Technology firm Kromek secures £507,000 order

Technology firm Kromek has announced it has secured $845,000 (£507,000) of new orders to supply radiation detectors and integrated electronic components to a manufacturer in the specialist imaging market

Kromek chief executive Arnab Basu
Kromek chief executive Arnab Basu

Technology firm Kromek has announced it has secured $845,000 (£507,000) of new orders to supply radiation detectors and integrated electronic components to a manufacturer in the specialist imaging market.

The firm it is supplying operates in the Dual Energy X-ray Bone Mineral Densitometry, known as DEXA BMD, market.

The total booking this fiscal year from this customer now exceeds $1.25 million (£750,000).

DEXA BMD is the most accurate imaging technique to diagnose the strength and health of bones, allowing clinicians to accurately detect, monitor and treat osteoporosis in patients.

The new orders to supply detection components are in addition to an existing contract the Durham University spin-out has in place with the partner, in a global bone mineral density market expected to surpass $895m (£537m) by 2017.

Arnab Basu, chief executive officer of Kromek, said: “This latest order from this existing original equipment manufacturing partner builds on an important international relationship as we continue to see growth through expanding our geographic reach, particularly in Asia.

“Our work in BMD helps clinicians to detect and treat osteoporosis earlier and is further validation of our technology and its capabilities in improving the efficacy of medical scanning technologies.”

The rapid growth of the Durham University spin-out Kromek Group, was evident last month when the company’s first set of financial results since it joined the AIM were posted.

The Sedgefield-headquartered technology firm, now a world leader in colour imaging for x-rays, floated on the London Stock Exchange for the first time six months ago with plans for major expansion in the medical, security and nuclear markets.

Half yearly results showed it achieved threefold year-on-year revenue growth for the six months ended October 31, driven by the acquisition of eV Products and growing customer demand.

During the period, the firm reported revenue of around £2.4m, compared to £710,000 for the same period in 2012. EBITDA losses, meanwhile, were £1.3m, compared to around £2m last year, with period-end cash of £10m. Kromek also eliminated its April year-end £2.5m debt position.

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