price of €2.56. Stock is down 15% over the past year. The company is forecast to post a net loss per share of €1.24 next year compared to a net loss per share of €1.25 last year. Price Target Changed • Apr 02
Price target increased by 9.1% to €16.18 Up from €14.83, the current price target is an average from 4 analysts. New target price is 427% above last closing price of €3.07. Stock is up 24% over the past year. The company is forecast to post a net loss per share of €1.24 next year compared to a net loss per share of €1.25 last year. Announcement • Apr 01
Median Technologies Announces Pivotal Study RELIVE's Final Results Median Technologies disclosed pivotal study RELIVE's final results, which confirm and complement the top-line results released on February 3, 2025. This successfully concludes the pivotal studies of Median's AI/ML-based computer aided detection and diagnosis (CADe/CADx) SaMD, eyonis Lung Cancer Screening (LCS), a key requirement for regulatory submissions in the US and Europe. The US FDA filing is on track for formal submission in May 2025, shortly followed by filing for CE marking in Europe in June. Consequently, given normal review times, Median expects eyonis™ LCS' FDA 510(k) clearance in Third Quarter 2025 and CE marking in First Quarter 2026, as previously communicated. The eyonis™ LCS SaMD was developed for the following intended use: firstly, to allow early detection and characterization of probably benign, suspicious or very suspicious lung nodules in order to aid cancer diagnosis and to drive the clinical management of patients; secondly, to aid radiologists in the detection, localization, characterization and assessment of pulmonary nodules from medical images by generating a proprietary result report that highlights lung nodules as " probably benign" or "suspicious" or "very suspicious" and scores nodules individually; and, thirdly, to aid the identification of tumor at its earliest stage, to allow better patient care while reducing the number of unnecessary tests, procedures and healthcare costs. Based on a highly enriched cohort, RELIVE study final results show that Median's eyonis™ LCSSaMD met all key endpoints, demonstrating statistically significant performance, superior to device safety and efficacy. The results support the intended use for which eyonis™ LCS was developed, which was shared with the EU Notified Body and discussed with the FDA during the Q-submission phase. Device efficacy and safety in line with intended use are mandatory requirements for obtaining marketing authorizations from regulatory bodies in the US and Europe. Median Technologies intends to present pivotal study results including RELIVE study data, at upcoming ad-hoc medical and scientific conferences and submit scientific papers in peer-reviewed publications in the coming quarters. If caught early, lung cancer can most often be cured. AI-based Software as Medical Device will facilitate the scalability of lung cancer screening programs worldwide. Median Technologies has developed eyonis™ LCS as a unique artificial intelligence based SaMD to scale up Low Dose CT lung cancer screening programs in the United States, Europe and the rest of the world in order to save people’s lives, support medical professionals in completing more screening procedures and reduce healthcare costs. Announcement • Feb 25
Median Technologies to Showcase Its Artificial Intelligence Software as a Medical Device for Lung Cancer Screening, eyonis™ LCS, at the European Congress of Radiology Median Technologies announced that it will attend the European Congress of Radiology (ECR) 2025 in Vienna, from Feb. 26 to March 2. The Median eyonis team will welcome interested parties at Booth #AI-18, AI Exhibition, Expo X1, from February 26 to March 1 (technical exhibits dates). The Company will share the latest developments for eyonis Lung Cancer Screening (LCS) Software as a Medical Device (SaMD). RELIVE secondary endpoints results will be communicated as soon as all the statistical analyses are finalized. The protocol and primary endpoints for the two pivotal studies, RELIVE and REALITY, were defined in accordance with discussions held with the FDA. By achieving the primary endpoints in both pivotal studies, eyonis™? LCS has successfully completed the regulatory requirements for clinical validation. Consequently, the regulatory dossiers for obtaining the U.S. 510(k) and European CE marking of eyonis™? LCS will be submitted to the agencies in the second quarter of this year. Announcement • Feb 03
