Australian radiopharmaceutical company Telix (ASX:TLX) has delivered its first $100 million revenue quarter with soaring growth in the US.
The company reported US sales of $97.5 million of its prostate cancer imaging agent, Illuccix, up from $76.8 million in the previous quarter.
Illuccix is a radioactive diagnostic agent indicated for use with PET imaging combined with computed tomography in patients with prostate cancer:
The rapid growth in sales has contributed to the company reporting a second consecutive quarter of positive operating cash flow. The $2.4 million rose from $1.6 million in the prior quarter, with the company reporting a cash balance of $121.4 million at the end of March 2023.
Investors rewarded the company with its share price up 12 per cent, equating to a market capitalisation of $2.8 billion.
Telix CEO and managing director Dr Christian Behrenbruch said, “In just under a year since the commercial launch of Illuccix and five years since listing on the ASX, Telix has delivered a significant milestone with its first $100M revenue quarter.
“We are making a meaningful difference in the lives of thousands of prostate cancer patients and delivering on our mission of global leadership in radiopharmaceuticals. Telix is able to fund the development of new imaging agents and novel therapeutics, evident in recent achievements and delivery of our second consecutive quarter of positive operating cash flow.”
Illuccix was recently launched in Canada, and it has been submitted for regulatory approval in the UK and Europe.
