Cyclomedica
Cyclomedica is a global nuclear medicine company whose proprietary Technegas® technology delivers functional lung ventilation imaging via inhaled radioactive carbon nanoparticles, serving hospital nuclear medicine departments, VA/DoD, and research institutions across 65+ countries, with a growing US commercial footprint following 2023 FDA approval.
- Company typePublic
- Founded1986
- HeadquartersDublin, Ireland
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Cyclomedica does
Cyclomedica, the primary operating division of ASX-listed Cyclopharm Limited (ASX: CYC), is a nuclear medicine and molecular imaging company built around its proprietary Technegas® technology — a structured ultra-fine dispersion of Technetium-99m-labeled carbon nanoparticles produced by micro-furnacing dried Tc-99m in a carbon crucible at approximately 2,700°C and inhaled by patients for functional lung ventilation imaging under gamma or SPECT cameras. The Technegas Plus System generator pairs with per-patient administration sets and is compatible with 3D SPECT and hybrid CT, supported by named endorsement in EANM (2009) and Canadian Association of Nuclear Medicine (2019) guidelines as the preferred functional lung ventilation imaging agent.
The company's revenue model combines upfront capital equipment sales (Technegas Plus generators) with a high-margin, annuity-style recurring stream from per-patient consumables and administration sets, supplemented by a fast-growing third-party radiopharmaceutical distribution business in Europe and Asia-Pacific. Cyclomedica has historically sold through a global network spanning 65-66 countries, with wholly-owned subsidiaries in the US, Europe, UK, Canada, Germany, the Nordics, Benelux, and Latin America, complemented by third-party distributors across Asia, the Middle East, Africa, and Latin America. Following USFDA approval in September 2023, the company has built a direct US enterprise sales force targeting the VA, DoD, and major hospital networks, with CMS transitional pass-through status enabling national reimbursement. Primary customers are hospital nuclear medicine departments and imaging centers; secondary targets include pulmonology, thoracic surgery, and oncology use cases as the company executes its Beyond-PE strategy covering COPD, asthma, lung cancer, pulmonary hypertension, and long COVID.
Cyclomedica firmographics
Firmographics- Name
- Cyclomedica
- Legal name
- Cyclopharm Limited
- Website
- https://cyclomedica.com
- Company type
- Public
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Cyclomedica is a global nuclear medicine company whose proprietary Technegas® technology delivers functional lung ventilation imaging via inhaled radioactive carbon nanoparticles, serving hospital nuclear medicine departments, VA/DoD, and research institutions across 65+ countries, with a growing US commercial footprint following 2023 FDA approval.
- Ownership category
- akta.pro rank
Cyclomedica industry classification
Industry- Product category
- Nuclear Medicine and Pulmonary Diagnostic Imaging
- NAICS
- In-Vitro Diagnostic Substance Manufacturing (325413)
- SIC
- In Vitro & In Vivo Diagnostic Substances (2835)
- akta.pro primary industry
- Pulmonary Function Testing (PFT) & Respiratory Diagnostics (HLAKANAC)
- akta.pro secondary industries
- Blood Oxygen & Respiratory Monitoring (Pulse Oximetry, Capnography, Spirometry) (HLAHACAD), Respiratory Monitoring & Oximetry (Capnography, Pulse Oximeters, Respiratory Rate) (HLAHAGAI), Medical & Healthcare Gases (IMAEACAF)
Keywords
Where Cyclomedica is headquartered
LocationHeadquarters
- HQ city
- Dublin
- HQ country
- Ireland
- HQ region
- Europe
Offices10 records
Markets served
Cyclomedica business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Technegas Product Sales: Sales of Technegas generators and associated equipment to healthcare facilities. Core product sales form a significant revenue stream with recurring demand from nuclear medicine departments worldwide.
- Per-Patient Consumables and Administration Sets: Majority of revenues generated from recurring per-patient consumables including patient administration sets. This annuity-style revenue model provides predictable recurring revenue as each procedure requires consumables.
- Third-Party Distribution: Distribution of third-party radiopharmaceutical products and consumables through the company's established regulatory, sales, and service network in Europe and Asia-Pacific. This business has shown exceptional growth, more than doubling revenue contribution in 2022.
