# Medincell (MEDCL.PA)

Canonical: https://gigainvestors.com/s/MEDCL.PA

Analysis as of: 2026-10-16T07:43:45.658Z. Financial observations: FY2016–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 26.32 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 10

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.42×

- FY2018: -1.15×

- FY2019: -10.75×

- FY2020: -6.78×

- FY2021: -1.91×

- FY2022: -5.82×

- FY2023: -2.42×

- FY2024: -2.29×

- FY2025: -0.42×

- FY2026: -1.31×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -97.0%

- ROIC, second-lowest year: -277.4%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 98.3%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 3

- Capital spending / revenue: 15.7%

- ROIC including acquisitions, ten-year median: -340.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -28.3%

- FY2018: -56.1%

- FY2019: -102.6%

- FY2020: -277.4%

- FY2021: -515.9%

- FY2022: -249.6%

- FY2023: -212.1%

- FY2024: -91.4%

- FY2025: -20.2%

- FY2026: -33.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -134M

- Net income, five-year total: EUR -132M

- Return on incremental invested capital: -3092.9%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 3.3 pp

- Working capital / revenue, final three-year average: 2.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: EUR -26M

- FY2023: EUR -32M

- FY2024: EUR -25M

- FY2025: EUR -19M

- FY2026: EUR -32M

### management: fail

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -56.1% vs -33.3%

- Per-share earnings: -0.25 to -0.86 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.5%

- Ordinary dilution, 5-year annual growth: 7.7%

- Market cap gain: EUR 684M

- Cumulative retained earnings: EUR -12M

- Diluted shares, 10-year annual growth: 9.5%

- Diluted shares, 5-year annual growth: 7.7%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value change: EUR -0.61

- Per-share value, starting three-year median: EUR -0.25

- Per-share value, ending three-year median: EUR -0.86

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 2.8M

- Cumulative net income, 10 years: EUR -207M

- ROIC, first three-year median: -56.1%

- ROIC, last three-year median: -33.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR -0.25

- FY2018: EUR -0.48

- FY2019: EUR -0.98

- FY2020: EUR -1.13

- FY2021: EUR -0.77

- FY2022: EUR -0.98

- FY2023: EUR -1.15

- FY2024: EUR -0.86

- FY2025: EUR -0.56

- FY2026: EUR -0.87

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.84×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.7%

- FY2018: -16.3%

- FY2019: -9.9%

- FY2020: -41.7%

- FY2021: -10.8%

- FY2022: -7.8%

- FY2023: -37.5%

- FY2024: -35.5%

- FY2025: -41.9%

- FY2026: -6.2%

## Holders

## Price story

Down 32% since Oct 2025 · sales -23.6%

Story as of 2026-10-16T10:00:12.821Z; price observation 2026-10-15.

- 2026-04-29: Medincell - UZEDY®: Q1 2026 Net Sales Reached $63M, Up 62% Year‑on‑Year ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/medincell-uzedy-q1-2026-net-113900261.html))

### Sales · FY2025–2026

sales -23.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 8.5M 

- FY2018: EUR 6.4M 

- FY2019: EUR 1.4M 

- FY2020: EUR 2.9M 

- FY2021: EUR 8.2M 

- FY2022: EUR 4.1M 

- FY2023: EUR 9.9M 

- FY2024: EUR 9.2M 

- FY2025: EUR 26M 

- FY2026: EUR 20M 

### Gross margin · FY2021

gross margin 82.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 89.6% 

- FY2018: 96.6% 

- FY2019: 30.1% 

- FY2020: 66.0% 

- FY2021: 82.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are EUR 19.5 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); FY2026: revenue 19522000; grossProfit 19522000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MEDCL.PA: MedinCell S.A. engages in the research and development of biodegradable polymer-based processes for the controlled and prolonged delivery of active pharmaceutical ingredients into the human body and animals in France. The company offers UZEDY, a subcutaneous risperidone for the treatment of schizophrenia. It also develops mdc-TJK, a subcutaneous injection, which is in NDA stage for the treatment of schizophrenia; and mdc-CWM, a sustained-release formulation of celecoxib, which is in Phase III clinical trial for the treatment and reduction of post-operative pain and inflammation. In addition, the company engages in the development of products in preclinical stage, including mdc-WWM for contraception; mdc-STM for the treatment of malaria; and mdc-AbbVie-1. It has strategic collaborations with TEVA, AIC, ABBVIE, Unitaid, and Gates Foundation. The company was incorporated in 2003 and is headquartered in Jacou, France.

### Why customers stay

Margins ranged from 100% to 100% during 2024–26; it lost 97% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); FY2026: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); 10-year return on capital observations [[2017,-0.28251394978078914],[2018,-0.5610916442048518],[2019,-1.02625920964501],[2020,-2.7741159367617665],[2021,-5.158799163179916],[2022,-2.496425159235669],[2023,-2.121353526321672],[2024,-0.9137029277168219],[2025,-0.20202411002854515],[2026,-0.33313898305084744]]; median -0.969981068680916. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); Dividend observations: [[2017,17770000],[2018,0],[2019,20299000],[2020,6619000],[2021,192000],[2022,2451000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 34% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MEDCL.PA SharesStats.PercentInsiders = 33.976 percentage points; cache date 2026-10-16.