Median Technologies: Eyonis Lung Cancer Screening (LCS) Meets Primary Endpoint in Relive Clinical Trial, the Final Pivotal Study Required for Regulatory Submissions Median Technologies announced that eyonis™ LCS, its wholly owned proprietary AI/ML-based CADe/CADx Software as a Medical Device (SaMD) for lung cancer screening, met the primary endpoint in RELIVE. Top-line data from RELIVE shows that eyonis™ LCS together with radiologist achieved statistically significant improvement over radiologist alone (p=0.027). RELIVE is the second of two pivotal studies required for marketing authorization in U.S. and Europe. By meeting primary endpoint in RELIVE, eyonis™ LCS has successfully completed its clinical validation and confirmed the analytical validation previously achieved in REALITY, a standalone pivotal study which results were announced in August 2024. Successful pivotal studies are a key prerequisite of regulatory submissions both in the US and in EU. Consequently, eyonis™ LCS regulatory filings are now being prepared for U.S. FDA 510(k) filing and EU CE marking and will be submitted in Second Quarter 2025. Median’s eyonis™ LCS AI/ML-based CADe/CADx SaMD is designed to improve diagnostic accuracy of radiologists in analyzing low dose computed tomography (LDCT) scans for lung cancer screening. Lung cancer is the number one killer of all cancers. A recent study showed that only 16% of lung cancers are diagnosed at an early stage and, because most were detected too late, the average five-year survival rate for all lung cancer patients is 18.6%1. Conversely, Stage 1 lung cancer can be cured, with an 80% survival rate after 20 years. For Stage 1A cancers that measure 10 mm or less, the 20-year survival rate has been shown to reach 92%. The primary objective of RELIVE, a multi-reader multi-case (MRMC) trial conducted on a cohort of 480 patients at high-risk of developing lung cancer, was to demonstrate, through a superiority test run by a set of 16 radiologists, that eyonis™ LCS can improve clinicians’ diagnostic accuracy in analyzing LDCT lung cancer screening scans, by helping in the detection localization and characterization of lung nodules, by reducing false positives and by driving clinical management to avoid unnecessary follow-up procedures. Top-line data from RELIVE shows that eyonis™ LCS achieved statistically significant improvement over radiologist alone (p=0.027). This finding demonstrates that eyonis™ LCS may save lives of patients, time for healthcare professionals as well as reduce cancer costs for payers. Additional RELIVE data, including multiple secondary endpoints, are being analyzed and will be reported in the coming weeks. RELIVE data will be shared in future Median Technologies communications and at upcoming medical and scientific conferences. More information regarding RELIVE study can already be found on ClinicalTrials.gov, study ID NCT06751576. The first pivotal study, REALITY, initially communicated in August 2024, collected retrospective imaging and clinical data from 1,147 patients. REALITY evaluated eyonis™ LCS’ ability to diagnose and characterize cancerous vs non-cancerous patients (i.e. “performance at patient level”), and detect and characterize suspicious versus malignant nodules using LDCT lung screening scans. Both RELIVE and REALITY studies were performed using retrospectively collected imaging and clinical data from patients from five major cancer centers and hospitals in the US and in EU, along with two US data providers. About lung cancer screening in the U.S.:Lung cancer screening is recommended by the U.S. Preventive Services Task Force (USPTF) in adults aged 50 to 80 years who have a 20 pack-year smoking history and covered by Medicare; the eligible population is currently of 14.5 million people. There already is an existing reimbursement of $650 per SaMD procedure creating a substantial commercial opportunity to improve patient care in this addressable market. Furthermore, the eligible patient number is expected to rise in the coming years, driven by planned broadening of the eligible U.S. population by USPTF. Similarly, new lung screening program deployments are planned in Europe and Asia. About eyonis™ LCS: eyonis™ Lung Cancer Screening (LCS) is an artificial intelligence AI/ML-enabled Software as a Medical Device that uses machine learning to help analyze imaging data generated with low dose computed tomography (LDCT) to aid to diagnose lung cancer at the earliest stages, when it can still be cured in many patients. eyonis™ LCS is the subject of two pivotal studies required for marketing approvals in the U.S. and Europe: REALITY (successfully completed - Clinicaltrials.gov ID: NCT0657623) and RELIVE (primary endpoint successfully achieved, secondary endpoints analysis on-going - Clinicaltrials.gov ID: NCT06751576). Filing applications including these pivotal data are scheduled to be submitted for FDA 510(k) clearance and CE marking in Second Quarter 2025. Price Target Changed • Jan 28
Price target decreased by 9.4% to €14.70 Down from €16.23, the current price target is an average from 4 analysts. New target price is 322% above last closing price of €3.49. Stock is down 15% over the past year. The company is forecast to post a net loss per share of €1.19 next year compared to a net loss per share of €1.25 last year. Announcement • Jan 15
Median Technologies SA to Report Fiscal Year 2024 Results on Apr 29, 2025 Median Technologies SA announced that they will report fiscal year 2024 results at 5:40 PM, Central European Standard Time on Apr 29, 2025 Reported Earnings • Oct 27
