Cyclopharm Reports 26% Revenue Growth, US Sales Surge to $1.24M

Cyclopharm’s Revenue Surge Amid US Market Push

Cyclopharm Limited has delivered a robust first half in 2025, posting a 26% increase in sales revenue to $15.42 million compared to the prior corresponding period. This growth was primarily fuelled by the company’s strategic expansion in the United States and the continued momentum of its Third-Party distribution business, which now accounts for half of total sales.

The US market, representing Cyclopharm’s largest single opportunity, saw Technegas® sales more than double to $1.24 million, with the number of installations rising from 17 at the end of 2024 to 35 by mid-2025. This rapid uptake reflects the company’s focused commercialisation efforts, including securing full Medicare and Medicaid reimbursement and signing contracts with major federal and private healthcare networks.

Patent Extension and Intellectual Property Strategy Bolster US Prospects

A pivotal development for Cyclopharm was the granting of a maximum five-year extension to its US patent on Technegas®, ensuring market exclusivity through early 2031. This extension provides a solid foundation for the company’s US growth ambitions. Additionally, Cyclopharm has filed new patent applications for innovations in its Technegas® generator system, potentially extending exclusivity by another 20 years once granted.

These intellectual property protections underpin Cyclopharm’s confidence in expanding Technegas® use beyond pulmonary embolism (PE) into larger respiratory markets such as COPD, asthma, and lung cancer. The company is actively supporting clinical research to validate these broader applications, aiming to tap into a total addressable market exceeding US$1.1 billion.

Financials Reflect Investment Phase, Cash Position Remains Strong

Despite the revenue growth, Cyclopharm recorded a net loss after tax of $7.69 million, slightly higher than the $7.51 million loss in the prior period. This increase is attributed mainly to ongoing investments in expanding US operations, including hiring additional sales and service personnel and enhancing commercial infrastructure.

The company’s cash balance stood at a healthy $12.41 million as of 30 June 2025, with an expected inflow of $6.2 million from the post-period sale of its non-core cyclotron assets at Macquarie University. This sale will further strengthen the balance sheet without impacting the core growth strategy.

Third-Party Distribution Business Accelerates Growth

Cyclopharm’s Third-Party distribution segment continues to be a significant growth driver, delivering a 58% increase in sales to $7.76 million. Originating from a standing start in 2020, this business now represents a core revenue engine, benefiting from Cyclopharm’s direct sales and service presence in 17 countries and a growing portfolio of supported products.

Outlook, On Track for Accelerated US Expansion

Looking ahead, Cyclopharm reaffirmed its guidance to install between 250 and 300 Technegas® systems in the US during the second half of calendar 2026. This target reflects the company’s confidence in overcoming institutional sales cycle complexities and capitalising on secured reimbursement and clinical endorsements.

With a strong global footprint across 66 markets and a growing pipeline of clinical evidence supporting Technegas®’s expanded respiratory applications, Cyclopharm is poised to transition from its investment phase to sustained profitability and shareholder value creation.