Cyclopharm (CYC) investor relations material

Financial performance and growth

• Achieved fifth consecutive record half with 1H2026 revenue up 14% to $17.5m, driven by strong USA growth.

• USA Technegas revenue rose 74% year-on-year, with revenue-generating sites doubling to 70 and 15 more contracted.

• Recurring, annuity-like revenue model from per-patient consumables and annual access fees.

• Rest-of-world Technegas revenue increased 13%, and business partner product distribution remained steady at ~$8.1m.

• Revenue has grown every half since 1H2024, reflecting a diversified and expanding base.

Market expansion and adoption

• Technegas is available in 67 countries, with direct distribution in 17 and over 5 million patient procedures performed.

• USA is now the largest market, with elite adoption by top hospitals and 52% of growth from existing customer expansion.

• Every top-20 US hospital is engaged in the pipeline, and 18 of the 100 largest US hospitals use Technegas.

• Updated international guidelines name Technegas as the preferred ventilation imaging agent, expected to accelerate US adoption.

• Over 85% of US customer organizations are academic or teaching centers, supporting further network expansion.

Technology and clinical positioning

• Technegas offers a unique drug-device-service combination, creating a regulatory barrier to entry.

• Clinically validated for pulmonary embolism detection with lower radiation than CTPA scans.

• Extensive evidence base with over 230 PubMed publications and inclusion in updated international guidelines.

• Business model leverages recurring revenue from consumables, similar to a razor-razorblade approach.

• All components are manufactured in-house, supporting quality and supply chain control.