For what it's worth UBS also released a first read update on the 19th July 2023 after the 4C

They retained their Buy rating and $14 12m price target

4C reveals strong US Illuccix revenue growth at +19% QoQ

Telix has published its 4C quarterly cashflow report

The 4C allows a first look at quarterly sales, ahead of HY results in late August. US Illuccix revenue (prostate cancer imaging agent) was USD77.6m (+19% QoQ), in line with our expectations. Consensus for this line specifically was not well formed but based on our conversations with investors we think this is slightly ahead of buy side expectations. Operating cashflow increased to AUD10.8m (+8.4m vs 1Q) and gross margin nudged up to 64% from 63% in 1Q. All in this looks like a solid set of information for Telix. The company will host a call for analysts and investors on Thursday 20 July at 8:30am AEST, register here. UBS is hosting TLX's CEO for a call on Monday 24th July at 1pm AEST, register here.

What next?

The company has confirmed that TLX250-CDx (kidney cancer diagnostic) remains on track for submission in 2023 - we had previously pegged this to mid year although small changes make little difference to valuation and we think priority review (6 month timeline rather than 10) is not out of the question. We believe TLX250-CDx is an excellent asset in a space with little competition at the moment and that our peak sales forecast of c.AUD240m lies on the conservative side given excellent clinical data. Approval of TLX591-CDx (aka Illuccix) is now expected in the EU (via a decentralised process with Germany as the reference authority) in 1H24 (from end '23). TLX591 approval in Europe does not form a major part of our investment thesis, although has been a bugbear for the company to date. 

DISC: Small position held in RL & SM