StockMarketWire.com - Detection technology supplier Kromek said Monday it had been awarded a new contract, by an existing OEM customer, expected to be worth a minimum of $58.1m over a seven-year period.

Under the terms of the contract, Kromek would supply Cadmium Zinc Telluride detectors and associated advanced electronics to be used in medical imaging systems.

Kromek would deliver the contract over a seven-year period, commencing immediately, and begin recognising revenue from the 2019-to-2020 fiscal year, the company said.

The latest contract win demonstrated the increasing demand for the company's Cadmium Zinc Telluride (CZT) detectors, Kromek added.

'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,' said Arnab Basu, CEO of Kromek.




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