Telix Pharmaceuticals Limited

ASX:TLX

Telix Pharmaceuticals Limited

ASX:TLX
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$24.62 (-0.5%)
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#19
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16
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Pinned straw:
edgescape
Added 10 months ago

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)
edgescape
Added 10 months ago

Now that I'm not on mobile, I can fill in more details of the initial post

When I made the comment about Telix "running to stand still" I am referring to the R&D and acquisitions, with many acquisitions made using the share placement facility.

R&D increased to 60% from 80.3m to 128.5m which is implying that the cancer space is very competitive at the moment and Telix is spending heaps to stay ahead of the game.

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On top of this were the recent acquisitions such as QSAM Biosciences done via equity (v cash).

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So despite the numbers, it was going to sell off on the news.

My exit from Telix a few weeks back was from the following:

  • QSAM Biosciences acquisition using equity instead of cash.
  • Telix seem to always get sold off each time results get announced.
  • Couldn't resist the $11-$12 on offer that time.
  • Probably less of a factor but Locametz being a possible contender to Illucix (they both use Ga68) although Novartis has chosen not to bring Locametz to market for some reason. We should also not forget Illucix was developed from the ANMI acquisition back in 26 November 2018

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