The Cyclopharm Limited (ASX: CYC) share price is dipping today after the company released its 2021 AGM Presentation.
Cyclopharm shares are down 1% to $2.82 at the time of writing, after gaining more than 10% over the past week.
Cyclopharm Ltd is an Australia-based company that engages in the manufacture and sale of medical equipment and radiopharmaceuticals, including associated research and development.
Highlights from Cyclopharm's market update
Cyclopharm reported significant metrics in its AGM, noting record group sales revenue in 2020 of $14.7 million, up 4.2% on 2019. It recorded $2.2 million of new third‐party distribution revenue in its Technegas distribution network.
Overall, Technegas sales rebounded by 51.4% in the second half of 2020, after a pandemic-impacted first half. The company reported a $5.8 million net loss before tax. The company's February 2021 capital raising placement was oversubscribed, raising $33 million in total.
Cyclopharm AGM Chair's address
Cyclopharm Chair, David Heaney, expanded on the company's rebound from COVID-19.
2020 was a pivotal year for Cyclopharm. Despite the challenges we faced from a global coronavirus pandemic, we have expanded our global footprint to include sales into over 60 countries, and proudly, our Technegas products have now been used in over 4.3 million patient procedures globally. We also commenced operations as a distributor of third party products in Europe, leveraging our existing distribution capabilities.
Together with our existing Technegas revenues, this new income stream enabled Cyclopharm to report record revenues in 2020 of $14.7 million. Our strong underlying sales performance supported the Board's decision to maintain our full year dividend at 1.0 cent per share.
Background on Cyclopharm's business model
Cyclopharm operates through two segments. Its Technegas segment involves supplying diagnostic equipment and consumables used by physicians in the detection of pulmonary embolism. Meanwhile, its Molecular Imaging segment produces radiopharmaceuticals to be used by physicians in the detection of cancer, neurological disorders, and cardiac disease. The company generates maximum revenue from the Technegas segment.
Cyclopharm share price snapshot
The Cyclopharm share price has had a good run recently, up 10% in the past week, 11% the past month, 14% in 2021 so far and 146% over the past 12 months.
