Highlights

• Cyclopharm shares rose 4.00% to AUD 0.520 during the afternoon session on 2 July 2026.

• The company expects 1H FY26 global revenue of approximately AUD 17.1 million, up around 11% year-on-year.

• US Technegas revenue increased about 73% year-on-year to approximately AUD 2.1 million.

• Revenue-generating US Technegas primary sites rose to 70 as at 1 July 2026, up from 50 at the AGM.

• Cyclopharm deferred its 250-300 US installation target to after 31 December 2026 due to delayed publication of clinical guidelines.

• The company retained its medium-term target of more than 2,000 US revenue-generating installations.

Cyclopharm Limited (ASX:CYC) shares traded higher during the afternoon session on 2 July 2026 after the company released an update covering record first-half revenue, progress in its US Technegas rollout and a revised timeline for short-term US installation guidance. The stock rose 4.00% to AUD 0.520, adding AUD 0.020 during the session.

The update appears mixed but overall commercially constructive. Cyclopharm reported record 1H FY26 revenue of approximately AUD 17.1 million and continued expansion in the United States, where revenue-generating Technegas primary sites increased to 70. However, the company also said its earlier guidance of reaching 250-300 US revenue-generating locations during the second half of CY2026 has been deferred to after 31 December 2026, following delays in the finalisation and publication of revised international clinical guidelines.

Cyclopharm is an ASX-listed radiopharmaceutical company focused on functional lung ventilation imaging. Its core product, Technegas®, is used by nuclear medicine and other clinicians to evaluate lung ventilation. Historically, Technegas has been used in the diagnosis of pulmonary embolism, while the company is also pursuing broader clinical applications across respiratory conditions, supported by imaging technology and AI-driven analysis.

Record First-Half Revenue Supports Investor Interest

Cyclopharm’s latest update showed that the company expects global revenue of approximately AUD 17.1 million for 1H FY26, based on preliminary and unaudited flash estimates.

This represents growth of around 11% compared with AUD 15.4 million in 1H FY25 and marks a record half-year revenue result for the company. The figure also exceeds the AUD 16.9 million recorded in 2H FY25.

Technegas revenue was the key growth driver. Total Technegas revenue is expected to reach about AUD 9.4 million in 1H FY26, up around 22% from AUD 7.7 million in the prior corresponding period.

The United States delivered the most notable uplift, with US Technegas revenue rising approximately 73% year-on-year to about AUD 2.1 million. Rest of World Technegas revenue increased around 13% to approximately AUD 7.2 million.

Third-party distribution revenue was broadly flat at around AUD 7.8 million, which means the higher-growth Technegas business accounted for the improvement in group revenue.

US Technegas Rollout Continues to Expand

Cyclopharm reported that it had 70 revenue-generating Technegas primary sites in the United States as at 1 July 2026. This compares with 50 sites at the company’s AGM on 8 May 2026, representing 20 net new primary sites since that update.

The company also disclosed a broader US pipeline of more than 1,650 actively engaged locations, excluding sites currently on hold.

The pipeline includes 70 revenue-generating primary sites linked to 429 affiliated sites, representing 499 total revenue-generating locations. Another 36 primary sites and 137 affiliated sites are at the contract signed or installation stage, representing 173 total locations. A further 50 primary sites and 72 affiliated sites are under contract review, while 92 primary sites and 138 affiliated sites are in committee review.

The broadest part of the funnel includes 601 primary sites and 45 affiliated sites at the proposal or conversion meeting stage. Another 221 locations are listed as on hold due to factors such as budget cycles, facility delays, competing projects and staffing.

Revenue Model Built Around Recurring Consumables

Cyclopharm highlighted the recurring nature of its Technegas commercial model.

Each new revenue-generating installation creates a recurring consumable revenue stream rather than a one-time sale. As more sites are installed and procedure volumes increase, the company expects consumable revenue to compound over time.