First half 2024 earnings released: €0.68 loss per share (vs €0.64 loss in 1H 2023) First half 2024 results: €0.68 loss per share (further deteriorated from €0.64 loss in 1H 2023). Revenue: €10.9m (down 4.0% from 1H 2023). Net loss: €12.5m (loss widened 24% from 1H 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€10m). Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€25m net loss in 3 years). Market cap is less than US$100m (€72.6m market cap, or US$78.6m). New Risk • Sep 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €83.8m (US$92.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€22m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-€10m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€23m net loss in 3 years). Market cap is less than US$100m (€83.8m market cap, or US$92.5m). Announcement • Sep 05
Median Technologies to Share Positive Pivotal Data for Eyonis LCS Diagnostic Software as Medical Device at the IASLC 2024 World Conference on Lung Cancer Median Technologies announced that the Company will be sharing information on its proprietary AI/ML-powered SaMD, eyonis™ LCS, including recently announced data from the pivotal REALITY study, at Booth #2601 during the 2024 World Conference on Lung Cancer (WCLC), being held in San Diego, CA, USA, from September 7-10, 2024. The WCLC, the premier world conference on lung cancer, is organized by the International Association for the Study of Lung Cancer (IASLC), a global multidisciplinary association dedicated to eradication of all forms of lung cancers. eyonis™ LCS is designed to improving the detection and diagnostic accuracy of LDCT in lung cancer screening procedures. LDCT imaging is the standard of diagnostic care globally and is currently the only approved lung cancer screening modality in U.S. and Europe. The average five-year survival rate for all lung cancer patients is 18.6% because only 16% of lung cancers are diagnosed at an early stage. Conversely, Stage 1 lung cancer can be cured when detected, with an 80% survival rate after 20 years, where many die from other causes. For Stage 1A cancers that measure 10 mm or less, the 20-year survival rate has been shown to be 92%. REALITY evaluating the standalone performance of the medical device in characterizing cancerous vs non-cancerous patients (performance at patient level”), and in detecting and characterizing suspicious versus malignant nodules. Despite the inclusion of many challenging LDCT images, the eyonis™ LCS SaMD achieved exceptional results and met all study primary and secondary endpoints with statistical significance and achieved an area under the curve (AUC) value of 0.904 at patient level versus an AUC of 0.80 – the minimum value set as the primary endpoint for REALITY. REALITY analyses were conducted on data from a cohort of 1,147 patients from five major cancer centers and hospitals in the US and Europe and two clinical data providers. Importantly, 80% of the cancers in the analyzed cohort of REALITY were difficult-to-diagnose Stage 1 cancers. Moreover, the REALITY cohort was enriched compared to real life with small non-spiculated cancers, and large spiculated benign nodules, both of which are challenging for radiologists to diagnose.
The second pivotal trial, RELIVE, is a Multi-Reader Multi-Case (MRMC) study that will offer clinical validation of eyonis™ LCS to complement the analytical validation already achieved with REALITY. RELIVE is ongoing and scheduled for completion in the coming months, with an anticipated data read-out in first quarter of 2025. Median Technologies expects eyonis™ LCS regulatory filings in the US for FDA 510(k) clearance and in Europe for CE marking in first half of 2025. eyonis™ Lung Cancer Screening (LCS) is an artificial intelligence (AI) powered diagnostic device that uses machine learning to help analyze imaging data generated with low dose computed tomography (LDCT) to diagnose lung cancer at the earliest stages, when it can still be cured in the majority of patients. eyonis™ LCS has been classified by regulators as “Software as Medical Device”, or SaMD, and is the subject of two pivotal studies required for marketing approvals in the U.S. and Europe: REALITY (successfully completed) and RELIVE (ongoing). Filing applications including these pivotal data are scheduled to be submitted for FDA 510(k) premarket clearance and CE marking in 2025. Announcement • Aug 29
