Cyclopharm Limited (AU:CYC)
ASX:CYC
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Cyclopharm Limited
(Sydney:CYC)
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Rating:44Neutral
Price Target:
AU$0.64
â–¼(-34.69% Downside)
Action:Reiterated
Date: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 business model generates repeatable, procedure-tied revenue from Technegas consumables and associated service, creating a durable, usage-driven income stream. Recurring disposables aligned with installed equipment support predictable unit economics and long-term revenue per customer.
Negative Factors
Deep cash burn
Sustained large negative operating and free cash flows (~-A$17m to -A$19m in 2025) indicate the business consumes substantial capital to run and grow. Ongoing cash burn creates persistent funding needs, increases dilution or debt reliance, and limits strategic flexibility absent durable margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumable revenue
Cyclopharm’s business model generates repeatable, procedure-tied revenue from Technegas consumables and associated service, creating a durable, usage-driven income stream. Recurring disposables aligned with installed equipment support predictable unit economics and long-term revenue per customer.
Read all positive factors
Cyclopharm Limited (CYC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$85.09M
Dividend YieldN/A
Average Volume (3M)97.64K
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth17.24%
EPS Growth-20.00%
CountryAU
Employees95
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.16
Shares Outstanding126,065,790
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 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 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
Negative
0.98
Price Trends
0.75
Negative
0.82
Negative
0.82
Negative
Market Momentum
-0.03
Positive
33.05
Neutral
6.35
Positive
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 0.74, above the 50-day MA of 0.75, and above the 200-day MA of 0.82, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 33.05 is Neutral, neither overbought nor oversold. The STOCH value of 6.35 is Positive, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | AU$233.48M | 66.75 | 4.20% | ― | 19.23% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | AU$18.71M | -0.67 | -165.13% | ― | 23.30% | -14.29% | |
44 Neutral | AU$85.09M | -4.15 | -54.48% | ― | 17.24% | -20.00% | |
44 Neutral | AU$156.63M | -14.99 | -70.29% | ― | ― | -62.15% | |
42 Neutral | AU$52.94M | 485.66 | 0.48% | ― | 24.45% | ― | |
41 Neutral | AU$2.29B | -11.40 | -890.76% | ― | -0.80% | -249.48% |
* Healthcare Sector Average
AU:CYC
Cyclopharm Limited
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Cyclopharm Limited Corporate Events
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 ...
Cyclopharm sets 2026 AGM to vote on governance and capital measures
Apr 10, 2026
Cyclopharm Limited has called its 2026 annual general meeting for 11.00 a.m. on 8 May at its Kingsgrove, NSW headquarters, setting out a detailed agenda and urging shareholders to vote either in person or via proxy. The meeting will cover standard...
Cyclopharm Director John Wigglesworth Steps Down, Retains Shareholding
Apr 7, 2026
Cyclopharm Limited has notified the ASX that director John William Wigglesworth ceased to be a director of the company effective 6 April 2026. In connection with his departure, the company disclosed that Wigglesworth holds 88,531 fully paid ordina...
Cyclopharm reshapes board as it accelerates Technegas push in U.S. market
Apr 7, 2026
Cyclopharm Limited has announced the resignation of Non-Executive Director John Wigglesworth, effective 6 April 2026, as part of a planned board refresh aimed at bolstering U.S. market expertise. Wigglesworth, who joined the board in February 2024...
Cyclopharm lodges updated ASX corporate governance statement for 2025
Mar 27, 2026
Cyclopharm Limited has lodged its latest corporate governance statement for the year ended 31 December 2025, confirming that the document is current as at that date and has been approved by the board. The statement, published on the company’...
Cyclopharm Showcases Global Reach and 2025 Performance in Annual Report
Mar 27, 2026
Cyclopharm Limited has released its 2025 annual report, outlining its performance, governance, and financial position for the year. The report highlights the continued global expansion and market leadership of its Technegas® lung ventilation ...
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...
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.