Ann: Preliminary Final Report, page-22

5% growth in a year?? That is not good for a company of this maturity and growth stage.

The in-market machines are not growing any revenue. It's flat or going down. The growth is only coming from the new machines adding to revenue and they are even making up for the in-market machines doing less.

There is probably a limit to the demand from the in-market machines and they have reached it, or a limit to how much each machine can make from its max capacity. Either way, it's not a good sign for forward looking multiples.


Technegas™ sales revenue of $15.21 million was underpinned by PAS sales, which represented 72.6%
of Technegas™ revenue compared to 70.7% in the 2023 pcp.
PAS sales supported 162,450 patient procedures in 2024, which equates to 3,249 boxes of PAS, flat on
the previous year. Each Patient Administration Set (PAS) box equals 50 patient Technegas™ procedures.
In 2024, 55 TechnegasPlus™ Systems (Systems) units were sold compared to 58 in the prior year. These
sales do not include the Systems placed in the US market. The 17 operational Systems placed in the US
at the close of 2024 are charged an annual access fee and remain the property of Cyclopharm.
Managing Director’s Report
Cyclopharm Limited Appendix 4E 3
Outside of the US, TechnegasPlus™ Systems are sold to nuclear medicine departments in markets where
the Company directly operates. These direct markets also generate ongoing service revenues. Sales of
Systems and other service revenue represented 27.4% of Technegas™ total revenue, down slightly from
29.3% in 2023.