Cyclopharm achieves record half year results

Nuclear diagnostic lung imaging company Cyclopharm has announced record group revenue for the latest half year of $11.4 million, up 35 percent on the previous corresponding period.

The company, which sells medical devices and pharmaceutical products under the name of Technegas, saw Technegas generator sales rise 32 percent to $1.65 million and sales from patient administrations rise 18 percent to $5.26 million.

The company will pay a dividend of 0.5 cents a share, and ended the half with net cash of $26.5 million.

Technegas is an ultra-fine dispersion of Technetium-labelled carbon which, once inhaled by a patient suspected of having a pulmonary embolism, allows the lung to be imaged under a gamma camera.

The company’s products are distributed in 60 countries with over 1,500 nuclear medicine departments utilising Technegas.

Cyclopharm is continuing to sponsor clinical trials investigating potential new applications for Technegas, including the diagnosis and monitoring of chronic obstructive pulmonary disease, asthma and Long Covid-related lung disorders.

Cyclopharm managing director James McBrayer said: “The higher number of generator sales made in the first half of 2022 gives us confidence of continued robust growth in (patient application) revenue as these new sales lead to ongoing repeat (patient application) orders through the life of these new assets.

“In addition we expect the solid growth from third party sales to continue to provide a significant source of additional revenue for our business.”

McBrayer said the company was actively working with the US Food and Drug Administration to address outstanding issues required for approval of Technegas in the United States market.

Picture: Cyclopharm

Subscribe to our free @AuManufacturing newsletter here.