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Cyclopharm Limited
(Sydney:CYC)
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Rating:42Neutral
Price Target:
AU$0.47
▼(-52.45% Downside)
Action:Reiterated
Date:06/14/26
The score is driven primarily by weak financial performance—widening losses, negative gross profit in 2025, heavy cash burn, and rising debt—alongside bearish technicals with the price below key moving averages and negative MACD. Valuation provides limited support because losses make P/E less meaningful and no dividend yield is available.
Positive Factors
Recurring consumable revenue
The business model generates recurring revenue from Technegas patient-dose consumables plus equipment placements and service contracts. This utilization-linked, installed-base revenue creates predictable volume-driven sales and customer lock-in that support steady cash visibility and scalable growth.
Negative Factors
Negative gross profit and losses
Gross profit turning negative in 2025 signals that core product costs exceeded revenue, a fundamental profitability problem. This suggests structural issues in pricing, unit economics, or cost control; unless corrected, it undermines sustainable margins and the business’s ability to convert revenue growth into lasting profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumable revenue
The business model generates recurring revenue from Technegas patient-dose consumables plus equipment placements and service contracts. This utilization-linked, installed-base revenue creates predictable volume-driven sales and customer lock-in that support steady cash visibility and scalable growth.
Read all positive factors
Cyclopharm Limited (CYC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$72.30M
Dividend YieldN/A
Average Volume (3M)97.64K
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue Growth17.24%
EPS Growth-20.00%
CountryAU
Employees109
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.16
Shares Outstanding125,734,146
10 Day Avg. Volume155,345
30 Day Avg. Volume97,642
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)3.98
Price to Sales (P/S)3.34
P/FCF Ratio-5.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.00Price Target Upside2.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.05
Revenue Forecast (FY)AU$47.80M
Cyclopharm Limited Business Overview & Revenue Model
Company Description
Cyclopharm Limited is an international enterprise specializing in the production and global distribution of medical devices and radiopharmaceuticals, with operations spanning Asia Pacific, Europe, Canada, and other regions. The company's business ...
How the Company Makes Money
Cyclopharm makes money primarily by selling its Technegas radiopharmaceutical product and the associated delivery ecosystem to hospitals, imaging centres, and healthcare systems. Revenue is generated through (i) sales of Technegas patient-dose con...
Cyclopharm Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
54
Neutral
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.33M | 27.57M | 26.34M | 23.22M | 17.70M |
| Gross Profit | -1.46M | 17.93M | 16.08M | 5.94M | 3.20M |
| EBITDA | -16.41M | -13.69M | -3.84M | -6.47M | -5.79M |
| Net Income | -17.22M | -13.20M | -4.70M | -6.61M | -5.04M |
Balance Sheet | |||||
| Total Assets | 46.10M | 62.13M | 45.91M | 49.54M | 55.74M |
| Cash, Cash Equivalents and Short-Term Investments | 6.63M | 20.57M | 11.73M | 20.30M | 29.25M |
| Total Debt | 14.92M | 8.29M | 4.23M | 4.33M | 4.51M |
| Total Liabilities | 18.99M | 19.40M | 13.65M | 13.01M | 12.67M |
| Stockholders Equity | 27.11M | 42.73M | 32.26M | 36.54M | 43.07M |
Cash Flow | |||||
| Free Cash Flow | -19.32M | -13.55M | -7.74M | -8.21M | -2.79M |
| Operating Cash Flow | -17.33M | -12.57M | -7.20M | -6.66M | -1.63M |
| Investing Cash Flow | 3.00M | -971.86K | -508.47K | -1.55M | -1.16M |
| Financing Cash Flow | -1.12M | 22.22M | -1.02M | -725.64K | 30.17M |
Cyclopharm Limited Technical Analysis
Neutral
0.98
Price Trends
0.62
Negative
0.69
Negative
0.77
Negative
Market Momentum
-0.02
Negative
55.45
Neutral
53.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CYC, the sentiment is Neutral. The current price of 0.98 is above the 20-day moving average (MA) of 0.51, above the 50-day MA of 0.62, and above the 200-day MA of 0.77, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 55.45 is Neutral, neither overbought nor oversold. The STOCH value of 53.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:CYC.
