Cyclopharm Limited (AU:CYC)
ASX:CYC
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Cyclopharm Limited
(Sydney:CYC)
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Rating:44Neutral
Price Target:
AU$0.70
â–Ľ(-28.78% Downside)
Action:ReiteratedDate:02/26/26
The score is primarily constrained by weak financial performance—worsening profitability, significant cash burn, and higher leverage—despite steady revenue growth. Technicals also lean bearish with the stock below key moving averages and negative MACD. Valuation is hard to assess due to losses (negative P/E) and no dividend support, keeping the overall score low.
Positive Factors
Recurring consumable revenue
Cyclopharm's primary revenue model is recurring consumable sales tied to each patient study. This creates predictable, volume-linked revenue that compounds as the installed base and procedure volumes grow, supporting durable demand and revenue visibility over the medium term.
Negative Factors
Negative gross profit in 2025
A negative gross profit is a structural red flag: it shows core product costs and delivery currently exceed revenue, undermining margin sustainability. Unless unit costs fall or pricing improves, the business cannot leverage revenue growth into profits, pressuring long-term viability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumable revenue
Cyclopharm's primary revenue model is recurring consumable sales tied to each patient study. This creates predictable, volume-linked revenue that compounds as the installed base and procedure volumes grow, supporting durable demand and revenue visibility over the medium term.
Read all positive factors
Cyclopharm Limited (CYC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$90.60M
Dividend YieldN/A
Average Volume (3M)97.64K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth34.20%
EPS Growth-23.90%
CountryAU
Employees95
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.09
Shares Outstanding120,802,630
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.05
Revenue Forecast (FY)AU$47.80M
Cyclopharm Limited Business Overview & Revenue Model
Company Description
Cyclopharm Limited manufacture and sells medical equipment and radiopharmaceuticals in the Asia Pacific, Europe, Canada, and internationally. It operates through Technegas and Molecular Imaging segments. The Technegas segment offers diagnostic equ...
How the Company Makes Money
Cyclopharm makes money primarily by selling Technegas for clinical use through a combination of (1) recurring consumable sales and (2) capital equipment-related revenue, supported by distribution arrangements in multiple geographies. (1) Recurring...
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
Negative
0.98
Price Trends
0.86
Negative
0.86
Negative
0.88
Negative
Market Momentum
-0.03
Negative
45.95
Neutral
57.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CYC, the sentiment is Negative. The current price of 0.98 is above the 20-day moving average (MA) of 0.75, above the 50-day MA of 0.86, and above the 200-day MA of 0.88, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.95 is Neutral, neither overbought nor oversold. The STOCH value of 57.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | AU$196.92M | -47.06 | -3.80% | ― | 16.93% | 76.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$3.61B | -3.16 | -890.76% | ― | 55.91% | 22.60% | |
45 Neutral | AU$30.58M | -1.41 | -165.13% | ― | 23.31% | -17.35% | |
44 Neutral | AU$90.60M | -6.27 | -54.48% | ― | 34.20% | -23.90% | |
44 Neutral | AU$144.05M | -10.00 | -70.29% | ― | ― | -257.32% | |
42 Neutral | AU$55.93M | 62.66 | 0.48% | ― | 2.23% | -263.16% |
* Healthcare Sector Average
AU:CYC
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Cyclopharm Limited Corporate Events
Cyclopharm Wins Multi-Site Technegas Deal with Northwestern Medicine
Mar 23, 2026
Cyclopharm Limited has signed a multi-site agreement with Northwestern Medicine, a leading academic health system based in Chicago, to install Technegas equipment initially at Northwestern Memorial Hospital with the potential to expand to six addi...
Cyclopharm Wins 11-Site Technegas Deal with University of Pennsylvania Health System
Mar 22, 2026
Cyclopharm has secured a multi-site agreement with the University of Pennsylvania Health System in the U.S., covering 11 clinical locations across Pennsylvania and New Jersey for its Technegas lung imaging technology. The deal includes two immedia...
Cyclopharm Director Increases Indirect Shareholding via Share Purchase Plan
Mar 12, 2026
Cyclopharm Limited has disclosed a change in director Kevin Michael John Barrow’s indirect interest in the company’s ordinary shares, in line with ASX listing rule requirements. Barrow’s relevant interest, held through the Meliss...
Cyclopharm Director Increases Shareholding via Share Purchase Plan
Mar 12, 2026
Cyclopharm has disclosed a change in the shareholding of director John William Wigglesworth, who increased his direct holding in the company through participation in a share purchase plan. He acquired 21,052 ordinary shares for a total considerati...
Cyclopharm Director Increases Stake via Share Purchase Plan
Mar 12, 2026
Cyclopharm director Dianne Margaret Angus has increased her direct holding in the company through participation in a share purchase plan. She acquired 21,052 ordinary shares for a total consideration of $19,999.40 on 12 March 2026, lifting her sta...
Cyclopharm Director Increases Stake via Share Purchase Plan
Mar 12, 2026
Cyclopharm Limited has disclosed a change in director James McBrayer’s holdings, with the executive acquiring 10,526 additional ordinary shares on 12 March 2026 through participation in a share purchase plan. The transaction, valued at $9,99...
Cyclopharm director increases stake via Share Purchase Plan
Mar 12, 2026
Cyclopharm Limited has disclosed a change in the interests of director David James Heaney, who holds his stake via Mount Melleray Pty Ltd as trustee for The Heaney Super Fund. The filing outlines his direct interest in ordinary shares of the compa...
