Cyclopharm has announced a record financial and operational performance in 2024, highlighted by strong growth in emerging commercial revenues in the US from sales of its Technegas lung ventilation imaging system.
Global Technegas sales revenue increased by 5 per cent compared to the previous year to $15.2 million. Global Third-Party distribution revenue also increased 4 per cent to $12.4 million, including an anticipated revenue rebound of 57 per cent between the first and second halves of the year.
The company recorded its first commercial sales for Technegas in the US, with revenues increasing by 131 per cent between the first and second half-year periods.
The US FDA-approved Technegas technology is the dominant nuclear medicine ventilation imaging solution in 65 countries. Cyclopharm said the early adoption by leading clinicians and key opinion leaders has reinforced its confidence that US revenues will eventually eclipse those generated globally.
The company ended 2024 with net cash of $20.6 million. Its cash balance will support Technegas's rollout in the US, continue R&D activities, and fund the business's working capital needs.
The company said it anticipated an after-tax loss of $13.2 million, compared with $4.7 million the previous year. The result was driven by ongoing US FDA approval expenses, which now total $23.41 million over 15 years, higher employment expenses, predominantly reflecting the ramp-up of US-based operations, and investments supporting enhanced global regulatory and manufacturing platforms.
CEO James McBrayer said, “Cyclopharm is strategically placed to extend its market leadership in functional lung imaging and drive ongoing growth in both revenues and earnings. The Company enters this next growth phase from a position of strength, having delivered record 2024 sales revenues, robust sales of Technegas and continuing strong growth in Third-Party sales."