Median Technologies Reports Record iCRO Backlog, Accelerates Commercial Rollout of eyonis® LCS and Development of New Indications Across the eyonis® Portfolio
- Strengthened cash position at €60.8 million as of June 30, 2026, reflecting the successful €50 million capital increase completed in June 2026.
- Cash runway through the first half of 2028, with a potential extension into the first half of 2029 upon exercise of warrants issued in 2025.
- First-half 2026 iCRO revenue of €11.8 million, up 4.4% from €11.3 million in the first half of 2025.
- Record iCRO order backlog of €82.4 million as of June 30, 2026 (+15.6% vs. H1 2025), providing strong visibility into future revenue growth.
- eyonis® LCS has received FDA clearance and CE marking.
- Accelerated commercial rollout of eyonis® LCS in the United States.
Regulatory News:
Median Technologies (FR0011049824, ALMDT, “Median” or the “Company”), developer of eyonis®, a suite of artificial intelligence (AI) powered Software as a Medical Device (SaMD) for early cancer diagnosis, and a globally leading provider of AI-based image analyses and central imaging services for oncology drug developers, today announced its key financial performance for the first half of 2026 and highlighted major regulatory and commercial achievements for eyonis® LCS.
"The first half of 2026 has been transformational for Median Technologies. We considerably strengthened our cash position through a €50 million capital increase, delivered solid iCRO’s financial performance with a 4.4% year-on-year revenue increase and a record backlog as of June 30, 2026. We also achieved major regulatory milestones for eyonis® LCS, securing FDA clearance in the United States and CE marking in Europe,” Fredrik Brag, CEO and Founder of Median Technologies commented.
“Median has entered a new phase of its development. Our priority is to continue executing our commercialization strategy for eyonis® LCS while building on the strong foundations of our iCRO business and creating sustainable long-term value for our shareholders", Fredrik Brag added.
Strengthened cash position and extended cash runway through the first half of 2028, with a potential extension into the first half of 2029 upon exercise of warrants issued in 2025
On June 3, 2026, Median Technologies announced the successful completion of an upsized €50 million capital increase, significantly strengthening the Company's financial horizon. Combined with disciplined cash management, the proceeds are expected to extend the Company's cash runway into the first half of 2028, providing the resources required to execute Median's strategic roadmap, including the commercialization of eyonis® LCS, the development of new indications across the eyonis® portfolio and the continued expansion of the iCRO business.
As of June 30, 2026, Median's cash and cash equivalents totaled €60.8 million.
In addition, approximately 12 million warrants issued in July 2025 remained outstanding as of June 30, 2026. These warrants expire in January 2028 and have an exercise price of €2.39 per share, representing a potential additional cash inflow of approximately €44.3 million. Assuming full exercise of these warrants, Median's cash runway would be extended into the first half-year 2029.
iCRO’s enhanced revenue visibility
Median Technologies delivered solid financial performance during the first six months of 2026, driven by the continued momentum of its iCRO business, which remains the Company's sole source of revenue.
Revenue reached €11.8 million for the first half of 2026, compared with €11.3 million for the first half of 2025, representing growth of 4.4% and reflecting the solid commercial momentum of the Company's imaging services business. Q2 2026 revenue reached €5.9 million, up 11.3% from €5.3 million in Q2 2025.
As of June 30, 2026, the Company's order backlog1 reached €82.4 million (€80.3 million at constant exchange rates since January 1st, 2026), representing the highest level in Median Technologies' history and providing strong visibility into future revenue generation. The backlog increased from €79.8 million as of March 31, 2026, and from €71.3 million as of June 30, 2025, representing year-over-year growth of 15.6%. This strong performance reflects sustained demand from biopharmaceutical clients and the continued momentum of the Company's iCRO business.
Major regulatory achievement and commercial launch for eyonis® LCS in the U.S.
The first half of 2026 marked a pivotal period for eyonis® LCS, Median’s AI-powered Software as a Medical Device (SaMD) designed to aid in the detection and diagnosis of lung cancer in screening programs.
In February 2026, Median received FDA 510(k) clearance for eyonis® LCS, representing a major strategic milestone. Median launched the commercialization of eyonis® LCS in the United States, the world's largest and most mature lung cancer screening market.
On July 3, 2026, Median announced the CE marking of eyonis® LCS under the European Medical Device Regulation (MDR), enabling its commercialization across the European Economic Area. The CE marking in addition to FDA clearance, significantly expands the Company's addressable market and further enhances the global commercial potential of eyonis® LCS.
FDA clearance in the United States and CE marking in Europe represent the culmination of five years of investment in the development, clinical validation and regulatory approval of eyonis® LCS. These achievements position Median Technologies as a pioneer in AI-powered Software as Medical Devices for cancer screening and early diagnosis and create the foundations for future growth.
