Cyclopharm (ASX:CYC) has posted its strongest half-year performance on record, underpinned by accelerating adoption of its Technegas technology in the US, robust international sales, and fresh intellectual property milestones that extend the company’s growth runway.
For the six months to 30 June 2025, the company reported revenue of $15.4 million, up 26 per cent on the prior comparable period. Third-party distribution sales surged 58 per cent to $7.8 million, now accounting for roughly half of group revenue, while Technegas sales outside the US remained steady at $6.4 million across 65 established markets.
In the US, revenue increased to $1.24 million as installations doubled in just six months, reaching 35 sites. The company said it had secured contracts with the US Veterans Administration and Department of Defense hospitals as well as the country’s largest private hospital group. All US customers have placed repeat consumable orders, validating the high-margin annuity model central to Cyclopharm’s strategy.
Managing Director James McBrayer said the results marked a turning point for the company. “With record revenues, expanded U.S. adoption and strengthened IP protection, Cyclopharm has never been better positioned. We are now entering a phase of accelerated U.S. growth and unlocking the broader potential of Technegas beyond pulmonary embolism.”
The company’s cash position stood at $12.4 million at the end of June, boosted by a further $6.2 million inflow from the post-period sale of non-core cyclotron assets. Net loss after tax narrowed slightly to $7.7 million, compared with $7.5 million a year earlier. Loss per share improved to 6.96 cents from 7.83 cents.
A key milestone was securing an extension of US patent protection for Technegas, which will provide the product with up to five years of exclusivity through early 2031. Cyclopharm also filed a new family of patents covering innovations in the Technegas generator, potentially creating a fresh 20-year exclusivity runway.
Technegas continues to be recognised as the gold standard in nuclear medicine ventilation imaging, with European and Canadian guidelines referencing it as the preferred agent for diagnosing pulmonary embolism. The product commands a market share of more than 85 per cent in mature markets.
Recent clinical research has reinforced Technegas’s broader applications. Studies at Washington University demonstrated its role in lung transplant evaluation, while work at McMaster University highlighted its prognostic value in transplant patients. Ongoing trials include COPD research at Sydney’s Woolcock Institute and the PRONOSPECT study in France, which assesses the recurrence risk in patients with pulmonary embolism. New studies are planned in asthma and silicosis, reflecting a market opportunity beyond pulmonary embolism estimated at over US$1.1 billion.
Cyclopharm has expanded its US commercial team, appointing a Vice President of Sales and deploying additional regional managers in line with institutional procurement cycles resuming after the northern summer. The company reaffirmed its guidance for 250 to 300 Technegas installations in the US by the second half of calendar 2026, a scale expected to generate significant recurring revenue through consumables and annual access fees under CMS reimbursement.
“Peer-reviewed research continues to validate Technegas’s role not only in pulmonary embolism but across a spectrum of respiratory conditions, including COPD, asthma, lung cancer and occupational lung disease,” McBrayer said. “Our commercial traction in the United States and long-term IP protection place us in a strong position to capitalise on this momentum.”