Embargoed until: 0700hrs, 27 February 2014
Kromek Group plc
("Kromek" or "the Company")
New Orders Received in Medical Imaging
Kromek, a supplier of patented radiation detection technologies to the medical, security and nuclear markets, announces that it has secured $845,000 of new orders to supply radiation detectors and integrated electronic components to a globally leading Original Equipment Manufacturer ('OEM') operating in the Dual Energy X-ray Bone Mineral Densitometry ('DEXA BMD') market. The total booking this fiscal year from this customer now exceeds $1.25 million.
DEXA BMD is the most accurate imaging technique to diagnose the strength and health of bones, allowing clinicians to accurately detect, monitor and treat Osteoporosis in patients. DEXA BMD is another medical diagnostic imaging modality where improved x-ray detection and imaging detail helps early diagnostics and intervention, which enables healthcare providers to operate more efficiently and manage costs against a backdrop of global healthcare budget pressures.
The new orders to supply detection components based on Kromek's Cadmium Zinc Telluride ('CZT') technology, are in addition to an existing contract the Company has in place with the OEM partner, in a global BMD market expected to surpass $895 million by 2017.
Commenting on the announcement, Arnab Basu, CEO of Kromek, said: "This latest order from this existing OEM partner builds on an important international relationship as we continue to see growth through expanding our geographic reach, particularly in Asia.
"Our work in BMD helps clinicians to detect and treat Osteoporosis earlier and is further validation of our technology and its capabilities in improving the efficacy of medical scanning technologies. This latest success adds to the encouraging progress we have seen in the wider medical imaging space, as evidenced by our announcement in November 2013 of a $990,000 contract to supply components to the nuclear medicine market, alongside the up to $5.3 million development contract we received in the x-ray CT scanning space. We have multiple blue-chip customers in the medical imaging sector and are seeing excellent traction in the adoption of our components. We look forward to announcing further progress in due course."
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For further information, please contact:
Kromek Plc Arnab Basu, CEO Derek Bulmer, CFO |
Tel: 01740 626060 |
Panmure Gordon As Nominated Adviser and Broker Corporate Finance Freddy Crossley/ Grishma Patel Broking Adam Pollock/ Charlie Leigh-Pemberton |
Tel: 020 7886 2500 |
Tavistock Communications Matt Ridsdale Andrew Dunn |
Tel: 020 7920 3150 |
About Kromek
Kromek Group plc is a UK technology company (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT"). Using its core CZT technology 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.
Kromek uses multiple technologies in its manufacturing processes, including the established methods of 'liquid phase' detector production, and also 'vapour phase' production methods, which allow the production of high quality, high performance detectors on an industrial scale. Kromek has an intellectual property portfolio of more than 70 granted patents and 110 pending applications.
The Group's business model provides a vertically integrated technology offering to customers, from the growth of CZT crystals to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Board believes that the vertical integration offered by Kromek, combined with the benefit of 25 years of research into CZT production and the patents and trade secrets accumulated by the Group, are unparalleled in the market place.
The Group has operations in the UK, Germany and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees across its global operations.
