Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Kevin M. Barrow was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 10
Cyclopharm Limited, Annual General Meeting, May 08, 2026 Cyclopharm Limited, Annual General Meeting, May 08, 2026. Location: companys boardroom, unit 4, 1 the crescent, kingsgrove nsw 2208., Australia Reported Earnings • Aug 29
First half 2025 earnings released: AU$0.07 loss per share (vs AU$0.078 loss in 1H 2024) First half 2025 results: AU$0.07 loss per share. Revenue: AU$15.4m (up 26% from 1H 2024). Net loss: AU$7.69m (loss widened 2.4% from 1H 2024). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Medical Equipment industry in Australia. New Risk • Aug 28
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$15m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$15m). Currently unprofitable and not forecast to become profitable over next 2 years (AU$253k net loss in 2 years). Market cap is less than US$100m (AU$111.1m market cap, or US$72.5m). Breakeven Date Change • Aug 18
Forecast breakeven date moved forward to 2025 The analyst covering Cyclopharm previously expected the company to break even in 2026. New forecast suggests the company will make a profit of AU$600.0k in 2025. Earnings growth of 98% is required to achieve expected profit on schedule. Announcement • Mar 10
Cyclopharm Limited, Annual General Meeting, May 13, 2025 Cyclopharm Limited, Annual General Meeting, May 13, 2025. Breakeven Date Change • Feb 04
Forecast breakeven date pushed back to 2026 The analyst covering Cyclopharm previously expected the company to break even in 2025. New forecast suggests losses will reduce by 40% per year to 2025. The company is expected to make a profit of AU$11.1m in 2026. Average annual earnings growth of 105% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 24
Forecast breakeven date pushed back to 2026 The analyst covering Cyclopharm previously expected the company to break even in 2025. New forecast suggests losses will reduce by 40% per year to 2025. The company is expected to make a profit of AU$11.1m in 2026. Average annual earnings growth of 105% is required to achieve expected profit on schedule. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$150.0m (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$150.0m market cap, or US$98.2m). Recent Insider Transactions • Oct 03
Non-Executive Director recently bought AU$51k worth of stock On the 30th of September, John Wigglesworth bought around 33k shares on-market at roughly AU$1.54 per share. This transaction increased John's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$117k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 31
First half 2024 earnings released: AU$0.078 loss per share (vs AU$0.032 loss in 1H 2023) First half 2024 results: AU$0.078 loss per share (further deteriorated from AU$0.032 loss in 1H 2023). Revenue: AU$13.2m (down 19% from 1H 2023). Net loss: AU$7.51m (loss widened 159% from 1H 2023). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Aug 28
Forecast breakeven date pushed back to 2026 The analyst covering Cyclopharm previously expected the company to break even in 2025. New forecast suggests losses will reduce by 40% per year to 2025. The company is expected to make a profit of AU$11.1m in 2026. Average annual earnings growth of 105% is required to achieve expected profit on schedule. New Risk • May 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • May 29
Cyclopharm Limited has completed a Follow-on Equity Offering in the amount of AUD 20.000001 million. Cyclopharm Limited has completed a Follow-on Equity Offering in the amount of AUD 20.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,084,508
Price\Range: AUD 1.42
Discount Per Security: AUD 0.0852
Transaction Features: Subsequent Direct Listing New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$146.9m (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Mar 25
Cyclopharm Limited, Annual General Meeting, May 27, 2024 Cyclopharm Limited, Annual General Meeting, May 27, 2024. Agenda: To consider election of directors. Reported Earnings • Feb 29
Full year 2023 earnings released: AU$0.051 loss per share (vs AU$0.072 loss in FY 2022) Full year 2023 results: AU$0.051 loss per share (improved from AU$0.072 loss in FY 2022). Revenue: AU$32.2m (up 30% from FY 2022). Net loss: AU$4.70m (loss narrowed 29% from FY 2022). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 20