Median Technologies Announces Pivotal Reality Study of Its Eyonis™? Lcs Lung Cancer Diagnostic Met All Primary and Secondary Endpoints Median Technologies announced that eyonis™? LCS, its proprietary Artificial Intelligence (AI)/machine learning (ML) powered Software as Medical Device (SaMD) for lung cancer screening (LCS), met the primary and all secondary endpoints in REALITY, the first of two pivotal studies required for marketing authorizations in U.S. and Europe. Median’s eyonis™ LCS SaMD is designed for improving the detection and diagnostic accuracy of low-dose computed tomography (LDCT). LDCT imaging is the standard of care globally and is currently the only approved lung cancer screening modality in U.S. and Europe. The average five-year survival rate for all lung cancer patients is 18.6% because only 16% of lung cancers are diagnosed at an early stage2. Conversely, Stage 1 lung cancer can be cured when detected, with an 80% survival rate after 20 years, where many die from other causes. For Stage 1A cancers that measure 10 mm or less, the 20-year survival rate has been shown to be 92%. Consequently, there is tremendous momentum behind efforts in the U.S., Europe and Asia to increase lung cancer screening and improve its accuracy. Enabling the accurate early detection of lung cancer with eyonis™ LCS could dramatically improve lung cancer survival. Lung cancer screening is recommended by the U.S. Preventive Services Task Force (USPSTF) in adults aged 50 to 80 years who have a 20 pack-year smoking history. The market opportunity includes a population of 14.5 million people in the US alone, currently eligible for a lung cancer screening exam, with an existing potential reimbursement of $650 per exam with a SaMD postprocessing for characterization of malignant vs benign nodules. This represents a total addressable annual market of over $9 billion. The eligible U.S. patient number is expected to rise in the coming years, driven by planned broadening of the eligibility criteria. Similarly, new lung screening program deployments are planned in Europe and Asia.Around $230 billion were spent on cancer medical care in 2023 in the US. The vast majority of cancer care costs are incurred in treating advanced cancer patients, versus preventive care such as screening that can save patients’ life. Definitive results from REALITY show that eyonis™ LCS can accurately detect and characterize cancerous nodules. The novel SaMD achieved exceptional results, with an area under the curve (AUC) value of 0.904 at patient level versus an AUC of 0.80 – the minimum value set as a primary endpoint for REALITY. Importantly, 80% of the cancers in the analyzed cohort of REALITY were difficult-to-diagnose Stage 1 cancers. Moreover, the REALITY cohort was enriched compared to real life with small non-spiculated cancers, and large spiculated benign nodules, both of which are challenging for radiologists to diagnose. The pivotal REALITY study, initiated in July 2023, collected retrospective imaging and clinical data from 1,147 patients from five major cancer centers and hospitals in the US and Europe and two clinical data providers. REALITY evaluated eyonis™ LCS ability to diagnose lung cancer. The objectives were to assess eyonis™ LCS standalone performance in characterizing cancerous vs non-cancerous patients (i.e. “performance at patient level”), and in detecting and characterizing suspicious versus malignant nodules. The primary endpoint of REALITY was determined after consultation with the U.S. regulatory authorities and the primary endpoint was selected to show that eyonis™ LCS would achieve an AUC superior to 0.8. The second pivotal trial, RELIVE, is a Multi-Reader Multi-Case (MRMC) study that will offer clinical validation of eyonis™ LCS to complement the analytical validation already achieved and communicated with REALITY. All the patient recruitment and relevant patient clinical data for the RELIVE study have already successfully been collected from the participating sites. RELIVE is scheduled for completion in the coming months, with an anticipated data read-out in First Quarter 2025 and regulatory filings in H1 2025. Announcement • Jul 12
Median Technologies SA to Report First Half, 2024 Results on Oct 24, 2024 Median Technologies SA announced that they will report first half, 2024 results on Oct 24, 2024 Major Estimate Revision • May 28
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€1.18 to -€1.36 per share. Revenue forecast of €23.9m unchanged since last update. Healthcare Services industry in France expected to see average net income growth of 31% next year. Consensus price target of €24.18 unchanged from last update. Share price rose 6.3% to €3.61 over the past week. New Risk • May 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€22m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€22m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-€10m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€17m net loss in 3 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (€68.1m market cap, or US$73.9m). Major Estimate Revision • May 23
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€1.04 to -€1.25 per share. Revenue forecast of €25.1m unchanged since last update. Healthcare Services industry in France expected to see average net income growth of 31% next year. Consensus price target of €24.18 unchanged from last update. Share price rose 8.4% to €3.48 over the past week. Major Estimate Revision • May 16
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €24.5m to €25.1m. Forecast EPS reduced from -€1.04 to -€1.25 per share. Healthcare Services industry in France expected to see average net income growth of 31% next year. Consensus price target of €24.18 unchanged from last update. Share price rose 2.6% to €3.18 over the past week. Announcement • May 15
