Cyclopharm (CYC) H2 2024 earnings summary

Executive summary

• Achieved record sales revenue of $27.6 million for FY2024, a 5% increase year-over-year.

• US revenues from Technegas surged 131% to $827,000, with 17 operational installations by year-end.

• Technegas awarded Transitional Pass-Through status in the US, making clinical use fully reimbursable.

• Major US contracts signed, including with the Veterans Health Administration and Department of Defense.

• Ended FY2024 with net cash of A$20.6 million, supporting US expansion and R&D.

Financial highlights

• Global Technegas sales revenue up 5% to $15.2 million year-over-year.

• Global third-party distribution revenue up 4% to $12.4 million, with a 57% rebound between H1 and H2.

• After-tax loss of A$13.2 million, compared to A$4.7 million in FY2023, due to higher USFDA approval and employment expenses.

Outlook and guidance

• 21 additional US installations scheduled for early 2025.

• Revised US installation target to 250–300 systems by H2 2026, reflecting a conservative approach amid evolving US healthcare funding.

• No changes to medium- and long-term growth ambitions.