Kromek Group PLC Kromek wins two new contracts in medical division (2245Y)
August 20 2018 - 2:00AM
UK Regulatory
TIDMKMK
RNS Number : 2245Y
Kromek Group PLC
20 August 2018
20 August 2018
Kromek Group plc
("Kromek" or the "Company")
Kromek wins two new contracts in medical division
New OEM customer and a repeat contract from existing BMD
customer underscores momentum in medical imaging sector
Kromek (AIM: KMK), a radiation detection technology company
focusing on the medical, security and nuclear markets, is pleased
to announce that it has secured two contracts, worth a total of $1
million, with a new OEM customer and an existing Bone Mineral
Densitometry (BMD) customer. Both contracts commence immediately,
with one delivered over an 18-month period and the other within the
current financial year.
In the nuclear medicine instrumentation field, Kromek has been
awarded a $700k order from a new OEM customer to supply its
proprietary Cadmium Zinc Telluride (CZT) detectors to be used in
the nuclear medicine market. The Company's technology will provide
higher resolution detection capabilities enabling better patient
outcomes. This contract will be delivered over an 18-month period
starting immediately.
In the Bone Mineral Densitometry market, Kromek has received a
repeat contract of $340k for CZT-based detectors for the customer's
existing product line. This further re-enforces the run rate of
this product group with all revenue from this contract to be
recorded in the current financial year.
Dr Arnab Basu, CEO of Kromek, commented: "We continue to add new
OEM customers in the medical device sector, working with them to
build the next generation of medical instrumentation. Our CZT
technology in medical scanners delivers excellent quality images
and detection capability that lead to a better patient outcome. We
also build strong and long-lasting partnerships with our clients,
as highlighted by today's repeat contract with another OEM in the
BMD sector to supply CZT-based detection units for their
equipment."
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Derek Bulmer, CFO +44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser
and Joint Broker)
Max Hartley (NOMAD)
Julian Morse (Sales) +44 (0)20 7397 8900
Cantor Fitzgerald Europe (Joint Broker)
Philip Davies
Will Goode +44 (0)20 7894 7000
Luther Pendragon Ltd (PR)
Harry Chathli
Claire Norbury
Alexis Gore +44 (0)20 7618 9100
About Kromek Group plc
Kromek Group plc is a UK technology Group (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT") and
other advanced technologies. Using its core technology platforms,
Kromek designs, develops and produces x-ray and gamma ray imaging
and radiation detection products for the medical, security
screening and nuclear markets.
The Group's products provide high resolution information on
material composition and structure and are used in multiple
applications, ranging from the identification of cancerous tissues
to hazardous materials, such as explosives, and the analysis of
radioactive materials.
The Group's business model provides a vertically integrated
technology offering to customers, from radiation detector materials
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and
Pennsylvania), and is selling internationally through a combination
of distributors and direct OEM sales.
Currently, the Group has over one hundred full time employees
across its global operations. Further information on Kromek Group
is available at www.kromek.com and
https://twitter.com/kromekgroup.
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END
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