Kromek secures two new contracts worth $1m

Radiation detection technology company Kromek has secured two contracts worth a total of $1m, with a new original equipment manufacturer customer and an existing bone mineral densitometry (BMD) customer, it announced on Monday.

The AIM-traded firm said both contracts commenced “immediately”, with one delivered over an 18-month period and the other within the current financial year.

In the nuclear medicine instrumentation field, Kromek explained it was awarded a $0.7m 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 said its technology would provide higher resolution detection capabilities enabling better patient outcomes.

That contract would be delivered over an 18-month period starting immediately.

In the bone mineral densitometry market, the firm received a repeat contract of $0.34m for CZT-based detectors for the customer's existing product line.

That further reinforced the run rate of the product group, the board said, with all revenue from that contract to be recorded in the current financial year.

“We continue to add new OEM customers in the medical device sector, working with them to build the next generation of medical instrumentation,” said Kromek chief executive officer Dr Arnab Basu.

“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.”