2 November 2016
Kromek Group plc
("Kromek" or the "Company")
Kromek Secures Orders for BMD Detectors from Existing OEM Customers as Replacement Cycle Gathers Momentum
Three existing OEM customers of the Company have placed repeat CZT-based detector module orders which are double in size compared to their previous orders
Kromek (AIM: KMK), a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has been awarded new contracts by three of its current OEM customers, who are worldwide producers and exporters of bone mineral density ("BMD") diagnostics systems, to supply its CZT-based detector modules. The contracts, worth a total of approximately $1.15m, are expected to be delivered over the next 24 months with the majority to be delivered within the next 12 months.
Under the terms of the agreements, Kromek's detector modules will be incorporated into the OEMs' systems to produce some of the most accurate imaging to diagnose the strength and health of bones. The CZT-based diagnostic systems will allow clinicians to accurately detect and monitor progression of osteoporosis in patients resulting in more effective treatment.
Dr Arnab Basu, CEO of Kromek, said: "It is very pleasing to secure double the orders we received from these long-standing customers last year. It strengthens our relationship with them and further validates our belief that more and more legacy detection systems are being replaced with BMD diagnostic systems with our CZT detectors. The agreements represent the continued healthy conversion of our pipeline into orders as we continue to win new contracts in the medical sector."
Enquiries
Kromek Group plc |
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Arnab Basu, CEO Derek Bulmer, CFO |
+44 (0)1740 626 060 |
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Cenkos Securities plc |
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Bobbie Hilliam (NOMAD) Julian Morse (Sales) |
+44 (0)20 7397 8900 |
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Luther Pendragon Ltd |
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Harry Chathli, Claire Norbury, Alexis Gore |
+44 (0)20 7618 9100 |
About Kromek Group plc
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.
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 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 a hundred full time employees across its global operations. Further information on Kromek Group is available at www.kromek.com.
