Key points
- Fifth consecutive record half with 1H2026 revenue up ~14% to $17.5m
- US Technegas® revenue up 74% year-on-year to $2.1m
- Revenue-generating US sites doubled to 83 from 35 a year ago
- Gross margin increased to 56.3% from 53.5%
- Net loss after tax $8.8m, reflecting investment in US operations
Full summary
Cyclopharm Ltd announced its first half 2026 results, marking a fifth consecutive record half with total revenue of $17.5 million, up 14% from the previous year. The US market, Cyclopharm's fastest-growing engine, saw a 74% increase in Technegas® revenue to $2.1 million, with revenue-generating sites doubling from 35 to 83. The company's gross margin rose from 53.5% to 56.3%, reflecting a richer Technegas® mix. Despite a net loss after tax of $8.8 million, the company has past peak cash burn and remains cash positive. The release of new US guidelines on 29 July 2026, which named Technegas® as the generally preferred ventilation imaging agent, is expected to further boost US growth.
Outlook
The company expects continued growth in the US market, driven by the new guidelines and a large addressable market of 5,139 sites. The company is also exploring opportunities in chronic respiratory disease, with a potential market of over $1 billion.