- US Market Revenue: Following FDA approval in September 2023, the company is generating revenue from US market sales targeting pulmonary embolism diagnosis, with initial addressable market of US$180 million per annum for PE diagnosis alone.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels8 records
Cyclomedica product offering
Product offeringCore offering
Cyclomedica develops, manufactures, and globally distributes Technegas®, a proprietary structured ultra-fine radioactive carbon (Tc-99m labeled) aerosol for lung ventilation imaging, paired with the Technegas Plus System generator device. The product is used by nuclear medicine departments to diagnose pulmonary embolism and assess other respiratory conditions including COPD, asthma, and CTEPH under SPECT/CT imaging. Revenue is generated through sales of the generator hardware and recurring per-patient consumable administration sets across 65+ countries.
Product overview
Cyclomedica offers a focused product portfolio centered on Technegas®, a proprietary radiopharmaceutical technology for functional lung ventilation imaging. The core offering consists of Technegas® (the radioactive labeled carbon compound) paired with the Technegas Plus System (the generator/delivery hardware). The portfolio also includes variations such as Pertechnegas (a Technegas variant) and Galligas (a PET variant using Ga-68). The company has expanded its clinical applications from the primary pulmonary embolism indication into broader respiratory conditions including COPD, asthma, CTEPH, and lung cancer, under its 'Beyond PE' strategy. Cyclomedica operates primarily as a medical device and radiopharmaceutical company rather than a software platform, with operations spanning 65-67 countries through subsidiaries and distribution partners.
Differentiator
Problem solved
Functional benefit
Products and services
- Technegas® A structured ultra-fine dispersion of radioactive labeled carbon (Technetium-99m labeled carbon inhalation aerosol) produced by micro-furnacing dried Technetium-99m in a carbon crucible at approximately 2,700°C. The gas-like substance is inhaled by patients via a breathing apparatus for lung ventilation imaging using gamma or SPECT cameras, primarily used for diagnosing pulmonary embolism and other respiratory conditions including COPD, asthma, CTEPH, and lung cancer.
- Technegas Plus System A generator system for preparing Technegas, featuring an LCD display, remote delivery switch, automatic high intensity LED, leaded safety viewing window, argon gas hose with flow restrictor, ergonomic base with four locking casters, and patient breathing apparatus for uniform delivery from Apex to Base in supine position. Used by nuclear medicine departments and imaging centers.
- Pertechnegas A variation of Technegas developed in 1995 as an alternative formulation for pulmonary imaging applications.
- Galligas A PET (Positron Emission Tomography) variation of Technegas using Ga-68 (Gallium-68) as the radioactive isotope, developed in 2000 for PET imaging of lung ventilation.
Quantifiable outcome
- 5+ million patient procedures performed globally
- +5 more outcomes
Companies that use Cyclomedica
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
Cyclomedica technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Cyclomedica partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Western University (Canada)coreResearch partnership with Western University's Robarts Research Institute in London, Ontario to investigate Technegas technology for detecting and quantifying mild asthma in young adults (aged 17-35). The PAXT1 clinical trial will study 40 participants to determine if Technegas can identify hidden ventilation issues even when asthma appears mild. Led by Professor Grace Parraga, world-renowned lung imaging expert. Cyclopharm contributes CAD $305,256 over 12 months. If successful, could support shift in clinical practice for asthma detection.
- CMS (Centers for Medicare & Medicaid Services)coreUS government reimbursement approval enabling Technegas commercial rollout in United States through CMS transitional pass-through status, facilitating rapid market adoption and installation growth.
Scale indicators11 records
Recent moves7 records
Expansion highlights6 records
Cyclomedica competitors and assessment
Company assessmentOthers
- Cardinal Health Nuclear & Precision Health Solutions: Cardinal Health operates one of the largest radiopharma distribution networks in the US. Comparable as a distributor of nuclear medicine products to hospitals, an adjacent channel role to Cyclomedica's third-party distribution business that grew 124% in a recent year.
- PETNET Solutions (Siemens): PETNET is a major PET radiopharma distributor and manufacturer in the US and Europe, part of Siemens Healthineers. Adjacent infrastructure/distribution peer that supplies radiopharmaceuticals to the same nuclear medicine departments targeted by Cyclomedica.
Broad incumbents
- Philips Healthcare: Philips is a broad medical imaging incumbent with SPECT and hybrid scanner systems used alongside Technegas procedures. Comparable as the imaging modality infrastructure provider in the same clinical pathway for pulmonary embolism and COPD diagnosis.
