• Record sales revenue of $27.6 million, up 5% on the prior year
• US Revenues from the sale of Technegas™ up 131% to $827,000 from 17 operational installations
• Technegas™ awarded special 'Transitional Pass-Through' (TPT) status in the US, making clinical use fully reimbursable

Cyclopharm Ltd today announced a record financial and operational performance in 2024, highlighted by strong growth in emerging commercial revenues in the US from sales of its flagship Technegas™ lung ventilation imaging system. The strong performance was driven by Cyclopharm's core Technegas™ business, and the continued expansion of its Third-Party distribution revenue stream. Global Technegas™ sales revenue increased 5% from previous year to $15.2 million. Global Third-Party distribution revenue also increased 4% from the previous year to $12.4 million, including an anticipated revenue rebound of 57% between the first and second halves of the year. In the US, Technegas™ recorded its first commercial sales, with revenues surging by 131% between the first and second half year periods, supported by significant supply and sales contracts. The USFDA-approved Technegas™ technology is already the dominant nuclear medicine ventilation imaging solution in 65 countries and is currently poised to redefine lung imaging in the US, the world's largest healthcare market. Early adoption by leading US clinicians and key opinion leaders has reinforced the Company's confidence that US revenues will eventually eclipse those generated globally, delivering sustained, recurring revenues. The Company ended FY2024 with net cash of A$20.6 million, supporting the rollout of Technegas™ in the US, continued R&D activities, and funding the working capital needs of the business.

The Company anticipates reaching a total of 250 to 300 installed Technegas™ systems in the US during the second half of 2026.

The US sales completed to date have provided valuable insight into the commercial and operational review process conducted by nuclear medicine groups in the US. The Company notes the evolving political landscape in the US with relation to healthcare funding and the potential new customers to extend commercial and operational review processes. As a result, the Company is taking a conservative approach regarding the possibility of extensions in the process of completing new contracts and, consequently, is revising its US installation target in the near term.