### What the price says

The price is 48.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:45.658Z); Closing price 26.32 EUR; reporting-to-trading FX 1; FY2026 annual sales per share 0.5437277183600713; price multiple 48.40658129290032. FY2026 cash earnings/share -0.8908311051693405. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2018-10: EUR 7.00 per share

- 2018-11: EUR 7.05 per share

- 2018-12: EUR 6.65 per share

- 2019-01: EUR 5.70 per share

- 2019-02: EUR 5.65 per share

- 2019-03: EUR 6.25 per share

- 2019-04: EUR 6.50 per share

- 2019-05: EUR 6.94 per share

- 2019-06: EUR 7.10 per share

- 2019-07: EUR 6.86 per share

- 2019-08: EUR 6.90 per share

- 2019-09: EUR 7.50 per share

- 2019-10: EUR 7.10 per share

- 2019-11: EUR 7.34 per share

- 2019-12: EUR 6.88 per share

- 2020-01: EUR 6.64 per share

- 2020-02: EUR 6.60 per share

- 2020-03: EUR 5.96 per share

- 2020-04: EUR 10.55 per share

- 2020-05: EUR 8.60 per share

- 2020-06: EUR 7.92 per share

- 2020-07: EUR 7.82 per share

- 2020-08: EUR 7.24 per share

- 2020-09: EUR 7.74 per share

- 2020-10: EUR 8.12 per share

- 2020-11: EUR 10.80 per share

- 2020-12: EUR 10.20 per share

- 2021-01: EUR 14.05 per share

- 2021-02: EUR 11.60 per share

- 2021-03: EUR 11.70 per share

- 2021-04: EUR 10.92 per share

- 2021-05: EUR 11.10 per share

- 2021-06: EUR 9.33 per share

- 2021-07: EUR 9.32 per share

- 2021-08: EUR 10.20 per share

- 2021-09: EUR 8.53 per share

- 2021-10: EUR 9.49 per share

- 2021-11: EUR 9.56 per share

- 2021-12: EUR 10.00 per share

- 2022-01: EUR 7.96 per share

- 2022-02: EUR 7.21 per share

- 2022-03: EUR 7.42 per share

- 2022-04: EUR 5.60 per share

- 2022-05: EUR 5.43 per share

- 2022-06: EUR 5.19 per share

- 2022-07: EUR 5.11 per share

- 2022-08: EUR 5.14 per share

- 2022-09: EUR 5.37 per share

- 2022-10: EUR 5.40 per share

- 2022-11: EUR 6.00 per share

- 2022-12: EUR 6.18 per share

- 2023-01: EUR 7.89 per share

- 2023-02: EUR 8.70 per share

- 2023-03: EUR 9.81 per share

- 2023-04: EUR 8.88 per share

- 2023-05: EUR 6.80 per share

- 2023-06: EUR 6.55 per share

- 2023-07: EUR 6.34 per share

- 2023-08: EUR 6.67 per share

- 2023-09: EUR 6.40 per share

- 2023-10: EUR 5.59 per share

- 2023-11: EUR 6.14 per share

- 2023-12: EUR 7.20 per share

- 2024-01: EUR 8.91 per share

- 2024-02: EUR 8.84 per share

- 2024-03: EUR 9.59 per share

- 2024-04: EUR 14.36 per share

- 2024-05: EUR 16.36 per share

- 2024-06: EUR 13.30 per share

- 2024-07: EUR 16.26 per share

- 2024-08: EUR 18.64 per share

- 2024-09: EUR 15.68 per share

- 2024-10: EUR 14.98 per share

- 2024-11: EUR 18.12 per share

- 2024-12: EUR 16.62 per share

- 2025-01: EUR 15.74 per share

- 2025-02: EUR 14.16 per share

- 2025-03: EUR 14.40 per share

- 2025-04: EUR 15.20 per share

- 2025-05: EUR 16.69 per share

- 2025-06: EUR 16.74 per share

- 2025-07: EUR 17.00 per share

- 2025-08: EUR 17.15 per share

- 2025-09: EUR 23.76 per share

- 2025-10: EUR 38.46 per share

- 2025-11: EUR 28.16 per share

- 2025-12: EUR 25.20 per share

- 2026-01: EUR 22.56 per share

- 2026-02: EUR 23.04 per share

- 2026-03: EUR 22.54 per share

- 2026-04: EUR 24.68 per share

- 2026-05: EUR 28.26 per share

- 2026-06: EUR 28.64 per share

- 2026-07: EUR 25.94 per share

- 2026-08: EUR 24.24 per share

- 2026-09: EUR 24.10 per share

- 2026-10: EUR 26.58 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations