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Median Technologies — Earnings Release 2014
Apr 15, 2015
1514_iss_2015-04-15_611b0c8c-e95b-43c4-9143-3cfce9f77fbc.pdf
Earnings Release
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Press Release
2014 Results
Order book doubles
- €11m at 31 December 2014, including €4.2m in firm orders and €6.8m in project awards(1), compared to €1.3m in firm orders at 31 December 2013
€4.4M order intake since 1 January 2015
- of which €1.7m in firm orders including €0.4m in changes to existing orders and €2.7m in project awards(1) .
Strong sales growth that has not yet been included in the 2014 results
Sophia Antipolis, France – 15 April 2015 - The Board of Directors of MEDIAN Technologies met on 9 April 2015 and approved the annual statements for 2014.
"The solid increase in order intake demonstrates the growing interest in our offering and the relevance of our positioning. The size of the markets we are targeting is constantly growing and we are confident in our ability to quickly expand our positions in the clinical trials market and to participate in a major project in routine clinical practice." Fredrik Brag, CEO of MEDIAN Technologies.
• The 2014 results do not yet include the strong sales growth
| In €K (audited) | 2014 | 2013 |
|---|---|---|
| Turnover from clinical trials | 1,062 | 912 |
| Turnover from routine clinical practice | 456 | 291 |
| Total turnover | 1,518 | 1,203 |
| Other operating income | 1,764 | 247 |
| Total operating income | 3,282 | 1,450 |
| Salaries and fringe benefits | (4,144) | (4,090) |
| Other operating expenses | (4,864) | (1,949) |
| Operating income | (5,725) | (4,589) |
| Financial profit | (102) | (726) |
| Extraordinary profit | (5) | (10) |
| Corporate tax | 978 | (977) |
| Net profit (loss) | (4,844) | (4,348) |
Audited simplified income statement
MEDIAN Technologies' turnover amounted to €1,518k in 2014, a 26% increase compared to 2013. Clinical trials accounted for 70% of turnover, and routine clinical practice for 30%. Total operating income amounted to €3,282k, including the transfer of charges amounting to €1,690k corresponding to the costs of the capital increase in September 2014.
Three items have impacted operating expenses in 2014: i) costs related to the capital increase amounting to €1,690k which counterbalance operating income, ii) the implementation of an "Intercompany agreement" with its US subsidiary MEDIAN Technologies Inc. whose costs had hitherto been recorded in financial profit under allocation to provisions for current account impairment and iii) an additional provision for a retirement benefit of €227k.
Accordingly, excluding these three items, MEDIAN Technologies' operating expenses remain under control.
After accounting for operating expenses, the company recorded an operating loss of €5,725k and a net loss of €4,844k.
At 31 December 2014, the company had €15.7m in cash, with €0.8m in financial debt and equity of €12.4m. As a reminder, in September 2014 the company carried out a reserved capital increase of €20m at €9 per share. Investment was led by NEA (New Enterprise Associates), a US venture capital firm that is a world leader in healthcare investment.
• Clinical trials: order book doubles
The order book for clinical trials grew significantly in 2014. Order intake amounted to €11m at 31 December 2014, including €4.2m in firm orders and €6.8m in project awards(1), compared to €1.3m in firm orders at 31 December 2013. We note that at April 9, 2015 order intake for the end of 2014 amounted to €9.8m following the cancellation of a €1.2m project award.
This solid trend continued in 2015: at 9 April 2015, project awards and contract signatures amounted to €4.4m, compared to a €1.8m first-quarter 2014 order intake.
With these successful sales, MEDIAN Technologies is continuing to reinforce its recognition and reputation, particularly targeting the "big pharma" top 10 and biotech companies to intensify the marketing of its offering.
• Routine clinical practice: targeting the major national screening programs
In its routine radiological practice activity, MEDIAN Technologies continues to focus on national screening programs. Discussions are underway to provide support for lung cancer screening campaigns in the Persian Gulf states and Asia.
* A project award notifies a company that their solution has been selected for a given project. A binding contract is then signed within the 18 months following the award, upon confirmation of the upstream clinical results.
The annual financial report is available on the company website www.mediantechnologies.com
Our next update Publication of half-year results - 6 October 2015
About MEDIAN Technologies: www.mediantechnologies.com
Contacts
| MEDIAN Technologies | Press | Investors |
|---|---|---|
| Fredrik Brag, CEO | ALIZE RP | ACTIFIN |
| +33.4.92.90.65.82 [email protected] |
Caroline Carmagnol Sophie Colin +33.1.44.54.36.66 [email protected] |
Ghislaine Gasparetto [email protected] +33.1.56.88.11.11 |