Cyclopharm’s U.S. revenue jumps 124% to A$1.62 million in third quarter
Key Facts
Cyclopharm posted record U.S. revenue of A$1.62 million in the third quarter of 2026, up 124% from the same period in 2025 and 45% from the second quarter of 2026, according to the company’s third-quarter update. The performance puts the U.S. market at the forefront of the expansion indicators cited in its filing. Sales figures also show that activity was not limited to installing new systems, as 76% of quarterly sales came from consumables orders at existing sites. Consumables revenue in September was US$428,000, a record month for this type of sales. Chief Executive James McBrayer said, "76% of our U.S. sales came from consumables orders at existing sites," describing this as the company’s recurring revenue model.
Consumables’ share of U.S. sales rose to 76% in the third quarter, compared with 58% in the second quarter, according to Cyclopharm’s update. The shift in revenue mix points to a greater contribution from repeat orders at sites already using the systems. For the nine months ended September 30, U.S. revenue was A$3.8 million. That exceeded full-year 2025 U.S. revenue of A$2.7 million by 40%. U.S. revenue in nine months therefore surpassed the total generated in the entire previous year.
Revenue growth coincided with an increase in the U.S. installed system base to 84 at the end of September, from 46 on March 31, a rise of 83% in six months. McBrayer said the company installed 44 U.S. systems in the first nine months of 2026, more than it installed in 2024 and 2025 combined. The company said it had 1,877 interested U.S. sites, equivalent to about 36.5% of a market comprising 5,139 nuclear lung imaging sites, according to its data. The number of sites where committees were reviewing system installation also rose to 186 on September 30 from 109 on August 12. Sites reviewing contracts increased to 71 from 44 over the same period, while sites placed on hold fell to 190 from 220.
At group level, revenue was A$25.9 million in the nine months to September 30, up 13.7% from A$22.8 million in the corresponding period of 2025. Available cash was A$9.6 million at the end of September, the company said. Average monthly net cash burn fell to A$0.9 million in the third quarter from A$1.8 million a month in the second half of 2025. The figures show a combination of revenue growth and a lower cash burn rate compared with the earlier period cited in the filing. The quarterly results are based on the company’s update; the available facts do not describe the figures as audited.
In the U.S. market, durable goods orders rose 1.8% in September to US$345.4 billion, according to the U.S. Census Bureau. Orders excluding transportation increased 0.5%, while transportation equipment led the rise with a 4.6% gain. The consumer confidence index also rose to 91.7 in October from 84.2 in September, and the expectations index climbed to 72.6 after an increase of 6.9 points, according to The Conference Board. Cyclopharm’s filing does not link these economic indicators to its results, and the figures do not establish a causal relationship with the company’s sales growth. In the sector, four professional associations issued a joint standard and guidance for ventilation-perfusion lung imaging, covering uses beyond pulmonary embolism diagnosis, SPECT and SPECT/CT techniques, and modern ventilation agents such as Technegas.
Cyclopharm management said it had 110 U.S. systems built, paid for and ready for deployment on September 30, but did not provide formal forecasts for installations or revenue for the following period. Management said U.S. hospital capital spending decisions are typically concentrated before the end of the budget year, making growth stronger in the second and fourth quarters, while summer in the Northern Hemisphere slows third-quarter activity. It also said it would not provide guidance on installations or the timing of cash break-even. The company said it would continue to provide quarterly updates and announce material developments through market disclosures. After the results, Cyclopharm shares rose 2.7% to A$0.38, compared with a previous close of A$0.37, according to Investing.com.