Highlights

  • First-half 2026 Revenue reached $17.5m, a 14% increase.
  • US Technegas revenue increased 74% to $2.1m.
  • Revenue-generating US sites reached 83 by 12 August 2026.
  • Gross Margin reached 56.3%, while cash at 30 June was $12.2m.
  • July 2026 lung imaging guidance identified Technegas as generally preferred when available.

Cyclopharm Limited (ASX:CYC) develops and supplies nuclear medicine equipment and pulmonary imaging products through its Cyclomedica operations. Its Technegas system supports ventilation imaging by delivering an inhaled radiolabelled carbon aerosol. During the first half of 2026, the company expanded its US installation base while recording higher revenue across its pulmonary imaging and distribution activities.

Half-Year Revenue and Financial Position

For the six months ended 30 June 2026, Cyclopharm Limited (ASX:CYC) reported total revenue of $17.5m, representing a 14% increase on the prior corresponding period. The group reported a gross margin of 56.3%, compared with 53.5% a year earlier. Its net loss after tax was $8.8m, compared with $7.7m in the prior corresponding period.

US Technegas revenue rose 74% to $2.1m, compared with $1.2m in the prior corresponding period. Revenue from Technegas outside the US increased 13% to $7.3m, while third-party distribution revenue increased 4% to $8.1m. Cyclopharm Limited (ASX:CYC) reported cash of $12.2m at 30 June 2026. The figures reflect growth in product adoption alongside ongoing operating expenditure.

US Technegas Installations and Customer Network

Cyclopharm Limited (ASX:CYC) reported 70 revenue-generating US primary sites at 30 June 2026, compared with 35 at 30 June 2025. This figure increased to 83 by 12 August 2026. The company also disclosed 1,684 actively engaged US sites in its commercial pipeline at that August reporting date, including prospective installations and affiliated customer locations. Pipeline numbers are not equivalent to installed systems or recognised revenue.

Technegas equipment placements establish opportunities for ongoing per-patient consumables revenue, alongside equipment-related fees. For ASX:CYC, the pace of hospital onboarding, utilisation of installed devices and the conversion of contracted locations into active sites are distinct operational measures. The company also announced an immediate 11-site rollout at a US hospital network in July 2026.

Pulmonary Imaging Guidelines and Commercial Execution

New US lung imaging guidelines published on 29 July 2026 described Technegas as generally preferred when available. The guidance provides clinical context for the technology but does not guarantee procurement decisions or patient volumes. Cyclopharm Limited (ASX:CYC) continues to operate within healthcare systems where hospital budgets, reimbursement arrangements, staff Training and device integration can affect implementation schedules.

In its first-half presentation, Cyclopharm detailed a multi-stage US commercial pipeline covering sites already generating revenue, contracts undergoing installation and locations still in earlier discussions. The distinction matters because converting interest into routine clinical use takes time. Competitive imaging methods and the cost of supporting a wider distribution network also remain relevant operating considerations.

Key Insights

Cyclopharm Limited (ASX:CYC) combined increased first-half 2026 revenue with a larger US Technegas footprint and a higher reported group gross margin. The net loss shows that commercial expansion and profitability remain separate considerations. Subsequent reporting on active sites, recurring consumables usage, operating expenditure and cash resources will help describe how the company’s pulmonary imaging activities develop.