| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 25.12 | 507 |
| Intrinsic value (DCF) | 1.10 | -73 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Median Technologies SA (ALMDT.PA) is a French medical imaging software company specializing in AI-powered solutions for oncology and clinical trials. Headquartered in Valbonne, France, the company develops innovative platforms like iBiops, an end-to-end AI-driven software-as-a-medical-device (SaMD) solution that optimizes medical imaging workflows, and iSee, which provides image analysis services for clinical trials. Operating globally across France, the U.S., Canada, the U.K., and China, Median Technologies serves pharmaceutical companies, biotech firms, and healthcare providers with advanced imaging analytics and contract research services. The company collaborates with leading institutions, including the University of California, to enhance its AI-driven diagnostic capabilities. Despite its niche focus, Median Technologies plays a critical role in precision medicine, particularly in oncology, where its solutions improve diagnostic accuracy and streamline clinical trial imaging processes. With a market cap of approximately €41.8 million, the company remains a high-growth, high-risk player in the medical imaging AI sector.
Median Technologies presents a high-risk, high-reward investment opportunity in the rapidly evolving AI-driven medical imaging sector. The company’s innovative iBiops platform and clinical trial imaging services position it well in oncology diagnostics, a market with significant growth potential. However, persistent financial losses (€25.2M net loss in FY 2023) and negative operating cash flow (-€17.9M) raise concerns about sustainability without additional funding. The company’s €8.1M cash reserves are insufficient to cover its €29.4M debt, increasing refinancing risks. Investors should weigh its technological leadership in AI-powered imaging against its precarious financial position and the competitive pressures from larger medtech firms.
Median Technologies competes in the AI-driven medical imaging and clinical trial analytics space, where its primary advantage lies in its specialized oncology focus and regulatory-compliant SaMD (iBiops). Unlike general-purpose imaging software providers, Median’s AI algorithms are fine-tuned for tumor detection and longitudinal analysis, giving it an edge in precision oncology. However, its small scale (€22.9M revenue) limits R&D and commercialization capabilities compared to deep-pocketed rivals. The company’s reliance on clinical trial services (a low-margin segment) further pressures profitability. Its collaborations with academic institutions provide innovation credibility but do not offset the financial disadvantages of competing against vertically integrated players like Siemens Healthineers or AI-first firms like Aidoc. Median’s European base also restricts its U.S. market penetration, where FDA approvals and sales infrastructure are critical. While its technology is differentiated, Median lacks the resources to dominate in either the clinical trial services or diagnostic AI markets independently.