Cyclopharm reports strong revenue growth for six months to June


Radiopharmaceutical company Cyclopharm Limited (ASX:CYC) has announced results for the six-months to the end of June.

The company said the results include record consolidated group revenue of $11.4 million. This is 76 per cent higher than the same period in 2019 with the company saying it reflects a strong rebound from the disruptions during the COVID-19 pandemic.

Cyclopharm said the complementary revenue stream from the sale of third-party products continues to grow. It said third party distribution revenue is expected to continue to grow strongly.

The company said its board remains "highly confident" that demand for Technegas will continue to grow across its existing markets.

According to managing director James McBrayer, “The higher number of generator sales made in the first half of 2022 gives us confidence of continued robust growth in PAS revenue as these new sales will lead to ongoing repeat PAS orders though 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.

“We are actively working with the USFDA to address the outstanding technical issues required for approval of Technegas into the USA and remain confident these issues can be addressed over the coming year. As such, we remain excited by the major opportunity to significantly grow sales and profitability in the United States market."