Cyclopharm Limited (CYC) is experiencing a period of significant growth, primarily driven by its Technegas technology. The company’s 2024 financial results show record sales revenue of $27.6 million, a 5% increase from the prior corresponding period (pcp). Global Technegas sales revenue also increased by 5% to $15.2 million, with a strong second half of the year marking a 14% increase. U.S. sales are a key driver of this growth, with total U.S. sales reaching $827,000, including a 131% increase in the second half, driven by early adoption from key opinion leaders.
The company’s expansion into the U.S. market is progressing well, with 24 Technegas installations to date and $1.37 million in sales generated since approval. Contracts have been secured with major government and private healthcare groups, and a strong pipeline suggests continued growth. Cyclopharm targets 250-300 total installations during the second half of 2026, aiming to capitalize on the $180 million USD market for diagnosing pulmonary embolism (PE). The company anticipates displacing existing nuclear medicine tests for PE and converting CTPA exams to Technegas, potentially doubling the existing nuclear medicine PE market in the U.S.
Cyclopharm’s ‘Beyond PE’ strategy, focused on expanding Technegas use into new indications such as asthma and chronic obstructive pulmonary disease (COPD), represents a substantial long-term revenue opportunity, estimated at over US$900 million globally. Clinical trials are underway to validate Technegas for these additional applications.
Despite the positive revenue growth, Cyclopharm reported a net loss after tax of $13.2 million, up 181% from the pcp, which benefited from $4.5 million of positive adjustments. However, the company’s strong balance sheet, with $20.6 million in net cash at the end of 2024, is expected to support its growth strategies. Cyclopharm is confident that its first-in-class Technegas product, combined with recurring revenue from consumables and a clear path to profitability, positions it well for future success.
