Balanced Portfolio – Telix (TLX) update

Date: 17/10/2024

*** GENERAL AVICE ONLY***

Telix released an update overnight, with the headline that “Quarterly Revenue Exceeds AU$200m)

Comparing the Q3 2024 update to the H1 2024 results, Telix Pharmaceuticals appears to be continuing its strong performance and growth trajectory. Here are some key comparisons:

1. Revenue growth:
   • Q3 2024 revenue was approximately US$135 million (AU$201 million), up 55% from Q3 2023 and 9% from Q2 2024
   • This indicates continued strong growth, building on the H1 2024 results which showed a 65% increase in revenue compared to H1 2023
2. Full year guidance:
   • The company reaffirmed its full year 2024 revenue guidance of US$490-510 million in both reports, suggesting consistent performance and outlook
3. Cash position:
   • The Q3 update mentions the successful raising of AU$650 million in convertible bonds, significantly strengthening the company’s cash reserves beyond the AU$118.8 million reported at the end of H1 2024
4. Product pipeline:
   • Both reports highlight progress across multiple products in development, including regulatory filings and clinical trials advancing as planned
5. Manufacturing capabilities:
   • The Q3 update mentions the acquisition of RLS (USA) Inc for US$230 million, which will expand Telix’s North American manufacturing footprint. This builds on the vertical integration strategy mentioned in the H1 results

Overall, the Q3 2024 update suggests that Telix is maintaining or improving upon its strong H1 2024 performance. The company continues to show robust revenue growth, progress in its product pipeline, and strategic investments in manufacturing capabilities. The significant cash raise also strengthens its financial position for future growth initiatives.