Highlights

  • US revenue for Q3 2026 reached A$1.62 million, up 124% on the same quarter in 2025.
  • Installed US Technegas systems rose to 84 at 30 September 2026, compared with 46 at 31 March.
  • Group revenue for the nine months to 30 September 2026 was A$25.9 million, up 13.7%.
  • Updated international clinical guidelines describe Technegas as generally preferred when available.

Cyclopharm Limited (ASX:CYC) has released an investor presentation covering the nine months to 30 September 2026, focusing on the US rollout of Technegas, its lung ventilation imaging agent. The update outlined revenue growth, an expanding installed base, developments in clinical guidelines and the company's US sales pipeline.

US Technegas Revenue Gains Momentum

Technegas received US Food and Drug Administration approval in late 2023 and is used in 67 countries, with more than five million procedures performed. In Q3 2026, US revenue reached A$1.62 million, an increase of 124% on Q3 2025 and 45% on Q2 2026. Consumables made up 76% of Q3 US sales, up from 58% in the prior quarter, and September set a record month for consumable sales.

US revenue for the first nine months of 2026 was A$3.8 million, already 40% above the full-year 2025 figure of A$2.7 million. Installed US systems increased to 84 at 30 September, up from 46 at 31 March, with a further 110 systems held in US inventory. The company noted that growth tends to be seasonal, weighted towards the second and fourth quarters.

Group Financials and Clinical Guidelines

Group revenue for the nine months to 30 September 2026 was A$25.9 million, up 13.7% from A$22.8 million. Cash stood at A$9.6 million at 30 September, and average monthly net cash burn eased to A$0.9 million in Q3, compared with A$1.3 million in the first half of 2026.

On 29 July 2026, a joint international guideline for ventilation-perfusion scintigraphy, the first US update since 2012, described Technegas as "generally preferred when available" and directed a move to 3D SPECT and SPECT/CT imaging. In October 2026, a Chinese Thoracic Society consensus also named Technegas the preferred radiopharmaceutical.

US Pipeline and Market Opportunity

As at 30 September 2026, Cyclopharm was engaged with 1,877 US locations, about 36.5% of the 5,139 US lung imaging sites. Primary sites in committee review increased to 186 from 109 in August, while sites in contract review rose to 71 from 44. All of the top 20 US hospitals on the Honor Roll are in the pipeline, and current installations span 44 health systems across 22 states.

The company estimates the US pulmonary embolism imaging market at about US$180 million a year, with roughly half currently using xenon-133. It also points to applications beyond pulmonary embolism, including COPD, asthma and transplant assessment, under the existing label. A pass-through payment for Technegas is set to apply from mid-2027. The presentation did not provide earnings or installation guidance.

Key Takeaways

  • US Technegas revenue more than doubled year on year in Q3 2026, with consumables forming a growing share of sales.
  • The installed US base nearly doubled over six months, with more systems available from inventory.
  • Updated clinical guidelines in the US and China support the use of Technegas in lung imaging.
  • A growing pipeline of sites in committee and contract review points to continued US rollout activity.