Cyclopharm Limited (ASX: CYC) shares are on the rise today after the company released a trading update earlier today. In early afternoon trading, the Cyclopharm share price is trading 3.03% higher at $1.70.
Shares in the company were up by more than 7% in earlier trade after hitting an intraday high of $1.775.
Lets take a look at what Cyclopharm announced.
Record first-half revenue
The Cyclopharm share price is getting a boost today after the company released unaudited accounts for the 6 months ending 30 June 2021.
The report was highlighted by record half-year revenue of approximately $8.1 million. The result reflects a 45% increase from the prior corresponding period.
In addition, Cyclopharm highlighted that revenues from Patient Administration Sets are expected to be 20% higher than the first half of 2020.
Cyclopharm noted that the revenue performance reflects the continuing shift in the mix of consumable sales to higher margin markets.
The company also highlighted that net cash at the half-year is expected to be in excess of $30 million. As a result, Cyclopharm confirmed its intention to pay a dividend of 0.5 cents per share at the half-year.
Cyclopharm managing director, James McBrayer said of the results:
Cyclopharm's strong revenue growth across all our product and service lines in our established markets is driving the business to significantly outperform the results in the first halves of 2020 and 2019.
Cyclopharm share price snapshot
Cyclopharm is a biotech company that operates in the diagnostic imaging field, specialising in lung health. The company's flagship Technegas technology is used across 60 countries throughout the world.
The Cyclopharm share price was travelling well in 2021 until last week when it tumbled around 40% following a market update.
The company announced it had received negative feedback from the United States Food and Drug Administration (FDA), sending investors running for the hills.
According to the announcement, the FDA noted that Cylopharm's Technegas could not be approved as it stands.
The FDA gave Cyclopharm a list of items it needs to address within 12 months to potentially gain approval. Cyclopharm assured the market it will be able to address the required issues and still hopes to secure FDA approval in 2022.
Despite today's bounce, the Cyclopharm share price remains more than 32% lower for the year.
