Imaging software developer Median Technologies said it has reconfigured into two separate business units as part of a new focus on its iBiopsy artificial intelligence (AI), image processing, and cloud computing platform for medical imaging. The company also reported preliminary 2018 financial results.
As part of its new strategic plan, Median has grouped all of its science and development activities into its iBiopsy business unit, which now includes more than 40% of Median's employees. Meanwhile, the firm also restructured its imaging contract research organization (iCRO) unit by closing certain unprofitable activities and focusing the majority of its efforts on the burgeoning Chinese market. This initiative, according to the company, has yielded reduced costs and improved margins. Median said it's targeting a break-even financial result from the iCRO business in 2019.
In preliminary financial results, Median had revenue of 6.3 million euros ($5.6 million U.S.), down 17% from the 7.7 million euros ($8.7 million) reported in 2017. Median added that the iCRO business, which generated all of the firm's revenue in 2018, is now stable and expected to see strong growth in 2019.
As of December 31, 2018, Median's order backlog was 23.7 million euros ($26.8 million), an increase of 11% from the backlog on June 30, 2018. Median plans to release its complete 2018 financial results on April 11.