Median Technologies: Record Order Book at €82.4M and Cash Reserves of €60.8M
On July 22, Median Technologies announced its results for the first half of 2026, highlighted by a historic order book of €82.4M for its iCRO activity and strengthened cash reserves of €60.8M following a €50M fundraising. Concurrently, the group received regulatory approvals (FDA and CE marking) for eyonis LCS, its AI software for lung cancer screening. The challenge for investors lies in Median's ability to convert this commercial visibility and financial position into profitable growth, as the commercialization of the SaMD product has just begun and the group remains in an operating loss.
First Half of 2026: Moderate Revenue Growth in iCRO and Record-High Order Book
Revenue for the first half of 2026 amounted to €11.8M, up 4.4% from €11.3M in the first half of 2025. Although this growth is positive, it remains moderate and reflects the relative stability of the clinical trial imaging services (iCRO) activity, which is currently the group's sole revenue source.
The notable element, however, is the evolution of the order book. As of June 30, 2026, it reached €82.4M, a 15.6% increase year-on-year (from €71.3M a year earlier) and a new record for the company. In just the quarter (compared to March 31, 2026), the order book grew by €2.6M, from €79.8M to €82.4M. This increased commercial visibility reflects the sustained demand from biopharmaceutical clients for oncological image analysis services.
Enhanced Cash Position and Extended Execution Horizon Until 2028
The €50M fundraising completed in June 2026 significantly strengthened Median's financial foundation. Cash reserves stood at €60.8M as of June 30, 2026, providing the group financial autonomy until the first half of 2028, according to the management. This horizon could be extended to the first half of 2029 if all 12 million outstanding warrants (with an exercise price of €2.39 and an expiration date in January 2028) are exercised, representing an additional influx of €28.7M.
This liquidity forms a solid base to support the commercialization of eyonis LCS and the development of new indications within the eyonis portfolio. However, the operating situation remains in deficit: Median generated no revenue from its SaMD product during the first half of 2026, with all revenues coming from the iCRO activity.
Eyonis LCS: Regulatory Approvals Obtained, Commercial Phase Initiated
The group achieved two major regulatory milestones in 2026. In February, it received FDA 510(k) approval for eyonis LCS in the United States; on July 3, it obtained the CE marking in Europe, significantly broadening market access. The commercial launch has been initiated in the United States, the most mature and largest lung cancer screening market in the world.
Median has strengthened the operational capabilities of its American subsidiary eyonis Inc. by hiring commercial, application, IT, and client deployment profiles. The group also concluded its first strategic partnership with Tempus AI and continues advanced discussions with other industry players. These initiatives mark the real beginning of the commercialization phase, but have not generated any measurable revenue during the first half.
