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DURHAM, UK - Kromek (LON:KMK) Group plc, a developer of radiation and bio-detection technology solutions, has announced the receipt of a $25 million payment from Siemens (ETR:SIEGn) Medical (TASE:PMCN) Solutions USA, Inc., known as Siemens Healthineers. This initial payment is part of a multi-year Enablement Agreement and marks an important financial milestone for Kromek, as it expects to achieve profitability in the current financial year.
The payment follows Kromek's successful completion of the first milestone outlined in the agreement with Siemens Healthineers. The deal, which was initially disclosed on January 30, 2025, includes additional payments totaling $12.5 million to be made over the next four years, laying a stable foundation for Kromek's anticipated revenue growth.
Arnab Basu, CEO of Kromek, expressed satisfaction with the progress, stating that the funds will aid in meeting various milestones of the agreement, significantly reducing the company's debt, and strengthening its balance sheet. Basu emphasized that this financial boost will enhance Kromek's operational capabilities and ensure profitability for the fiscal year.
Kromek, listed on the AIM market of the London Stock Exchange (LON:LSEG) under the ticker AIM:KMK, specializes in advanced imaging and chemical, biological, radiological, and nuclear (CBRN) detection technologies. The collaboration with Siemens Healthineers, a global medical technology company, is expected to further Kromek's position in the healthcare technology sector.
The news of the payment and the positive financial outlook for Kromek may interest investors and stakeholders in the medical imaging and detection technology markets. This development is based on a press release statement from Kromek Group plc.
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