The company said the 70 US primary sites already generating revenue, linked to 429 contracted affiliated network locations, provide a growing base of recurring revenue potential.

Cyclopharm also noted that approximately 25% of installation growth continues to come from existing customer group expansion, indicating that installed health systems are adding further sites within their broader networks.

The company said the United States remains ranked first globally for Technegas consumable revenue, both in absolute dollar terms and on a per-installation basis.

Clinical Guideline Delay Pushes Installation Target Beyond 2026

While US site growth has continued, Cyclopharm has delayed its short-term installation guidance.

At its AGM, the company reaffirmed its guidance of reaching 250-300 total revenue-generating US locations during the second half of CY2026. However, the company now expects to reach that target after 31 December 2026.

The reason for the change is the delayed finalisation and publication of revised international lung scintigraphy clinical guidelines. Cyclopharm said the guideline process took longer than originally expected because it expanded from a US-specific guideline into a broader international document covering the US, European and Australian-New Zealand markets.

The company stated that the revised guideline has now received final approval from all contributing international societies and has been submitted to the US Journal of Nuclear Medicine for publication. The timing of publication will be determined by the journal and is outside Cyclopharm’s control.

Despite the delay, Cyclopharm retained its medium-term target of more than 2,000 revenue-generating installations in the United States.

Guidelines Expected to Support Broader Adoption

The revised guideline is a joint initiative involving the Society of Nuclear Medicine and Molecular Imaging, the American College of Nuclear Medicine, the European Association of Nuclear Medicine and the Australian and New Zealand Society of Nuclear Medicine.

Cyclopharm said the guideline recognises Technegas as the preferred imaging agent and acknowledges evolving clinical indications. Importantly, the document is positioned around broader lung imaging rather than being limited only to pulmonary embolism.

The company expects the guideline to become an important clinical validation and adoption catalyst once published. Cyclopharm plans to launch a coordinated communication program after publication, with a particular focus on the US market.

Management believes the guideline will reinforce Technegas positioning across a wider range of lung imaging applications, supporting the company’s Beyond PE strategy.

Cash Balance Improves After Capital Raising

Cyclopharm also reported a closing cash balance of approximately AUD 12.2 million as at 30 June 2026.

The company started the half with AUD 6.6 million in cash as at 31 December 2025. During the period, it received net proceeds of AUD 13.4 million from a placement and Share Purchase Plan. Net cash consumption for the half was AUD 7.8 million.

Management said it believes the company has now passed peak cash burn. This view is based on the growing number of US installations and the recurring consumable revenue stream generated by each new site.

As the installed base expands, Cyclopharm expects monthly net cash consumption to fall progressively.

AI Supports Beyond PE Strategy

Cyclopharm also linked Technegas to the growing role of artificial intelligence in functional lung imaging.

The company said Technegas provides a real-time functional image of how oxygen is delivered through the lungs. This creates detailed lung ventilation maps that can be used as inputs for AI-enabled analysis.

Cyclopharm said it has active collaborations with several AI companies that are developing tools using the characteristics of Technegas imaging. These collaborations are intended to support clinical applications beyond pulmonary embolism.

The company noted that the USFDA approval for Technegas is broad, meaning new capabilities developed around Technegas and supported by updated guidelines may extend the value of existing installations without requiring further regulatory approval for Technegas.

Cyclopharm continues to estimate the Beyond PE addressable market at up to US$900 million, in addition to the existing US pulmonary embolism market of US$180 million.

What This Means for Investors?

Cyclopharm’s latest update contains both growth indicators and a timing adjustment. The favourable elements include record 1H FY26 revenue of around AUD 17.1 million, US Technegas revenue growth of about 73%, an increase to 70 revenue-generating US primary sites and a broader engaged pipeline of more than 1,650 locations. However, the deferral of the 250-300 US installation target to after 31 December 2026 is a key point for investors to monitor. The company continues to see the revised international guideline as a future adoption catalyst and has retained its medium-term target of more than 2,000 US installations.

FAQs