Cyclopharm (ASX: CYC) Wins 11-Hospital US Rollout as University Hospitals Accelerates Technegas Adoption

Cyclopharm (ASX: CYC) has secured one of its most significant commercial wins in the United States since receiving FDA approval for Technegas, signing an enterprise-wide agreement with University Hospitals that will see the lung imaging technology installed across all 11 hospitals in the health network.

The announcement marks a shift from regulatory milestones to commercial execution, with the healthcare provider opting for an immediate system-wide deployment rather than testing the technology at a single site before expanding.

University Hospitals is one of America’s leading academic medical centres, serving more than one million patients each year through an integrated network of hospitals and outpatient facilities. Its flagship University Hospitals Cleveland Medical Center has more than 1,000 beds and is recognised for its research, teaching and specialist clinical care.

Live stock: source Tradingview

For Cyclopharm, the agreement expands its footprint in the US Midwest while creating a larger base of recurring revenue. Once installed, each Technegas system generates ongoing income through consumables, servicing and continued clinical use rather than relying solely on the initial equipment sale.

Large hospital networks are increasingly standardising medical technologies across multiple sites to improve clinical consistency, simplify procurement and reduce training requirements. Enterprise-wide contracts can therefore be more valuable than individual hospital sales because they create long-term customer relationships that are more difficult for competitors to displace.

Cyclopharm has steadily built commercial momentum in the United States over recent months. The University Hospitals agreement follows earlier deployments with the University of Pennsylvania Health System, Northwestern Medicine and the National Institutes of Health, providing the company with a growing list of high-profile reference customers.

The opportunity also extends beyond the diagnosis of pulmonary embolism, which remains Technegas’ primary approved application.

A growing body of clinical research is exploring its use in respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma and pulmonary hypertension, as well as interventional lung procedures. Researchers are also investigating its potential role in quantitative and artificial intelligence-assisted lung imaging, an area attracting increasing interest as healthcare providers seek more precise functional assessment of lung disease.

Cyclopharm Managing Director and CEO James McBrayer said the agreement represented a major milestone for the company’s US expansion.

“This is a landmark agreement for our US rollout. One of America’s great academic health systems, University Hospitals has a 160-year legacy of clinical excellence, research and teaching. To have a system of this calibre commit to Technegas® across 11 locations simultaneously speaks directly to the recognised clinical value that Technegas® delivers for patients and clinicians.”

He said the speed of implementation was particularly significant.

“What makes this agreement particularly significant is its immediacy. Rather than a staged rollout over time, UH has elected to install Technegas® system-wide, at 11 locations, over the next few weeks. This deepens our recurring revenue base and reflects the confidence UH has placed in Technegas® at enterprise scale.”

McBrayer added that the company sees broader opportunities as clinical research continues.

“The opportunity extends well beyond the diagnosis of pulmonary embolism. Technegas® is the subject of a growing body of clinical research and peer-reviewed publications in other respiratory conditions, including COPD, asthma and pulmonary hypertension, and in interventional lung procedures. Its distinctive characteristics, in particular its ultra-fine particle dispersion and uniform lung distribution, make it well-suited as a platform for the next generation of quantitative and AI-driven lung imaging, where the ability to deliver true functional measurement of the lung complements the structural information provided by other imaging modalities. Partnering with a research institution of University Hospitals’ calibre positions Technegas® at the forefront of these developments.”

Cyclopharm shares were trading 30.93% higher at A$0.635 on Wednesday, giving the company a market capitalisation of approximately A$79.84 million.

Source: MarketIndex

While the financial contribution from the agreement will depend on patient utilisation over time, enterprise-wide contracts typically provide a more predictable stream of recurring revenue than one-off equipment sales. Investors will also be watching whether the latest agreement helps open doors to additional large US healthcare networks as Cyclopharm continues expanding its commercial presence following FDA approval.

Source: Cyclopharm ASX announcement; University Hospitals corporate information.