• Record group sales revenue of A$27.6 million, up 5% on prior year
• Technegasâ„¢ US sales initiated, revenue up 131% in H2 2024
• Strong balance sheet with A$20.6 million net cash to support growth strategy

Cyclopharm delivered a solid financial and operational performance in 2024 to generate another year of record sales revenue. The 5% increase in group sales revenue was driven largely from initial Technegasâ„¢ sales in the US, which increased by 131% in the second half to reach full year revenues of $826,605. This strong second half 2024 performance reflects the increasing momentum in Cyclopharm's US roll out strategy for its innovative technology. Cyclopharm's core Technegasâ„¢ products, built on a strong annuity-based revenue model, are now available in 66 countries, with 7 international offices directly servicing 17 of those markets. Cyclopharm continues to invest in its 'Beyond Pulmonary Embolism' (Beyond PE) longer term growth strategy by supporting new and existing clinical trials to expand the use of Technegasâ„¢ for broader diagnostic applications. Cyclopharm ended the financial year with a strong balance sheet with net cash of $20.6 million, supporting the rollout of Technegasâ„¢ in the US, continued R&D activities, and the working capital needs of the business.

Cyclopharm estimates the US market for Technegasâ„¢ in the diagnosis and management of Pulmonary Embolism (PE) alone to be worth US$180 million annually. As Technegasâ„¢ is more widely adopted in the US, this will accelerate Cyclopharm's 'Beyond PE' initiatives with a potential global addressable market of US$900 million.

Cyclopharm is leveraging its intellectual property, proprietary technology and technical expertise to broaden Technegasâ„¢ while expanding Third-Party sales and service into new countries. The US market remains the key driver of Cyclopharm's growth ambitions, complementing its well-established presence in 65 other countries.