17
February 2025
Kromek Group
plc
("Kromek"
or the "Company" or the "Group")
Kromek receives $25.0m under
agreement with Siemens Healthineers
First payment under
multi-year agreement will enable Kromek to become profitable in the
current financial year
Further to the Company's announcement of 30 January
2025, Kromek Group plc (AIM:
KMK), a leading developer of
radiation and bio-detection technology solutions for the advanced
imaging and CBRN detection segments, is pleased to announce that it
has received the first $25.0m payment under its Enablement
Agreement with Siemens Medical Solutions USA, Inc.
("Siemens Healthineers").
This follows Kromek satisfying the first milestone
under the Enablement Agreement. As a result, the Group confirms
that it will become profitable in the current financial year. The
additional aggregate payments of $12.5m, payable over the next four
years, provide a robust foundation for delivering significant
revenue growth.
Arnab Basu, Chief
Executive Officer of Kromek, said: "We are delighted to have received the
first payment under our significant multi-year agreement with
Siemens Healthineers. These funds will be used to support the
delivery of various milestones under the agreement, significantly
reduce our debt and strengthen our balance sheet, ultimately
enhancing our operational capabilities. It also enables us to
become profitable in the current financial year - which is a
significant milestone."
For
further information, please contact:
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Kromek Group
plc
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Arnab Basu, CEO
Paul Farquhar, CFO
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+44 (0)1740 626 060
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Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
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Geoff Nash/Giles Balleny/Seamus
Fricker- Corporate Finance
Tim Redfern- ECM
Michael Johnson/Tamar Cranford-Smith
- Sales
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+44 (0)20 7220 0500
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Gracechurch
Group (Financial PR)
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Harry Chathli/Claire Norbury/Henry
Gamble
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+44 (0)20 4582 3500
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Kromek Group
plc
Kromek Group plc is a leading developer of
radiation detection and bio-detection technology solutions for the
advanced imaging and CBRN detection segments. Headquartered in
County Durham, UK, Kromek has manufacturing operations in the UK
and US, delivering on the vision of enhancing the quality of life
through innovative detection technology
solutions.
The advanced imaging segment comprises the
medical (including CT and SPECT), security and industrial markets.
Kromek provides its OEM customers with detector components, based
on its core cadmium zinc telluride (CZT) platform, to enable better
detection of diseases such as cancer and Alzheimer's, contamination
in industrial manufacture and explosives in aviation
settings.
In CBRN detection, the Group provides nuclear
radiation detection solutions to the global homeland defence and
security market. Kromek's compact, handheld, high-performance
radiation detectors, based on advanced scintillation and
solid-state readout technology, are primarily used to protect
critical infrastructure, events, personnel and urban environments
from the threat of 'dirty bombs'.
The Group is also developing bio-security
solutions in the CBRN detection segment. These consist of fully
automated and autonomous systems to detect a wide range of airborne
pathogens.
Kromek is listed on AIM, a market of the London
Stock Exchange, under the trading symbol
'KMK'.
