Kromek (KMK) has been awarded a new contract expected to be worth a minimum of $58.1m over a seven-year period.
The company is a supplier of detection technology focusing on the medical, security screening and nuclear markets, with operations in the UK and US. The contract was awarded by an original equipment manufacturer, who are an existing customer of the firm.
Shares in Kromek were up 7% following the news
Arnab Basu, CEO of Kromek, commented: "We are delighted to have been awarded this multi-year contract from an existing OEM customer, which is one of the most significant that we have secured both from a strategic and monetary perspective.”
“It is also the first major contract that will be delivered from our new facility in the US that has been purpose built as a world-class production site for medical imaging products.”
The company is to supply Cadmium Zinc Telluride (CZT) detectors and associated advanced electronics to be used in state-of-the-art medical imaging systems.
Its technology allows for higher resolution detection capabilities and better patient outcomes.
Arnab Basu continued: "Building on the $80m of contracts won over the last three fiscal years, this award strengthens and solidifies our revenue visibility and demonstrates the increasing commercial traction of our CZT detectors in our key target markets of medical imaging and nuclear detection."
Follow News & Updates from Kromek here: