Cyclopharm (CYC) H2 2024 earnings summary

Executive summary

• Achieved record group sales revenue of A$27.6 million, up 5% year-over-year, driven by initial US Technegas sales and strong second-half performance.

• US Technegas revenue reached $826,605, up 131% in 2H2024 over 1H2024, following USFDA approval in late 2023.

• Signed major US sales contracts with HCA (168 hospitals) and VA (120 hospitals), with 17 US installations operational by year-end and 21 more planned for early 2025.

• Technegas is now available in 66 countries, with recurring annuity-based revenue streams from both proprietary and third-party products.

• Net loss after tax was $13.2 million, compared to a $4.7 million loss in 2023, reflecting increased US market investment and absence of prior year one-off gains.

Financial highlights

• Group sales revenue: $27.6 million, up 5% year-over-year.

• Technegas revenue: $15.2 million, up 5% year-over-year; Third-party distribution revenue: $12.4 million, up 4%.

• Net loss after tax: $13.2 million (vs. $4.7 million loss in 2023); basic loss per share: 12.83 cents (vs. 5.07 cents in 2023).

• Operating loss: $14.3 million; underlying EBITDA: $(11.9) million.

• Net cash at year-end: $20.6 million, supported by a capital raise and strong cash management.

Outlook and guidance

• US market entry expected to drive exponential growth, with 250–300 US Technegas installations targeted by 2H2026.

• No change to medium- and long-term growth ambitions; focus remains on expanding US presence and Beyond PE strategy.

• Ongoing clinical trials in France and other markets to expand Technegas applications beyond pulmonary embolism.