Cyclopharm Seeks ASX Quotation for 192,097 New Shares
Mar 11, 2026
Cyclopharm Limited has applied to the ASX for quotation of 192,097 new ordinary fully paid shares, with an issue date of 12 March 2026. The additional securities, issued under a previously announced transaction, will modestly expand the company...
Cyclopharm sets 8 May 2026 AGM and opens director nomination window
Mar 10, 2026
Cyclopharm Limited has scheduled its 2026 Annual General Meeting for 11:00 a.m. on 8 May 2026 at its boardroom in Kingsgrove, New South Wales. The company has also set 5:00 p.m. on 20 March 2026 as the deadline for shareholders to submit nominatio...
Cyclopharm says NIH Technegas contract is material milestone in early U.S. rollout
Mar 9, 2026
Cyclopharm has confirmed that a newly executed supply contract to provide and install its Technegas system at the U.S. National Institutes of Health Clinical Center in Bethesda is considered material, given the early stage of its U.S. market rollo...
Cyclopharm Raises $182,500 in Modest Share Purchase Plan Amid Tough Markets
Mar 9, 2026
Cyclopharm Limited has closed its Share Purchase Plan, raising approximately $182,500 from eligible shareholders through the issue of 192,097 new ordinary shares at $0.95 per share. The offer, extended to 2,200 eligible investors to mirror terms g...
Cyclopharm delays settlement of T2 placement shares to April 2026
Feb 25, 2026
Cyclopharm Limited has updated the market on its previously announced capital raising, confirming that the proposed issue of securities will proceed via a placement and a securities purchase plan. The company disclosed that settlement of the T2 pl...
Cyclopharm posts record revenue as U.S. Technegas sales surge but losses deepen
Feb 25, 2026
Cyclopharm Limited reported record operating revenue of $32.3 million for the year ended 31 December 2025, a 17% increase on 2024, driven by strong growth in its Technegas® business and third-party distribution activities. Despite the higher ...
Cyclopharm Raises A$14m Through Institutional Share Placement
Feb 10, 2026
Cyclopharm Limited has completed the first tranche of a previously announced share placement, issuing 9,473,684 new fully paid ordinary shares to institutional investors at $0.95 per share to raise A$9 million before costs. A second tranche of 5,2...
Cyclopharm Seeks ASX Quotation for 9.47 Million New Shares
Feb 10, 2026
Cyclopharm Limited has applied for quotation on the ASX of 9,473,684 new ordinary fully paid shares under code CYC, effective 11 February 2026. The issuance follows previously announced transactions and will increase the company’s quoted sha...
Cyclopharm Launches Placement and SPP to Fund Growth
Feb 4, 2026
Cyclopharm plans to issue up to 14.7 million new shares via a placement and a further 2.1 million through a securities purchase plan, with record, closing, and issue dates set through March 2026, signaling a sizeable capital raise to support its e...
Cyclopharm Outlines Terms of Confidential Institutional Share Placement
Feb 4, 2026
Cyclopharm Limited has released an investor presentation in connection with a confidential, non-underwritten institutional placement of new fully paid ordinary shares, intended for information and discussion purposes only. The company stresses tha...
Cyclopharm Raises A$14m and Launches A$2m SPP to Accelerate US Technegas Rollout
Feb 4, 2026
Cyclopharm Limited has raised A$14 million via a placement to new and existing institutional, sophisticated and professional investors at A$0.95 per share, issuing 14,736,842 new shares in two tranches under its existing placement capacity. The co...
Cyclopharm Posts Record FY2025 Revenue as U.S. Technegas Sales Surge but Loss Widens on Growth Investment
Feb 2, 2026
Cyclopharm has reported record unaudited FY2025 operating revenue of $32.3 million, up 17% on the prior year, driven by 10% growth in Technegas® sales to $16.7 million and a 26% rise in third-party distribution revenue to $15.6 million. The U...
Cyclopharm Shares Halted Ahead of Capital Raising Announcement
Feb 1, 2026
Cyclopharm Limited has requested and been granted a trading halt in its securities on the ASX as it prepares to announce the completion of a capital raising. The planned capital raising will comprise a placement of new shares to institutional and ...
Cyclopharm Backs AI-Enabled COPD Trial to Expand Reach of Technegas Lung Imaging
Jan 28, 2026
Cyclopharm has entered into a clinical research collaboration with Macquarie University and Macquarie University Hospital to support the Endoscopic Segmental Sealant Ablation (ESSA) Study, which will test a novel minimally invasive bronchoscopic p...
Technegas Named Preferred Ventilation Agent in Key US and Global Lung Imaging Guideline
Jan 26, 2026
Cyclopharm’s flagship lung imaging agent Technegas has been explicitly recognised as a preferred ventilation agent in a new draft ventilation–perfusion (V/Q) pulmonary scintigraphy guideline developed for leading US and international n...
Cyclopharm Secures Insurer Indemnity in 4DMedical Legal Dispute
Jan 26, 2026
Cyclopharm Limited has confirmed that its insurer has accepted indemnity for legal proceedings brought against the company by 4DMedical Limited in the Supreme Court of Victoria and has taken over conduct of Cyclopharm’s defence. The insurer&...
Cyclopharm Secures First U.S. Children’s Hospital Adoption of Technegas
Jan 11, 2026
Cyclopharm Limited has signed an agreement with Stanford Medicine Children’s Health for the implementation of its Technegas lung imaging technology at Lucile Packard Children’s Hospital Stanford, the first dedicated children’s ho...
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.