Cyclopharm Limited Appoints John Wigglesworth to its Board as Non- Executive Director Cyclopharm Limited to welcome Mr. John Wigglesworth to its Board as a Non- Executive Director. Mr. Wigglesworth brings with him 37 years of professional experience, including nearly 25 years as a Partner at KPMG. His diverse background as a Chartered Accountant and Company Director, coupled with his extensive industry experience, positions him as a valuable addition to Cyclopharm's Board of Directors. Mr. Wigglesworth's career highlights include: Experienced company director having held several previous Board positions over the past decade including Atlas Arteria Limited and also in public sector health entities. While at KPMG John advised and supported many leading Australian and international multi- national companies during periods of international growth. Held various KPMG leadership positions including serving as a member of the Audit Leadership Group and National leader of KPMG Audit's Retention & Conversion function, managing proposals, client relationship management, and global management groups/committees. Expertise in ASX listing readiness, IPOs, and business transition, working closely with companies navigating the challenges of transitioning to a listed entity. Financial reporting and market communications specialist, with a focus on ASX and regulatory reporting along with broader financial reporting matters. Strong background in internal control and accounting processes, including applying Lean principles and advising on system design. Extensive experience in risk management, including Cyber, and serving as Chairman of the Audit & Risk Committee at both Atlas Arteria Limited and Macquarie University. New Risk • Oct 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Breakeven Date Change • Oct 25
Forecast breakeven date pushed back to 2025 The 2 analysts covering Cyclopharm previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 46% per year to 2024. The company is expected to make a profit of AU$11.0m in 2025. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Reported Earnings • Aug 23
First half 2023 earnings released: AU$0.032 loss per share (vs AU$0.028 loss in 1H 2022) First half 2023 results: AU$0.032 loss per share (further deteriorated from AU$0.028 loss in 1H 2022). Revenue: AU$15.7m (up 38% from 1H 2022). Net loss: AU$2.90m (loss widened 13% from 1H 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 22
Cyclopharm Limited Declares Unfranked Interim Dividend for the Six Months Ended June 30, 2023, Payable on 11 September 2023 The board of Cyclopharm Limited have declared an unfranked interim dividend of 0.5 cents per share for the six months ended June 30, 2023 to be paid on 11 September 2023. he record date for the interim dividend is 4 September 2023. Ex-date is 1 September 2023. Reported Earnings • Feb 21
Full year 2022 earnings released: AU$0.072 loss per share (vs AU$0.056 loss in FY 2021) Full year 2022 results: AU$0.072 loss per share (further deteriorated from AU$0.056 loss in FY 2021). Revenue: AU$24.9m (up 24% from FY 2021). Net loss: AU$6.61m (loss widened 31% from FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 20
Cyclopharm Limited Announces Dividend for A Period of Six Months Ended December 31, 2022, Payable on April 4 2023 Cyclopharm Limited announced dividend of AUD 0.00500000 a period of six months ended December 31, 2022 with record date of March 28, 2023, Ex date of March 27, 2023 and Payable on April 4, 2023. Board Change • Jan 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Dianne Angus was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 26
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Dianne Angus was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Mar 11
Forecast to breakeven in 2024 The 2 analysts covering Cyclopharm expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 24% per year to 2023. The company is expected to make a profit of AU$1.50m in 2024. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Board Change • Mar 11
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman David Heaney was the last independent director to join the board, commencing their role in 2006. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman David Heaney was the last independent director to join the board, commencing their role in 2006. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Aug 13
No longer forecast to breakeven The analyst covering Cyclopharm no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$900.0k in 2022. New forecast suggests the company will make a loss of AU$5.50m in 2023. Breakeven Date Change • Jul 01
No longer forecast to breakeven The analyst covering Cyclopharm no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$900.0k in 2022. New forecast suggests the company will make a loss of AU$5.50m in 2023. Breakeven Date Change • Jun 19
Forecast to breakeven in 2022 The analyst covering Cyclopharm expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$900.0k in 2022. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Reported Earnings • Apr 04
Full year 2020 earnings released: AU$0.079 loss per share (vs AU$0.043 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: AU$17.7m (up 3.9% from FY 2019). Net loss: AU$6.04m (loss widened 108% from FY 2019). Reported Earnings • Feb 27
Full year 2020 earnings released: AU$0.079 loss per share (vs AU$0.043 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: AU$17.7m (up 4.0% from FY 2019). Net loss: AU$6.04m (loss widened 108% from FY 2019).