Median Technologies SA, Annual General Meeting, Jun 19, 2024 Median Technologies SA, Annual General Meeting, Jun 19, 2024. Location: 174 avenue victor hugo, paris France Reported Earnings • Apr 30
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: €1.25 loss per share. Revenue: €22.8m (down 4.9% from FY 2022). Net loss: €23.0m (loss widened 14% from FY 2022). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 5.9%. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. New Risk • Apr 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€16m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€22m net loss in 2 years). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (€60.6m market cap, or US$65.1m). Price Target Changed • Jan 30
Price target increased by 25% to €24.40 Up from €19.47, the current price target is an average from 4 analysts. New target price is 505% above last closing price of €4.04. Stock is down 41% over the past year. The company is forecast to post a net loss per share of €1.36 next year compared to a net loss per share of €1.28 last year. Announcement • Jan 23
Median Technologies SA to Report Fiscal Year 2023 Results on Apr 25, 2024 Median Technologies SA announced that they will report fiscal year 2023 results at 5:40 PM, Central European Standard Time on Apr 25, 2024 Price Target Changed • Nov 21
Price target decreased by 22% to €19.47 Down from €24.98, the current price target is an average from 3 analysts. New target price is 358% above last closing price of €4.26. Stock is down 46% over the past year. The company is forecast to post a net loss per share of €1.38 next year compared to a net loss per share of €1.28 last year. Announcement • Oct 18
Median Technologies's iBiopsy HCC Detection AI Model Developed on the PHELICAR Clinical Data Registry, to Be Presented at the ESMO Congress Median Technologies announced that the first results of its iBiopsy HCC detection AI model developed on the PHELICAR clinical data registry will be presented during the annual congress of the European Society for Medical Oncology (ESMO), taking place from Oct 20 to 24, in Madrid, Spain. The study, conducted using data from the PHELICAR clinical Data registry (CDR), was led by Pr. Olivier Lucidarme, Head of Specialty, and Emergency Imaging Department at the Pitie-Salpetriere AP-HP Hospital, Paris, France, and his team as well as teams from the Beaujon and Paul-Brousse AP-HP Hospitals. This initial work is centered on the detection features of Median's future iBiopsy HCC CADe/CADx SaMD and is based on a cohort of 753 patients from AP-HP, suffering from chronic liver disease and HCC. For the study, data from 561 patients were used for the algorithm's training & tuning, whereas data from 192 patients were used for its testing. Median's iBiopsy AI model, designed to detect HCC lesions as small as 10 mm in diameter, showcased promising results, achieving an impressive sensitivity rate of 92% on the test set. This notable achievement significantly surpasses the average sensitivity of 69%4 observed among radiologists without AI/ML tech-based computer aided detection. The next phase of research will focus on the small-size lesions to improve the diagnosis of very early stage (0) and early-stage (A) HCC. Study results will be presented during the session Basic Science & Translational Research (ID 81), to be held on Sunday 22 October, session time: 8:30 - 10:05 am CEST, oral presentation time: 9:10 am CEST, Santander Auditorium - Hall 9. As a reminder, PHELICAR is part of a large research collaboration agreement signed in March 2020 between AP-HP and Median Technologies, aiming at carrying out studies to be used for the development and validation of Median's iBiopsy®? AI/ML tech-based algorithms. More specifically, PHELICAR is a large-scale clinical data registry (CDR) to accurately identify the specific tumor phenotypes to better diagnose and predict patient outcome in HCC and supports the ongoing rise of predictive and personalized medicine. The Median iBiopsy team will attend the ESMO 2023 Congress and be at booth #522, Hall 5, from October 20 to 23 (exhibition dates) to discuss the study results as well as iBiopsy®? advancements. Announcement • Oct 11
Median Technologies Appoints Ben Mcdonald to Its Board of Directors Median Technologies announced that Ben McDonald has joined its Board of Directors, chaired by Oran Muduroglu. This appointment was approved during the ordinary shareholders’ meeting, held on October 10th. Ben serves on the board of directors for Aegis Group Partners Holdco, Noble Biomaterials, SuperTurbo Technologies, and Next Generation Turbo. He also served on the board of directors of Introhive before its sale to Providence Strategic Growth. Prior to joining Aegis Group Partners, Ben was an investor at Citadel Global Equities and Ailanthus Capital Management, where he focused on the technology sector. He holds an MBA from the University of Cambridge and an HBA from Western University. Announcement • Sep 05
