This Australian med tech pioneer reminds us in many ways of one of our best recommendations in the sector, Medical Developments, which has delivered more than five-fold on our original investment. Cyclopharm is positioned to grow its market substantially if it gains approval for sales into the US market. Its product Technegas has generated revenues in 57 countries. Over 195k patient procedures in 2018, 4.2m patient procedures since 1986. With 1,600 Technegas generators sold globally, CYC’s underlying business is profitable and supports a small dividend.

There are at least 3m cases of Pulmonary Embolism globally each year. The company sells Technegas generators to radiology departments, and, on a recurring basis, the raw material (TN-99) in the form of 50 dose Patient Administration Sets (PAS). The Technegas generator turns each dose into a gas which is inhaled for just 3 or 4 breaths to provide the diagnostic rebound material that delivers a quality 3-D image to diagnose PE, with fewer risks and lower infrastructure needs than existing CT diagnostics.

**FY21 Forecast