Cyclopharm Eyes 250–300 US Sites as Record $32M Revenue Doubles in 5 Years

Record revenue and a US market taking shape — Cyclopharm’s 2026 AGM in focus

At its 2026 Annual General Meeting held on 8 May 2026, Cyclopharm Limited (ASX: CYC) presented full-year 2025 financial results that marked a record revenue milestone of $32.3M, up +17% on the prior year, with USA Technegas revenue surging +226% to $2.7M. The presentation covered full-year 2025 financials, US commercialisation progress, and the longer-term “Beyond PE” growth horizon. The investment narrative management outlined is one of a globally proven lung imaging technology entering what it describes as its most significant growth phase via the US market.

2025 full-year results — record revenue driven by USA acceleration

Technegas and third-party distribution both growing

Total revenue reached $32.3M in 2025, up from $27.6M in 2024, with growth across both revenue streams. Technegas Global Revenue contributed $16.7M (+10%), while Third Party Distribution delivered $15.6M (+26%), driven by strong consumables growth.

The standout result was USA Technegas Revenue of $2.7M, a +226% increase from $0.8M in 2024. The presentation noted the USA is now the #1 country for Technegas consumable revenue globally.

Gross margin held at 55% ($17.9M in absolute terms), consistent with the prior year despite mix shift from the US ramp. The underlying net loss widened to $16.9M from $13.2M in 2024, which management contextualised as a deliberate investment phase, with approximately US$6.5M in US operating costs incurred during 2025. Cash at 31 December 2025 stood at $6.6M, with a subsequent $14.2M capital raise strengthening the balance sheet ahead of the second-half 2026 installation push. More than 150 Technegas generators had landed in the US as at the presentation date, awaiting placement.

Five years of consistent revenue growth

Total revenue has more than doubled from $14.5M in 2020 to $32.3M in 2025, a trajectory management presented as evidence of operational durability rather than a single-year result. The year-by-year progression is as follows:

• 2020: $14.5M
• 2021: $17.3M
• 2022: $22.9M
• 2023: $26.3M
• 2024: $27.6M
• 2025: $32.3M

Each year has delivered growth, with the pace of expansion accelerating as US revenues begin to contribute meaningfully to the top line.

The US opportunity — pipeline, placements, and the path to 250–300 installations

Where the US rollout stands today

Management outlined a target of 250–300 total US revenue-generating installations by the second half of 2026. As at 30 April 2026, 55 revenue-generating primary installations are live, with 7 additional purchase orders received. Contracted locations across IDN, GPO, and VA networks stand at 330.

A notable characteristic of the rollout is network multiplication: 47% of installation growth has come from expansion “Affiliate” sites linked to existing “Primary” locations, indicating the model scales beyond a linear site-by-site progression. Approximately 30% of the 5,139 total US lung imaging sites have been engaged across primary and affiliated locations.

The hospital roster includes Barnes-Jewish, Mayo Clinic, NewYork-Presbyterian, Mass General Brigham, Stanford Medicine, the VA system, and NIH, providing clinical credibility validation at the highest tier of US healthcare.

The economics that make each installation matter

The US Economic Model presented at the AGM is structured to remove upfront capital barriers for hospitals while generating recurring consumable revenue for Cyclopharm. Management walked through the key unit economics:

1. US$7k one-off installation and training fee per system
2. US$7k per annum technology fee, which includes servicing
3. Per-patient consumable annuity fees, sold in 50-patient units
4. US$70k expected revenue per system per annum at larger sites
5. Average system life of 15+ years
6. Consumable gross margins expected at >90%

The system placement model, described as a “razor-razorblade” structure, supports rapid uptake by removing the initial capital outlay for hospital customers, while locking in a durable annuity of consumable revenue over the life of each installation. The addressable market for pulmonary embolism (PE) diagnosis alone is estimated at US$180M, with Beyond PE applications representing a potential market of >US$1B globally.

Understanding the “Beyond PE” horizon — why Technegas is more than a single-indication product

Technegas is a US FDA-approved drug-device combination product that creates ultrafine carbon nanoparticles of 2.5nm for inhalation, providing true functional ventilation imaging of the lungs. Its core clinical advantage over computed tomography pulmonary angiography (CTPA) is an exponentially lower radiation dose, with a broad FDA indication covering both visualisation of pulmonary ventilation and evaluation of pulmonary embolism, applicable to adults and paediatric patients aged 6 years and older.

“Beyond PE” is the longer-term growth thesis management presented, referring to active and pipeline clinical applications that extend Technegas well beyond its initial approved indication. Active and pipeline indications include:

• Pulmonary Embolism and Pulmonary Hypertension (CTEPH): Priority indication, with a direct clinical pathway from PE diagnosis
• COPD: Active US clinical trial underway, targeting the largest respiratory disease market
• Asthma: Research phase, investigating regional ventilation heterogeneity
• Lung Cancer (pre-surgical assessment): Research phase, focused on pre-operative planning applications
• Galligas (PET molecular imaging using alternate isotopes): Emerging application leveraging the Technegas technology platform

An imminent structural tailwind is the update to SNMMI/EANM/ACNM international guidelines, which feature Technegas as the preferred ventilation agent and endorse the US transition from Planar to SPECT and SPECT/CT imaging. Formal approval of these guidelines was expected in May 2026. The draft introduction states:

Draft SNMMI/EANM/ACNM International Guidelines (January 2026)

“Recent advances in imaging technology…have enhanced the diagnostic accuracy and clinical utility of lung scintigraphy.”

The total addressable market across all Beyond PE applications is estimated at >US$1.1B globally on a long-term basis.

Investment case — what the 2026 AGM confirmed for shareholders

The AGM presentation consolidated the investment case around four pillars:

1. The underlying ex-USA business is cash positive, providing a stable financial foundation while the US rollout is funded.
2. The US market is already the #1 country globally for Technegas revenue, with 55 live installations and a total engaged pipeline exceeding 1,535 locations.
3. The recurring annuity revenue model, anchored by per-patient consumables, carries expected gross margins of >90% at scale.
4. Beyond PE indications and AI-assisted imaging represent a long-term market expansion already in active clinical development.

All six AGM resolutions were passed. This included ratification of the $14.2M placement, comprising Tranche 1 (9,473,684 shares at A$0.95) and Tranche 2 (5,263,158 shares at A$0.95), strengthening the balance sheet ahead of the second-half 2026 installation push.

The near-term milestone shareholders are watching is the target of 250–300 US revenue-generating installations by the end of the second half of 2026.

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