- GE HealthCare: GE HealthCare is a global incumbent in medical imaging including SPECT/CT scanners and nuclear medicine equipment. While not a direct Technegas competitor, its installed base of nuclear medicine cameras defines the addressable market for ventilation imaging agents like Technegas.
- Bracco Imaging: Bracco is a global imaging agent manufacturer spanning CT, MRI and radiopharmaceutical contrast products. Comparable as a broad diagnostic imaging player with overlapping hospital channels where nuclear medicine and ventilation imaging are procured.
- Siemens Healthineers: Siemens Healthineers supplies SPECT and hybrid SPECT/CT imaging systems and broad nuclear medicine workflow solutions to hospitals. As a major scanner vendor, it shapes adoption of functional lung imaging modalities including Technegas-enabled ventilation studies.
- Bayer Radiology: Bayer's radiology business historically included radiopharmaceuticals (e.g., Xofigo legacy portfolio) and contrast media used in diagnostic imaging workflows. Comparable as a broad radiopharmaceutical and imaging agent incumbent with overlapping institutional buyers.
Direct peers
- Curium Pharma: Curium is one of the largest nuclear medicine manufacturers globally, supplying Tc-99m generators and a wide range of SPECT radiopharmaceuticals. It is the closest direct competitor in supplying diagnostic imaging agents to nuclear medicine departments where Technegas is used.
- Lantheus Holdings: Lantheus is a leading radiopharmaceutical-focused company (e.g., Definity, Xenon-133 historically) with overlapping products in lung/ventilation imaging and nuclear medicine distribution. Both companies develop and commercialise radiopharmaceutical agents consumed per-procedure in nuclear medicine departments.
Emerging players
- Jubilant Pharmova (Radiopharma): Jubilant operates a radiopharma business with nuclear medicine products and distribution across multiple geographies. Comparable as a regional/emerging nuclear medicine player competing for hospital radiopharma budgets adjacent to Technegas procedures.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Cyclomedica social profiles
Digital presenceCyclomedica compliance and trust
Trust signalCompliance3 records
Cyclomedica financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cyclomedica leadership team
Management profileNumber of profiles
Profiles3 records
Cyclomedica subsidiaries and ownership
Company hierarchySubsidiaries10 records
Cyclomedica funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cyclomedica M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cyclomedica
What does Cyclomedica do?
Cyclomedica develops, manufactures, and globally distributes Technegas®, a proprietary structured ultra-fine radioactive carbon (Tc-99m labeled) aerosol for lung ventilation imaging, paired with the Technegas Plus System generator device. The product is used by nuclear medicine departments to diagnose pulmonary embolism and assess other respiratory conditions including COPD, asthma, and CTEPH under SPECT/CT imaging. Revenue is generated through sales of the generator hardware and recurring per-patient consumable administration sets across 65+ countries.
Is Cyclomedica a public or private company?
Cyclomedica is a public company. It is classified as public and is currently operating.
When was Cyclomedica founded?
Cyclomedica was founded in 1986. It employs 1 to 10 people.
Where is Cyclomedica based?
Cyclomedica is headquartered in Dublin, Ireland, in the Europe region.
How does Cyclomedica make money?
Four revenue lines are on record. Technegas Product Sales are the primary driver. The others are per-Patient Consumables and Administration Sets, third-Party Distribution and US Market Revenue.
Who are Cyclomedica's main competitors?
Others on record are Cardinal Health Nuclear & Precision Health Solutions and PETNET Solutions (Siemens). Broad incumbents are Philips Healthcare, GE HealthCare, Bracco Imaging, Siemens Healthineers and Bayer Radiology. Direct peers are Curium Pharma and Lantheus Holdings. Jubilant Pharmova (Radiopharma) is listed as an emerging player.
Does Cyclomedica have an API?
No public API is recorded for Cyclomedica.
What industry is Cyclomedica in?
Cyclomedica's product category is Nuclear Medicine and Pulmonary Diagnostic Imaging. Its primary akta.pro industry code is HLAKANAC, Pulmonary Function Testing (PFT) & Respiratory Diagnostics, with a secondary code of HLAHACAD, Blood Oxygen & Respiratory Monitoring (Pulse Oximetry, Capnography, Spirometry). Its NAICS code is 325413 and its SIC code is 2835.