Cyclopharm (CYC) AGM 2026 presentation summary

Financial performance and highlights

• Achieved record revenue of $32.3M in 2025, a 17% increase over the prior year, with strong growth in both global and US markets.

• Technegas global revenue reached $16.7M (+10%), while US Technegas third-party revenue surged 226% to $2.7M.

• Distribution revenue rose 26% to $15.6M, driven by robust consumables growth.

• Gross margin was 55%, down 10 percentage points from the previous year, with an underlying net loss of $16.9M.

• Cash at year-end was $6.6M, with an additional $14.2M raised subsequently.

Market expansion and product strategy

• Technegas is available in 67 countries, with direct distribution in 17 and over 5 million patient procedures performed.

• US market entry is accelerating, with over 150 generators landed and a placement model supporting rapid adoption.

• Targeting 250-300 US installations by the second half of 2026, focusing on high-volume and clinical trial sites.

• US is now the top sales country, with 47% of installation growth from expansions at existing sites.

• High-margin consumables drive recurring revenue, with expected gross margins above 90% in the US.

Clinical and regulatory developments

• Technegas is USFDA-approved for broad respiratory indications, including pulmonary embolism and ventilation imaging in adults and children 6+.

• Updated US and international guidelines endorse Technegas as the preferred ventilation imaging agent.

• Clinical trials are underway to expand applications beyond pulmonary embolism, targeting a global market exceeding $1B.

• AI and advanced imaging technologies are being integrated to enhance diagnostic capabilities and chronic disease management.

• Technegas is referenced by name in multiple nuclear medicine clinical guidelines.