How Cyclopharm’s Technegas® Is Revolutionizing U.S. Lung Imaging Markets

Record Revenue and U.S. Expansion

Cyclopharm Limited has delivered a standout performance in the first half of 2025, posting record revenue of $15.42 million, a 26% increase compared to the same period last year. This growth is largely fueled by the company’s expanding footprint in the United States, where Technegas® installations have doubled to 35, generating $1.24 million in revenue. The U.S. market momentum is underpinned by strategic contracts with the Veterans Administration, Department of Defense hospitals, and the largest private hospital group, signaling strong institutional adoption.

Diversified Revenue Streams and Strengthened IP

Third-party distribution revenue surged by 58% to $7.76 million, now accounting for roughly half of Cyclopharm’s total revenue. This diversification highlights the company’s growing global reach across 65 established markets outside the U.S. Meanwhile, Cyclopharm has secured a significant extension of its U.S. patent exclusivity to early 2031, with new intellectual property filings potentially extending protection for another 20 years. This robust IP portfolio fortifies Cyclopharm’s competitive moat in the functional lung imaging space.

Clinical Validation Beyond Pulmonary Embolism

Technegas® continues to gain recognition as the gold standard in nuclear medicine ventilation imaging, commanding over 85% market share for pulmonary embolism diagnosis in mature markets. Recent peer-reviewed studies from Washington University and McMaster University have demonstrated Technegas®’s prognostic value in lung transplant evaluation, while ongoing trials at the Woolcock Institute and in France are exploring applications in COPD and venous thromboembolism recurrence risk. Future research plans include asthma and silicosis, underscoring the technology’s expanding clinical relevance.

Outlook and Growth Trajectory

Looking ahead, Cyclopharm is poised for accelerated growth as U.S. institutional procurement cycles resume post-summer. The company’s scalable recurring revenue model, based on consumables and annual access fees reimbursed under CMS, is gaining traction. Management reaffirmed guidance for 250 to 300 U.S. Technegas® installations in the second half of calendar 2026, reflecting confidence in sustained market penetration and the unlocking of new clinical opportunities beyond pulmonary embolism.

Managing Director James McBrayer emphasized the company’s strengthened position, “With record revenues, expanded U.S. adoption and strengthened IP protection, Cyclopharm has never been better positioned. We are now entering a phase of accelerated U.S. growth and unlocking major new clinical opportunities for Technegas® that extend well beyond pulmonary embolism.”