Kromek Group receives $5.0 million under Siemens Healthineers deal
Kromek Group PLC on Monday said it has received $5.0 million as a second instalment under its agreement with a subsidiary of Munich-based technology company Siemens AG.
The Sedgefield, England-based detection technology supplier said it received the payment after delivering certain milestones under the agreement with Siemens Medical Solutions USA Inc, or Siemens Healthineers.
Including this payment, Kromek has received $30.0 million to date under the agreement.
The remaining payments of $7.5 million are payable over the next three and a half years, with the third expected during the 2027 financial year.
‘We have continued to successfully deliver on our commitments under our landmark multi-year agreement with Siemens Healthineers, which is progressing as scheduled,’ said Chief Executive Officer Arnab Basu.
‘Alongside supporting the delivery of various milestones under the agreement, it will significantly strengthen our balance sheet and provide a robust foundation for sustainable growth.’
Shares in Kromek were down 2.1% at 5.58 pence in London on Monday morning.
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