Median Technologies: revenue up 14.4% in the third quarter, net loss widened in the first half
Median Technologies published its financial statements for the first half of 2026 on October 29, 2026, together with its unaudited activity indicators for the third quarter.
The two sets of figures cover distinct areas. The iCRO business, the group's sole source of revenue, grew 14.4% in the third quarter. The half-year net loss increased, mainly due to financial items with no cash impact according to the company.
Meanwhile, the group continued to commercialize its Eyonis LCS software in the United States. It also set up a strategic review committee, which is examining in particular a separation of its two businesses.
A third quarter at €6.7 million and an order backlog of €90.9 million
In the third quarter of 2026, revenue reached €6.7 million, up 14.4% year on year, its highest quarterly level according to the company. For the first nine months, it stood at €18.5 million compared with €17.1 million a year earlier, an increase of 8%.
In the first half, revenue had grown 4%, to €11.8 million from €11.4 million. This half-year growth was mainly driven by China, up 10%, which accounts for 39% of the group's revenue.
The iCRO order backlog stood at €90.9 million as of September 30, 2026, compared with €82.4 million at the end of June and €73.6 million a year earlier, an increase of 23.5% year on year. It includes a €8.4 million phase III oncology imaging project, one of the largest in the history of the business.
A net loss increased by non-cash charges
In the first half of 2026, the operating loss came to €17.2 million, compared with €9.3 million a year earlier. Personnel expenses rose from €10.7 million to €18.6 million, including €8.6 million of share-based payments, an IFRS accounting charge with no cash impact.
Payroll costs amounted to €10.6 million, down €0.2 million year on year, with average headcount reduced from 211 to 200 people. External expenses increased by €0.5 million, to €9.4 million, due to the variable costs of iCRO and the setup of Eyonis's US organization.
The financial result was -€9.5 million, including a €7.5 million charge linked to the increase in the fair value of the EIB warrants, in line with the rise in the share price. The net loss thus reached €26.9 million, compared with €9.2 million in the first half of 2025.
Cash consumption from operating activities rose from €8.9 million to €9.6 million, an increase the company attributes to the setup of its US organization.
First Eyonis LCS revenue targeted in the first half of 2027
On the commercial front, Median signed a global strategic agreement with Olea Medical, a company of the Canon Medical Systems group, in July 2026, in addition to its collaboration with Tempus AI. The software already benefits from an existing reimbursement pathway via the NT-APC 1508 code.
According to Fredrik Brag, chief executive officer and founder, the group expects to generate its first revenue from Eyonis LCS in the first half of 2027. The strategic review committee set up in September 2026 is also examining a possible separation of iCRO and Eyonis, as well as a possible listing of Eyonis or of the whole group in the United States.
As of September 30, 2026, cash and cash equivalents stood at €58.3 million, compared with €60.8 million at June 30, following the €50 million capital increase completed in June. The company states it has funding visibility until the first half of 2028.
Approximately 12 million warrants issued in July 2025 remained outstanding at the end of September, at an exercise price of €2.39 and expiring in January 2028. Their full exercise would represent a potential inflow of approximately €44.3 million and would extend this visibility until the first half of 2029.