Cyclopharm Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$539.19M | -19.33 | -109.63% | ― | -68.64% | 36.40% | |
47 Neutral | AU$45.72M | -1.64 | -372.27% | ― | 68.30% | 40.74% | |
44 Neutral | AU$157.56M | -14.43 | -70.29% | ― | ― | -62.15% | |
42 Neutral | AU$72.30M | -3.84 | -54.48% | ― | 17.24% | -20.00% | |
42 Neutral | AU$44.95M | 562.50 | 0.48% | ― | 24.45% | ― | |
41 Neutral | AU$26.18M | -1.88 | -180.06% | ― | 74.74% | 4.32% |
* Healthcare Sector Average
AU:CYC
Cyclopharm Limited
0.58
-0.42
-41.92%
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AU:OSL
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AU:IMR
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29.73%
Cyclopharm Limited Corporate Events
Cyclopharm Adjusts Capital Structure as Conditional Share Rights Lapse
Jul 6, 2026
Cyclopharm Limited has reported the cessation of 331,644 ordinary fully paid shares following the lapse of conditional rights attached to those securities. The conditions tied to these rights were not met or became incapable of being satisfied, le...
Cyclopharm Posts Record Half-Year Revenue but Defers U.S. Technegas Installation Target
Jul 2, 2026
Cyclopharm reported record forecast first-half FY26 global revenue of about $17.1 million, up roughly 11% year on year, driven by rapid U.S. uptake of its Technegas lung imaging product, where revenue grew around 73% and installations reached 70 r...
Cyclopharm Director Kevin Barrow Steps Down but Retains Indirect Shareholding
May 8, 2026
Cyclopharm Limited has announced that director Kevin Michael John Barrow ceased to be a director of the company on 8 May 2026, with the disclosure lodged under ASX listing rule obligations. The filing also notes that while Barrow holds no shares d...
Cyclopharm Discloses Final Director Interest as Heaney Exits Board
May 8, 2026
Cyclopharm Limited has announced that director David James Heaney ceased to be a director on 8 May 2026, triggering a final disclosure of his interests in the company’s securities under ASX requirements. The notice records that Heaney, via M...
Cyclopharm shareholders back all resolutions at 2026 AGM
May 8, 2026
Cyclopharm Limited reported that all resolutions put to shareholders at its 2026 Annual General Meeting were passed, including the adoption of the remuneration report and the re-election of director Gregory King. Shareholders also approved prior a...
Cyclopharm Highlights Uncertainty and Liability Limits in 2026 AGM Presentation
May 8, 2026
Cyclopharm Limited has released a presentation for its 2026 Annual General Meeting, emphasising that it contains statements and projections about anticipated future financial performance and markets for its products. The company stresses that thes...
Cyclopharm Posts Record Revenue as U.S. Technegas Push Accelerates
May 8, 2026
Cyclopharm reported a fifth consecutive year of record revenue in 2025, with group sales rising 17% to $32.3 million, driven by strong growth in Technegas and third-party distribution. The U.S. has rapidly become the company’s largest Techne...
Cyclopharm Touts Record Revenue as U.S. Technegas Rollout Accelerates
May 8, 2026
Cyclopharm’s chairman told the 2026 AGM that 2025 was a year of disciplined execution, with group sales revenue rising 17% to a record $32.3 million, driven by a 226% surge in U.S. Technegas sales after Medicare reimbursement and 26% growth ...
Cyclopharm Appoints New Director With No Current Security Holdings
May 4, 2026
Cyclopharm Limited has appointed Douglas Ernest Charles Cubbin as a director effective 4 May 2026, and lodged the required initial director’s interest notice with the ASX. The disclosure confirms that Cubbin currently holds no relevant inter...
Cyclopharm completes A$14m institutional share placement
Apr 20, 2026
Cyclopharm Limited has completed a two-tranche share placement first announced in early February, issuing a total of 14,736,842 new fully paid ordinary shares at $0.95 each to raise A$14 million before costs from institutional investors. The compa...
Cyclopharm seeks ASX quotation for over 5.2 million new shares
Apr 20, 2026
Cyclopharm Limited has applied for quotation on the ASX of 5,263,158 ordinary fully paid shares, with an issue date of 20 April 2026. The new securities, issued under previously announced transactions, will expand the company’s listed share ...
Cyclopharm names sole $5m investor in Tranche 2 placement
Apr 20, 2026
Cyclopharm Limited has clarified that Barings Acceptance Limited will be the sole participant in Tranche 2 of its previously announced placement, contributing $5 million in subscription funds. Barings Acceptance, already a substantial shareholder ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.