Cyclopharm has reported a record $32.3 million in operating revenue for FY2025, led by explosive growth in its U.S. Technegas market following FDA approval. The company reaffirms its ambitious target of 250–300 U.S. installations by mid-2026 amid strong clinical momentum.
- Record $32.3 million revenue, up 17% year-on-year
- U.S. Technegas revenue surges 226% after FDA approval
- Third-party distribution revenue grows 26%, driven by consumables
- Ultralute asset impaired by $2.7 million due to delayed commercialisation
- Guidance reaffirmed for 250–300 U.S. Technegas installations by H2 2026
Record Revenue and U.S. Market Breakthrough
Cyclopharm Limited has delivered a milestone year with unaudited FY2025 operating revenue reaching $32.3 million, marking a 17% increase over the previous year. This growth was largely fuelled by the United States, which emerged as the company’s largest individual market for its flagship Technegas product following FDA approval and reimbursement. U.S. revenue soared by 226% to $2.7 million, reflecting accelerating adoption and a rapidly expanding installed base.
Expanding Footprint and Operational Momentum
Beyond the U.S., Cyclopharm saw steady demand in established markets such as France, which resumed orders in the latter half of the year. Third-party distribution revenue also climbed 26%, driven by a 46% increase in consumables and services, underscoring a shift towards more recurring revenue streams. The company’s gross margin held steady at $17.8 million despite the evolving revenue mix, signalling operational leverage as scale increases.
Strategic Investments and Financial Position
FY2025 was also a year of significant investment, with Cyclopharm recording an unaudited net loss before tax of $17.0–$18.0 million, up from $13.1 million the prior year. This reflects deliberate spending to build out the U.S. commercial infrastructure, including salesforce expansion, clinical support, and logistics. With over 150 Technegas generators already landed in the U.S., the company is poised to accelerate installations without requiring proportional fixed costs.
Ultralute Impairment and Future Prospects
In a cautious move, Cyclopharm impaired its Ultralute asset by $2.7 million due to extended regulatory delays, although management remains confident in its long-term commercial viability. The company retains all options for future development or partnerships, signalling a strategic approach to managing its product pipeline amid evolving market conditions.
Outlook and Market Developments
Looking ahead, Cyclopharm reaffirmed its guidance to achieve between 250 and 300 revenue-generating Technegas installations in the U.S. by the second half of 2026. This target is supported by recent clinical guideline recognition that positions Technegas as a preferred ventilation imaging agent, new hospital agreements including with Lucile Packard Children’s Hospital Stanford, and expanded regulatory approvals such as in Colombia. The company’s CEO, James McBrayer, emphasised the foundational nature of FY2025 investments in setting the stage for scalable growth and shareholder value.
Bottom Line?
Cyclopharm’s strategic U.S. push is gaining traction, but investors will watch closely how clinical adoption translates into sustained profitability.
Questions in the middle?
- How quickly will Cyclopharm convert its growing U.S. pipeline into consistent revenue streams?
- What are the commercial prospects and timeline for the Ultralute asset amid its impairment?
- How will evolving clinical guidelines and reimbursement policies impact Technegas adoption globally?