Cyclopharm Ltd (ASX: CYC), an ASX-listed radiopharmaceutical company servicing the global medical community, today announced record revenue for the first half of FY2026 alongside an update on its US Technegas® rollout. The company’s mission is to provide nuclear medicine and other clinicians with the ability to improve patient care outcomes. Cyclopharm reported preliminary, unaudited global revenue of approximately $17.1 million for 1H FY26, marking an 11% increase over the prior corresponding period and representing a record half for the company. However, the anticipated short-term guidance for US Technegas® installations, previously set for the second half of CY2026, has been deferred.
The deferral stems from delays in the finalisation and publication of new international lung imaging clinical guidelines, which have now received final approval from all contributing societies, including the Society of Nuclear Medicine and Molecular Imaging (SNMMI) and the European Association of Nuclear Medicine (EANM). These guidelines explicitly recognise Technegas® as a preferred ventilation agent and are awaiting publication in the US Journal of Nuclear Medicine. Consequently, Cyclopharm now expects to achieve its target of 250-300 total revenue-generating US locations after 31 December 2026, while reaffirming its medium-term target of over 2,000 installations.
Despite the guidance adjustment, US Technegas® revenue grew by approximately 73% year-on-year to around $2.1 million. The company reported 70 revenue-generating Technegas® primary sites in the US as of 1 July 2026, an increase from 50 sites at its Annual General Meeting. Cyclopharm emphasised the annuity character of its commercial model, with each new installation generating a recurring consumable revenue stream. The company also reported a closing cash balance of approximately $12.2 million as at 30 June 2026, with management assessing that the company has passed “peak cash burn” due to growing recurring revenues from its expanding installed base. Further, the company’s “Beyond PE” strategy, leveraging AI with Technegas® for new clinical applications under existing broad USFDA approval, is accelerating.
