The Telix Pharmaceuticals Ltd (ASX: TLX) share price is having a strong session.
At the time of writing, the ASX 200 healthcare stock is up almost 12% to $10.94.
This follows the release of the company's half-year results.
Telix share price jumps on strong half-year results
- Revenue up nine-fold to $220.8 million
- Adjusted earnings before interest, tax, depreciation, amortisation and research and development (EBITDAR) of $82.4 million
- Net loss after tax of $14.3 million
- Cash balance of $131.7 million
What happened during the half?
For the six months ended 30 June, Telix reported revenue of $220.8 million. This was up significantly on the $24 million it reported for the prior corresponding period. Management advised that this reflects continued growth in sales of its prostate cancer imaging agent, Illuccix, since its U.S. commercial launch in April 2022.
Telix's adjusted EBITDAR also improved materially compared to the same period last year. It came in at $82.4 million, which is up from a loss of $28 million a year earlier. Management notes that this demonstrates the profitability of its commercial organisation.
Another positive was that the company was operating cash flow positive for the period. That's despite funding commercialisation activities to launch two new imaging products.
Management commentary
Telix CEO, Dr Christian Behrenbruch, was very pleased with the result. He said:
Telix has delivered an excellent result across all key financial metrics. The business has demonstrated its ability to commercialise successfully, delivering an impressive $218.3M in total revenue from Illuccix sales in H1 2023, with sustained growth in demand since launch. Importantly, Telix has transitioned to positive earnings on an adjusted EBITDAR basis signalling the profitability of our commercial organisation.
Outlook
While no guidance was provided for the full year, Dr Behrenbruch spoke positively about the company's outlook. This appears to have given the Telix share price a boost today. He said:
We have a positive outlook for continued growth in commercial sales of Illuccix, based on an expanding global PSMA PET imaging market, and expect to see Telix launch two new products in 2024 for brain and kidney cancer imaging, subject to regulatory approval. The business is making great progress across its therapeutic programs and, with a number of exciting clinical milestones ahead, will further demonstrate the value and differentiation of its industry-leading pipeline.
