Kromek Group PLC Kromek wins two new contracts in medical division (2245Y)

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                          [phone] 
 Cenkos Securities plc (Nominated Adviser 
  and Joint Broker) 
 Max Hartley (NOMAD) 
  Julian Morse (Sales)                       [phone] 
 Cantor Fitzgerald Europe (Joint Broker) 
 Philip Davies 
  Will Goode                                 [phone] 
 Luther Pendragon Ltd (PR) 
 Harry Chathli 
  Claire Norbury 
  Alexis Gore                                [phone] 
 

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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August 20, 2018 02:00 ET (06:00 GMT)