Median Technologies SA, Annual General Meeting, Oct 10, 2023 Median Technologies SA, Annual General Meeting, Oct 10, 2023. Announcement • Jul 28
Median Technologies SA to Report First Half, 2023 Results on Oct 19, 2023 Median Technologies SA announced that they will report first half, 2023 results on Oct 19, 2023 Major Estimate Revision • Jul 14
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €29.6m to €26.1m. Forecast losses increased from -€1.25 to -€1.34 per share. Healthcare Services industry in France expected to see average net income growth of 20% next year. Consensus price target down from €33.57 to €29.03. Share price was steady at €5.30 over the past week. Announcement • Jul 14
Median Technologies SA announced that it expects to receive €10 million in funding from Lake Bridge Capital Inc Median Technologies SA announced that it has entered into security purchase agreement for €10 million in a round of funding on July 12, 2023. The transaction included participation from new investors, Celestial Successor Fund L.P., a fund managed by Lake Bridge Capital Inc. The company issued convertible bonds in the transaction. The bonds will have interest rate at 8.5% and will mature after 7 years of issuance. The conversion price of the convertible bonds was set at €6.458. The transaction is expected to close on July 21, 2023 Price Target Changed • Jul 13
Price target decreased by 15% to €29.03 Down from €34.07, the current price target is an average from 3 analysts. New target price is 498% above last closing price of €4.86. Stock is down 53% over the past year. The company is forecast to post a net loss per share of €1.34 next year compared to a net loss per share of €1.28 last year. New Risk • Jul 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€17m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-€7.3m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€16m net loss in 3 years). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Announcement • May 19
Median Technologies SA, Annual General Meeting, Jun 20, 2023 Median Technologies SA, Annual General Meeting, Jun 20, 2023. Reported Earnings • Apr 25
Full year 2022 earnings released: €1.28 loss per share (vs €1.25 loss in FY 2021) Full year 2022 results: €1.28 loss per share (further deteriorated from €1.25 loss in FY 2021). Revenue: €23.9m (up 15% from FY 2021). Net loss: €20.2m (loss widened 4.8% from FY 2021). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Breakeven Date Change • Mar 01
Forecast to breakeven in 2025 The 3 analysts covering Median Technologies expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €9.35m in 2025. Average annual earnings growth of 50% is required to achieve expected profit on schedule. Announcement • Dec 22
Median Technologies SA to Report Fiscal Year 2022 Results on Apr 20, 2023 Median Technologies SA announced that they will report fiscal year 2022 results at 5:40 PM, Central European Standard Time on Apr 20, 2023 Board Change • Nov 16
No independent directors There are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board of Directors Oran Muduroglu is the most experienced director on the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 21
First half 2022 earnings released: €0.57 loss per share (vs €0.65 loss in 1H 2021) First half 2022 results: €0.57 loss per share (improved from €0.65 loss in 1H 2021). Revenue: €12.8m (up 26% from 1H 2021). Net loss: €8.88m (loss narrowed 6.6% from 1H 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 70% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 01
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €28.2m to €27.1m. Losses expected to increase from €1.15 per share to €1.33. Healthcare Services industry in France expected to see average net income growth of 16% next year. Consensus price target of €36.20 unchanged from last update. Share price fell 6.6% to €11.38 over the past week. Reported Earnings • Apr 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: €1.25 loss per share (down from €1.06 loss in FY 2020). Revenue: €20.7m (up 53% from FY 2020). Net loss: €19.3m (loss widened 51% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 37%, compared to a 26% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 91% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Oern Stuge was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 24
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: €1.25 loss per share (down from €1.06 loss in FY 2020). Revenue: €20.7m (up 53% from FY 2020). Net loss: €19.3m (loss widened 51% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 40%, compared to a 26% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 96% per year, which means it is well ahead of earnings. Reported Earnings • Oct 23
