Core Insights - IBA reported strong revenue growth and improved profitability in the first half of 2025, driven by effective backlog conversion [2][4] Financial Performance - Total net sales increased by 40% year-over-year to EUR 304.9 million, with IBA Clinical and IBA Technologies growing by 47% and 30% respectively [3][4] - Gross profit rose to EUR 90.0 million, a 27% increase, while gross margin decreased to 29.5% from 32.6% due to a less favorable equipment profitability mix [3][4] - Operating expenses (OPEX) were controlled at EUR 79.4 million, representing 26% of total net sales, leading to a REBITDA of EUR 16.4 million, up 141% from the previous year [3][4] - The company reported a net loss of EUR 2.6 million, an improvement from a loss of EUR 10.3 million in H1 2024, attributed to non-recurring expenses and foreign exchange fluctuations [4] Order Intake and Backlog - Equipment order intake was EUR 107 million, a decrease of 7% compared to H1 2024, with a notable decline in Proton Therapy orders by 35% [5] - The backlog decreased to EUR 1.3 billion, driven by increased backlog conversion, with expectations for H2 order intake to be stronger [5] Strategic Developments - IBA's new CFO, Catherine Vandenborre, started on July 1, 2025, as part of the company's strategic initiatives [5] - The company reaffirmed its 2025 guidance, targeting a Group REBIT of at least EUR 25 million by year-end, supported by positive performance in Proton Therapy [6] Operational Highlights - PanTera began production of Actinium-225 in Belgium to support clinical trials, with a large-scale facility expected to break ground in Q4 2025 [5][6] - The company is implementing a new Enterprise Resource Planning (ERP) system, anticipated to be completed by early 2026 [7]

Core Viewpoint - Beijing Xiantong International Pharmaceutical Technology Co., Ltd. (referred to as "Xiantong Pharmaceutical") has officially submitted its prospectus to the Hong Kong Stock Exchange (HKEX) for an IPO, aiming to become the first listed company in the radioactive drug sector in Hong Kong [1][3] Financial Performance - For the fiscal years ending December 31, 2023, and 2024, Xiantong Pharmaceutical reported revenues of approximately RMB 10.23 million and RMB 44.06 million, respectively, with net losses of about RMB 309.23 million and RMB 156.12 million [2][5] - The company anticipates significant operating losses and expenses in the coming years as it advances its clinical research and seeks regulatory approvals for its candidate products [5][6] Product Pipeline and Market Position - Xiantong Pharmaceutical is a leader in China's radioactive drug market, focusing on the development and commercialization of innovative radioactive drugs, with a pipeline that includes 15 assets targeting oncology, neurodegenerative diseases, and cardiovascular diseases [3][4] - The company has launched two products: XTR005, the first approved PET tracer targeting Aβ in China, and adenosine injection [4] Research and Development - R&D expenditures for 2023 and 2024 are projected at RMB 296.99 million and RMB 227.98 million, respectively, with core product development costs accounting for a significant portion of these expenses [7] - The company emphasizes the need for specialized knowledge and qualifications in various fields to develop radioactive drugs, indicating a commitment to building a professional team to meet these requirements [7][8] Industry Outlook - The global radioactive drug market is expected to grow from USD 9.7 billion in 2024 to USD 57.3 billion by 2035, with a compound annual growth rate (CAGR) of 17.5% [6] - The radioactive drug sector is gaining attention due to its potential for precise diagnosis and treatment, attracting continuous investment despite inherent challenges [6][8]