Kromek Group PLC (AIM:KMK), the radiation detection specialist, has received a $5 million payment from Siemens Healthineers as part of a longer-term agreement between the two companies.
The funding comes under what Kromek refers to as its enablement agreement with the German healthcare group’s US arm, Siemens Medical Solutions.
It follows the successful delivery of certain project milestones, according to a statement from the company on Monday.
The payment brings the total amount received by Kromek under the deal to $30 million, with a further $7.5 million due over the next three and a half years.
The next instalment is expected during the financial year ending April 2027.
The Enablement agreement, first announced in January, is part of a wider collaboration between the two companies focused on advanced imaging technologies.
These systems are used in medical diagnostics, among other applications, and rely on high-performance sensors to improve image quality while reducing radiation exposure.
CEO Arnab Basu said: "We have continued to successfully deliver on our commitments under our landmark multi-year agreement with Siemens Healthineers, which is progressing as scheduled.
"To date, we have received a total of $30 million, which is transformational for our business.
"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."