Cyclopharm announced a 19% decrease in revenues to $13.3 million for the fiscal year to FY24.
The report reflects a 159% increase in net loss after tax, totalling $7.5 million, attributed to significant investments in expanding the company's operations in the United States.
The company's Managing Director James McBrayer emphasised the strategic steps taken to strengthen Cyclopharm's market presence.
"During the six-month period, Cyclopharm continued to enhance its quality processes, systems, and management expertise while investing in improvements to ensure Cyclopharm’s systems and operations are well placed to support its strong growth prospects," said McBrayer.
Cyclopharm noted its first revenues from Technegas in the United States, marking a milestone with six initial installations generating $250,000
The United States Center for Medicare and Medicaid Services granted Technegas a 'transitional pass-through' status, ensuring full reimbursement for the next three years, which is expected to drive substantial demand.
Revenue from Technegas products globally remained consistent at $7.5 million, a slight decrease from $7.7 million in the corresponding period last year.
The company highlighted that total revenue was affected primarily by the timing of revenue from large capital equipment projects within its third-party product distribution business, which fell to $4.8 million from $7.3 million.
With a cash balance of $27.6 million as of June 30, Cyclopharm is well-positioned to accelerate its US market launch of Technegas.
Additionally, the company expects a rebound in revenues from its third-party products and projects a strong full-year performance.
At the time of reporting, Cyclopharm's share price was $1.40.