REG - Kromek Group PLC - $25m received under Siemens Healthineers agreement

KromekAnnouncement

17/02/2025 07:00

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RNS Number : 3267X  Kromek Group PLC  17 February 2025

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:

 

 Kromek Group plc
 Arnab Basu, CEO                                                        +44 (0)1740 626 060

 Paul Farquhar, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)        
 Geoff Nash/Giles Balleny/Seamus Fricker- Corporate Finance             +44 (0)20 7220 0500

 Tim Redfern- ECM

 Michael Johnson/Tamar Cranford-Smith - Sales

 Gracechurch Group (Financial PR)
 Harry Chathli/Claire Norbury/Henry Gamble                              +44 (0)20 4582 3500

 

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'.

 

 

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