KMK Kromek Group Plc

TIDMKMK

RNS Number : 9858X

Kromek Group PLC

02 May 2023

2 May 2023

Kromek Group plc

("Kromek" or the "Group")

Kromek receives order of c.$1.4m in medical imaging from new OEM customer

Order from Asia-based OEM customer in key SPECT market

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 secured an initial order for its CZT-based detector modules from a new OEM customer, which is an established player in the medical imaging sector in Asia. The contract consists of several elements worth a total of $1.425m and is in one of the Group's key target markets of single photon emission computed tomography ("SPECT").

The order is for the Group's CZT-based detector modules, to be used in the customer's next generation SPECT systems in niche applications. Delivery and revenue recognition will be in the current financial year.

Arnab Basu, CEO of Kromek Group, said: "This order, from a new OEM customer, is another demonstration of the robust demand for our innovative CZT-based medical imaging solutions in SPECT applications. This order from a new customer in Asia underscores the requirement of CZT-based detectors due to demand globally for early diagnosis of critical illnesses leading to better patient outcomes. This initial order improves the Group's visibility over full year revenues, and as such the Board is confident in delivering further significant growth in the year ending 30 April 2024."

For further information, please contact:

 
Kromek Group plc 
Arnab Basu, CEO 
 Paul Farquhar, CFO                          +44 (0)1740 626 060 
finnCap Ltd (Nominated Adviser and Broker) 
Geoff Nash/Seamus Fricker/George Dollemore 
 - Corporate Finance 
 Tim Redfern/Charlotte Sutcliffe - ECM       +44 (0)20 7220 0500 
Gracechurch Group (Financial PR) 
Harry Chathli/Claire Norbury                 +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 technology, are primarily used to protect critical infrastructure 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'.

Further information is available at www.kromek.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBFLLBXELZBBD

(END) Dow Jones Newswires

May 02, 2023 02:00 ET (06:00 GMT)

Kromek (LSE:KMK)
Historical Stock Chart
From Apr 2024 to May 2024

Kromek (LSE:KMK)
Historical Stock Chart
From May 2023 to May 2024