Kromek Group PLC Kromek wins over $750k in new orders (5282U)

TIDMKMK

RNS Number : 5282U

Kromek Group PLC

02 August 2022

2 August 2022

Kromek Group plc

("Kromek" or the "Group")

Kromek wins over $750k in new orders

Repeat orders in medical imaging to be delivered this financial year

Kromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, is pleased to announce that it has received two new orders worth a total of $751k, with both to be delivered in the Group's current financial year.

The new orders, which are both from existing OEM customers in the medical imaging market, are as follows:

-- A $500k order, from a longstanding customer, for the supply of detectors for bone mineral densitometry applications; and

-- a $251k order from a US medical imaging customer that is using Kromek's CZT detectors in their gamma probes for nuclear medical applications. Following the customer receiving FDA approval for this system last year, the Group has received a number of repeat orders and expects further regular business.

Dr Arnab Basu, CEO of Kromek, said:

"These latest orders from long-standing OEM customers in our niche medical markets continue the Group's momentum and underpin the Board's confidence in meeting current year expectations. The Board also believes these orders are indicative of the regular, repeat nature of business in the advanced imaging segment. Once designed into a customer's next-generation system, we typically continue to receive repeat orders, which can also transition to a multi-year supply agreement. Thanks to the value of our technologies for medical screening applications, we have established a strong customer base and we look forward to continuing our robust growth in this market driven by the significant opportunities in the SPECT and CT segment."

For further information, please contact:

 
Kromek Group plc 
Arnab Basu, CEO 
 Paul Farquhar, CFO                          +44 (0)1740 626 060 
 
finnCap Ltd (Nominated Adviser and Broker) 
Geoff Nash/Kate Bannatyne/George Dollemore 
 - Corporate Finance                         +44 (0)20 7220 0500 
Tim Redfern/Charlotte Sutcliffe - ECM 
 
Luther Pendragon (Financial PR) 
Harry Chathli/Claire Norbury                 +44 (0)20 7618 9100

About Kromek Group plc

Kromek Group plc is a leading developer of radiation detection and bio-detection technology solutions for the advanced imaging and CBRN detection segments. Headquartered in County Durham, UK, Kromek has manufacturing operations in the UK and US, delivering on the vision of enhancing the quality of life through innovative detection technology solutions.

The advanced imaging segment comprises the medical (including CT and SPECT), security and industrial markets. Kromek provides its OEM customers with detector components, based on its core cadmium zinc telluride (CZT) platform, to enable better detection of diseases such as cancer and Alzheimer's, contamination in industrial manufacture and explosives in aviation settings.

In CBRN detection, the Group provides nuclear radiation detection solutions to the global homeland defence and security market. Kromek's compact, handheld, high-performance radiation detectors, based on advanced scintillation technology, are primarily used to protect critical infrastructure and urban environments from the threat of 'dirty bombs'.

The Group is also developing bio-security solutions in the CBRN detection segment. These consist of fully automated and autonomous systems to detect a wide range of airborne pathogens.

Kromek is listed on AIM, a market of the London Stock Exchange, under the trading symbol 'KMK'.

Further information is available at www.kromek.com .

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