First half 2021 earnings released: €0.65 loss per share (vs €0.39 loss in 1H 2020) The company reported a mediocre first half result with increased losses and weaker control over costs, although revenues improved. First half 2021 results: Revenue: €10.2m (up 71% from 1H 2020). Net loss: €9.51m (loss widened 105% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 23
Price target increased to €28.10 Up from €19.10, the current price target is an average from 2 analysts. New target price is 94% above last closing price of €14.50. Stock is up 388% over the past year. Price Target Changed • May 15
Price target increased to €28.10 Up from €19.10, the current price target is an average from 2 analysts. New target price is 118% above last closing price of €12.90. Stock is up 508% over the past year. Reported Earnings • Apr 11
Full year 2020 earnings released: €1.05 loss per share (vs €0.66 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €13.6m (up 51% from FY 2019). Net loss: €12.8m (loss widened 60% from FY 2019). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 09
New 90-day high: €13.50 The company is up 93% from its price of €6.98 on 09 December 2020. The French market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is down 4.0% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: €9.18 The company is up 41% from its price of €6.50 on 11 November 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 24% over the same period. Announcement • Nov 25
Median Technologies Announces the Results of Preliminary Retrospective Study on the Evaluation of the Severity of Hepatic Fibrosis in Non-Alcoholic Steatohepatitis Median Technologies announced the results of a preliminary retrospective study on the evaluation of the severity of hepatic fibrosis in Non-Alcoholic Steatohepatitis (NASH) patients using a new imaging biomarker extracted from MRI/MRE images. According to the World Health Organization (WHO), Non-Alcoholic Fatty Liver Disease (NAFLD) is a pandemic affecting 25% of the global population. For 20% of patients, NAFLD leads to a more severe disease, Non-Alcoholic Steatohepatitis (NASH). Within the high-risk population of NASH patients, disease evolution can lead to cirrhosis and liver cancer. NASH prognosis mostly depends on the hepatic fibrosis grade. Hepatic biopsy is a method used to measure hepatic fibrosis severity. However, due to its invasiveness, and sampling errors related to small sample size as well as spatial variation in degree of fibrosis, hepatic biopsy is not used as first indication for diagnostic purposes. In routine clinical practice, the assessment of the absence of advanced fibrosis of the liver is done by non-invasive tests such as blood tests and hepatic elastography. The biopsy is however essential for the diagnosis of advanced NASH. In its early stages, the disease remains reversible by a change in eating habits and lifestyle. The clinical interest is therefore to distinguish accurately and non-invasively patients with early fibrosis from patients with advanced fibrosis at risk of progressing to cirrhosis and liver cancer. In this clinical context, the objective of Median’s preliminary retrospective study was to quantify the ability of iBiopsy®’s learning algorithms to discriminate between early and advanced fibrosis grade in NASH patients. MRE and MRI images from a cohort of NASH patients with F2-F3 fibrosis grades (n=152 observations), based on the NASH CRN score (F0-F4) were used to model the relationships between liver image features and early and advanced fibrosis histological grades. The performance of iBiopsy® testing characterized by the area under the curve (AUROC) is 0.90 with a specificity of 0.89 and a sensitivity of 0.86 for the diagnosis of advanced fibrosis (F3) based on MRE. Despite its excellent performance, high cost and restricted access to MRE limit its widespread clinical adoption for assessing fibrosis. In this regard, the ability of iBiopsy® was also tested with morphological MRI without contrast media. In clinical routine, morphologic signs on MRI alone are unreliable and insufficient to detect even significant liver fibrosis. However, using AI-based iBiopsy® technologies applied on MRI, the prediction performance is encouraging with a specificity of 0.83 and a sensitivity of 0.72. Preliminary results show that the iBiopsy® non-invasive fibrosis biomarker for NASH could allow for the discrimination between early and advanced fibrosis based on standard imaging modalities. These results need to be confirmed on independent patient cohorts. Reported Earnings • Oct 16
First half earnings released Over the last 12 months the company has reported total losses of €8.40m, with losses narrowing by 20% from the prior year. Total revenue was €11.0m over the last 12 months, up 56% from the prior year. Is New 90 Day High Low • Oct 09
New 90-day high: €8.98 The company is up 22% from its price of €7.34 on 10 July 2020. The French market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.91 per share. Announcement • Aug 29
Median Technologies SA to Report First Half, 2020 Results on Oct 14, 2020 Median Technologies SA announced that they will report first half, 2020 results on Oct 14, 2020 
