Cyclopharm (ASX:CYC) has capped off 2025 with record operating revenue, marking a pivotal year in the company’s transformation as the United States rapidly becomes its most important market.
The radiopharmaceutical company reported unaudited operating revenue of $32.3 million, representing 17 per cent year-on-year growth, driven by accelerating adoption of its flagship product, Technegas, following U.S. reimbursement approval.
U.S. Technegas revenue surged to $2.7 million, a 226 per cent increase compared with the prior year, reflecting growing clinical uptake, increased installations, and early traction from reimbursement and guideline recognition. This performance came in the first full year of commercial operations post-reimbursement, validating the company’s long-term U.S. strategy.
Overall Technegas revenue reached $16.7 million, up 10 per cent on 2024, while third-party distribution revenue climbed 26 per cent to $15.6 million, underpinned by strong growth in consumables and services. Consumables and service revenue increased 46% year on year, strengthening recurring income and enhancing operating leverage as the installed base expands.
Despite holding gross margin steady at $17.8 million, Cyclopharm deliberately increased investment to support future growth, particularly in the U.States. The company recorded an underlying unaudited net loss before tax of $17–$18 million, reflecting targeted expenditure on U.S. commercial infrastructure, clinical trials to expand addressable markets, and warehouse and logistics capacity to support scale. Management described 2025 as a foundational investment year, with spending now shifting from platform build-out to utilisation as installations accelerate.
At year's end, Cyclopharm held $6.6 million in cash, with more than 150 Technegas generators already landed in the U.S. and ready for deployment, providing insulation from near-term supply chain and tariff volatility. The company reaffirmed its guidance of achieving 250 to 300 revenue-generating U.S. installations by the second half of 2026, supported by a growing contracted pipeline, reimbursement tailwinds, and increasing institutional demand.
Following the reporting period, Cyclopharm announced several developments that further strengthen its outlook, including recognition of the draft U.S. clinical guideline identifying Technegas as a preferred ventilation imaging agent, adoption by Lucile Packard Children’s Hospital Stanford, and regulatory approval in Colombia, bringing the total number of global approvals to 67. The company also confirmed insurer indemnity for previously disclosed legal proceedings, removing a lingering uncertainty.
Managing Director James McBrayer described FY2025 as transformational, highlighting the U.S. establishment as Cyclopharm’s largest market and the creation of scalable foundations for future growth.