Group signs up for seven-year collaboration with health tech innovator
Kromek Group, a developer of radiation and bio-detection technology solutions, has reached an initial seven-year agreement with a client to develop CZT-based detectors for use in advanced medical imaging scanners.
The customer is a leading health-technology company with market-leadership positions in multiple businesses.
Following a short development phase, the agreement will transition into a longer commercial supply phase.
The collaboration across development and supply will strengthen the customer’s advanced medical imaging portfolio and will pave the way to future innovations that may enable the next-generation of imaging-based precision diagnosis and therapy.
Enhanced image quality associated with these innovations may enable the earlier detection of diseases, such as heart disease and cancer.
Arnab Basu, CEO of Huddersfield-based Kromek, said: “This Tier 1 OEM customer is one of the world’s foremost innovators in health technology and has a significant market leadership position in medical imaging.
“We share a common vision of improving people’s health through innovation and we have experienced this from the close working relationship we have built with their team over the past few years.
“We look forward to working with them to produce best-in-class detector solutions for their advanced medical imaging scanners and enable advancements in early detection of life-threatening illnesses.”
Kromek has also today released a trading update following the end of its third quarter.
The firm started the second half of the financial year 2023 with increasing commercial momentum, while delivering on multi-year contracts.
As a result, revenue in the third quarter was about 50% higher than the corresponding period and Kromek continues to expect substantial revenue growth for FY 2023 compared with FY 2022.
The group says it continues to trade in line with market expectations, was broadly cash neutral in quarter three. It expects to remain so through quarter four 2023.