In the United States, eyonis Inc., Median's wholly owned subsidiary dedicated to the commercialization of eyonis® LCS, substantially expanded its operational capabilities under the leadership of Oran Muduroglu through the recruitment of professionals spanning commercial, application specialist, information technology and customer deployment roles. The team now provides the expertise required to support customer onboarding, workflow integration, clinical application support, technical deployment, creating a robust foundation for the successful execution of Median's U.S. commercialization strategy.
Median focused on advancing market access initiatives and strengthening relationships with healthcare providers, radiology groups, screening networks and strategic industry stakeholders across the lung cancer screening ecosystem. Furthermore, the Company established its first strategic commercial partnership through an agreement with Tempus AI, advanced discussions with other industry partners are on-going.
Strategic Outlook
Median enters the second half of 2026 with strong momentum across both its iCRO and eyonis® businesses.
eyonis® LCS has entered a new phase of development following the achievement of its major regulatory milestones. Building on FDA clearance in the United States and CE marking in Europe, Median is now focused on executing its commercial launch, with a primary emphasis on the United States, the world's largest and most mature lung cancer screening market. Supported by an established screening ecosystem and a favorable reimbursement environment, the U.S. market represents the Company's most significant near-term commercial opportunity.
Beyond lung cancer screening, Median Technologies will continue to advance the development of its broader eyonis® portfolio, including programs targeting incidental pulmonary nodules (IPN) and hepatocellular carcinoma (HCC), which address significant unmet needs in oncology. Both eyonis® IPN and eyonis® HCC programs are strategically aligned with Median’s long-term ambition to expand eyonis® into a comprehensive portfolio of AI-based SaMD, reinforcing the Company’s positioning in AI-enabled early cancer diagnosis and supporting future growth opportunities beyond its initial lung cancer screening indication.
Moreover, the Company expects continued growth of its profitable iCRO business, supported by record backlog levels and favorable commercial momentum across its three key markets: the United States, China and Europe.
With a cash position of €60.8 million, a record order backlog of €82.4 million, and a cash runway extending through the first half of 2028 following the successful capital increase completed in 2026 — and potentially through the first half of 2029 upon the full exercise of the warrants issued in 2025 — the Company has the financial resources and visibility needed to support the next phase of its development.
About Median Technologies: Pioneering innovative software as a medical device and imaging services, Median Technologies harnesses cutting-edge AI to enhance the accuracy of early cancer diagnoses and treatments. Median's offerings include iCRO, which provides medical image analysis and management in oncology trials, and eyonis®, an AI/ML tech-based suite of software as a medical device (SaMD). Median empowers biopharmaceutical entities and clinicians to advance patient care and expedite the development of novel therapies. The French-based company, with a presence in the U.S. and China, trades on the Euronext Growth market (ISIN: FR0011049824, ticker: ALMDT). Median is also eligible for the French SME equity savings plan scheme (PEA-PME). For more information, visit www.mediantechnologies.com.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are not historical facts. They include projections and estimates as well as the assumptions on which these are based, statements concerning projects, objectives, intentions, and expectations with respect to future financial results, events, operations, services, product development and potential, or future performance.
These forward-looking statements can often be identified by the words "expects," "anticipates," "believes," "intends," "estimates" or "plans" and any other similar expressions. Although Median's management believes that these forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of Median Technologies, that could cause actual results and events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
All forward-looking statements in this press release are based on information available to Median Technologies as of the date of the press release. Median Technologies does not undertake to update any forward-looking information or statements, subject to applicable regulations, in particular Articles 223-1 et seq. of the General Regulation of the French Autorité des Marchés Financiers.
____________________________________ 1 The order backlog is the sum of orders received but not yet fulfilled. An increase or decrease in the order backlog corresponds to the order intake of the reporting period, net of invoiced services, completed or cancelled contracts, and currency impact for projects in foreign currency (re-evaluated at the exchange rate on closing date). Orders are booked once the customer confirms, in writing, its retention of the Company’s services for a given project. The contract is usually signed a few months after written confirmation.
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MEDIAN TECHNOLOGIES Emmanuelle Leygues VP, Corporate Marketing & Financial Communications +33 6 10 93 58 88 emmanuelle.leygues@mediantechnologies.com
Press – MAARC Bruno Arabian +33 6 87 88 47 26 bruno.arabian@maarc.fr
Investors - SEITOSEI ACTIFIN Ghislaine Gasparetto +33 6 85 36 76 81 ghislaine.gasparetto@seitosei-actifin.com
U.S. media – TODD STEIN COMMUNICATIONS Todd Stein +1 510.417.0612 todd@toddsteincommunications.com