1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
Preparing video
Key points:
Record first-half 2026 revenue growth at Cyclopharm (ASX:CYC) driven by US Technegas adoption Strong increase in US site installations and new clinical guidelines seen as key catalysts Multi-year US expansion opportunity targeted across ~2,000 nuclear medicine sites
Cyclopharm (ASX:CYC) reports record first-half 2026 revenue of $17.5 million, up 14%, which James McBrayer attributes primarily to accelerating adoption of the company’s Technegas diagnostic agent in the United States. McBrayer notes US revenue rises about 74%, underpinned by rapid growth in site installations, doubling from 35 to 70 over the year to the half, and reaching 83 by the time of reporting. He highlights newly established US nuclear medicine clinical practice guidelines as a potential “game changer”, viewing them as an important commercial tool not yet fully reflected in current numbers.
McBrayer sees a long runway in the US, targeting roughly 2,000 of the estimated 5,100 eligible nuclear medicine sites and arguing Cyclopharm has “only just scratched the surface”. He says Technegas is best known for diagnosing pulmonary embolism but points to guideline recognition of broader respiratory applications as a key expansion opportunity. Globally, the company is active in 67 countries and McBrayer cites prior data suggesting dominant market share where Technegas is established.
On margins, McBrayer emphasises consumables as the main profit engine, with gross margins above 90% and scope to improve as US volumes grow. He acknowledges frustration with a thinly traded share price but maintains confidence that sustained US execution will be the catalyst for re-rating.
