Median Technologies Reduces Operational Loss and Boosts Order Book to a Record High
Median Technologies has released its 2025 results and a business update for the first quarter of 2026. The company has shown strengthened cost discipline with an operational loss of 16.3 million euros compared to 22.5 million in 2024, and a record order book of 79.8 million euros as of March 31, 2026. Concurrently, the group is managing a cash position that has decreased to 14.0 million euros, down from 18.2 million at the end of December 2025.
Financial Performance and Cost Management
The 2025 revenue reached 23.4 million euros, up 2.2% from 22.9 million euros in 2024. This modest growth stems solely from the iCRO activity, which provides advanced imaging services for oncology clinical trials. The operational loss improved significantly, decreasing by 27.6% year-on-year to 16.3 million euros from 22.5 million in 2024, due to heightened cost discipline. Personnel expenses decreased by 4.1 million euros, from 23.8 million to 19.7 million, driven by a reduction in payroll following workforce optimization measures, which reduced staff numbers from 241 in 2024 to 208 in 2025. External expenses also fell by 2.9 million euros, thanks to cost optimizations in image reading services, data transfer fees, and server hosting. The net result remained negative at 34.1 million euros in 2025 compared to 25.2 million in 2024, mainly due to financial charges of 17.7 million euros related to the revaluation of warrants issued in favor of the European Investment Bank, with no impact on cash flow.
Record Order Book and Cash Position
The iCRO activity's order book reached a historic level of 79.8 million euros as of March 31, 2026, up 4.2% from 76.6 million euros as of December 31, 2025. This quarterly increase, itself up 7.9% year-on-year from 66.9 million euros at the end of 2024, provides increased visibility into future revenues. First-quarter 2026 revenue amounted to 5.8 million euros. Meanwhile, the cash position has contracted. Cash and cash equivalents fell by 4.2 million euros over the quarter, standing at 14.0 million euros as of March 31, 2026, compared to 18.2 million at the end of 2025. Cash consumption related to operational activities in 2025 was 17.4 million euros, an improvement from 18.0 million euros in 2024. The group offset these net outflows by raising 28.4 million euros during the 2025 fiscal year, including a capital increase of 21.8 million euros in August and the exercise of warrants for 3.9 million euros.
Strategic Developments and Market Expansion
Median Technologies announced on February 9, 2026, that it obtained FDA 510(k) clearance for eyonis® LCS, its AI-based lung cancer diagnostic software. This approval unlocks the U.S. market, where approximately 14.5 million people are eligible for lung cancer screening programs, with a clear reimbursement framework via NT APC code 1508 set at about 650 dollars per procedure. The company anticipates the first operational clinical sites in the U.S. in the third quarter of 2026 and initial revenues by the end of the year. In Europe, a decision on CE marking is expected in the second quarter of 2026. The company has strengthened its commercial capabilities by appointing Oran Muduroglu as president of its U.S. subsidiary Median eyonis Inc., and signed a non-exclusive distribution agreement with Tempus AI on February 12, 2026. The company is also in advanced discussions with other partners. The group has financial visibility until the end of 2026, with potential for extension well beyond if the remaining 12.4 million warrants are exercised, potentially generating an additional 44.4 million euros. However, the transition to commercializing eyonis® LCS involves scaling up commercial and technological investments, while the current cash reserve of 14.0 million euros remains limited in the face of large-scale deployment challenges.
