Just like clockwork Telix falls on release of FY23 results
2023 highlights
• Total Group revenue of $502.5M, an increase of 214% from $160.1M in 2022 primarily driven by continued strong growth in sales of Illuccix® in the second year since commercial launch (April 2022)
• Delivered positive adjusted earnings before interest, tax, depreciation, and amortisation (adjusted EBITDA) of $58.4M an increase of $126.2M, compared to a loss of $67.8M in 2022
• Inaugural full year profit of $5.2M after tax. A substantial improvement on the net loss after tax of $104.1M in 2022
• Investment in research and development (R&D) and selling, general and administration (SG&A) reflects progress across the late-stage pipeline and scale-up of the commercial organisation
• Overall operating costs as a percentage of revenue have reduced to 52% from 105% in 2022
• Gross margin has improved to 63% (vs. 59% in 2022) reflecting distribution and manufacturing costs optimisation
• Positive operating cash inflow in line with commercial sales growth, demonstrated through customer receipts of $463.7M (vs. $124.1M in 2022), and
• Closing cash balance was $123.2M as at 31 December 2023and further differentiates Telix as a fully integrated global radiopharmaceutical company.”
Further details on the Company’s results can be found in the Appendix 4E, the accompanying investor presentation, and
2023 Annual Report lodged with the ASX and also available on the Company’s website.
Guidance
Full year revenue for 2024 expected range of US$445M to US$465M ($675M to $705M at current exchange rates), representing an approximate 35-40% increase on 2023
Also no mention of Illucix approval for Brazil
Not sure what consensus was as I haven't been following Telix lately
Still get the feeling Telix is still running to stand still. Tempting to buy back what I sold.
(Not held)