Management describes the Precision Medicine segment as a strategic engine that validates therapeutic targets and builds physician relationships rather than just a cash generator. The company has pivoted toward an internal innovation model for R&D to capture higher value, citing the high market premiums paid for early-stage radiopharmaceutical assets. Vertical integration through over $0.5 billion in infrastructure investment is viewed as a critical moat due to the complex logistics and short shelf lif ...

Launching two additional products pending regulatory outcomes: Pixclara (Pixlumia in Europe) for glioblastoma and Zircaix for renal cancer.Continuing to grow approved products, including building on the launch of Gozetotide and the FDA approval of Gleolan in 2025.He also said the precision medicine business is more than a cash generator, calling it strategic validation of therapeutic targets, a way to streamline clinical trials, and an avenue to deepen relationships with physician stakeholders. Looking ahea ...

Financial Data and Key Metrics Changes - The company reported a 56% growth in revenue to $804 million, marking its third consecutive year of double-digit revenue growth [17][19] - EBITDA improved by 25% to $216 million, driven by strong demand for Illuccix and the launch of Gleolan [19][23] - The gross margin remained stable at 53%, with a significant portion of gross margin generated from the precision medicine business [22][23] Business Line Data and Key Metrics Changes - Revenue from the precision medicine business increased by 22% year-over-year, contributing an additional $113 million [19][23] - The precision medicine business generated approximately $400 million in gross margin, with 94% of the gross margin coming from this segment [20][23] - Investments in product development totaled $157 million, focusing on late-stage pipeline projects [22] Market Data and Key Metrics Changes - The precision medicine portfolio delivered $622 million in revenue, with sequential growth every quarter, even during challenging market conditions [30] - The company is expanding its market presence, with Illuccix now available in 17 countries and marketing authorizations in over 24 markets [35] Company Strategy and Development Direction - The company aims to transition to a high-value therapeutic business, with planned R&D investments ranging from $200 million to $240 million in 2026 [26] - A dual product strategy for Illuccix and Gleolan is in place to manage economic needs and reimbursement preferences effectively [58][60] - The company is focused on expanding its product offerings, indications, and geographical reach, particularly in key markets like the U.K., Germany, and China [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving approximately 20% revenue growth in 2026, with guidance set at $950 million to $970 million [28][29] - The company is committed to reinvesting earnings into R&D and commercial growth rather than optimizing near-term earnings per share [68] - Management highlighted the importance of clinical credibility and operational reliability in sustaining market leadership [32][33] Other Important Information - The company has over 30 sponsored and collaborative studies running, with four major trials expected to generate significant data this year [47] - The ProstACT Global study is progressing well, with recruitment for part two ramping up [48][49] Q&A Session Questions and Answers Question: When might we see data for 591, the safety data? - The company is completing clinical case report forms and will disclose the data simultaneously with the FDA submission, with no delays expected from the FDA side [54][56] Question: Can you elaborate on the early performance of the two-product strategy for Illuccix and Gleolan? - The two-product strategy allows the company to manage economic needs and reimbursement preferences effectively, adapting to changes in the reimbursement environment [58][60] Question: Will the company reinvest earnings to achieve close to zero NPAT for F-26, F-27, and F-28? - The company will reinvest the majority of earnings back into R&D and commercial growth, with no profit objective for the next two years [68] Question: How much growth in precision medicine revenue is coming from markets outside of the U.S.? - Currently, 95% of revenue is U.S.-based, but the company expects this mix to change as it expands into other markets like Japan [74]

Full Year Results Presentation For personal use only February 20, 2026 ASX: TLX | NASDAQ: TLX - FY 2025 treatment 18 F -FET scan published in EJNMMI showing a patient with recurrent glioblastoma (GBM) who experienced a near -complete response following treatment with TLX101 -Tx (Iodofalan (¹³¹I), [¹³¹I]IPA), Telix's investigational LAT1 -targeted therapy. Patient representative scans, individual results may vary. Post - treatment Pre Presenters Agenda For personal use only Kyahn Williamson SVP Investor Rela ...

Summary of Telix Pharmaceuticals FY Conference Call Company Overview - **Company**: Telix Pharmaceuticals (NasdaqGS:TLX) - **Industry**: Radiopharmaceuticals, specializing in oncology - **Focus**: Precision medicine approach in radiopharmaceuticals, developing both imaging agents and therapeutics for cancer treatment [4][5] Core Points and Arguments Commercial Strategy and Growth - Telix has invested approximately **$500 million** in manufacturing, supply chain, and distribution capabilities over the last two years [6] - The company has expanded its commercial presence into **17 countries** outside the U.S., including Europe, the U.K., and Brazil, with plans for further expansion in China and Japan [7][8] - The lead commercial product, **Illuccix**, has seen significant success, with a new drug approval in April and a pass-through reimbursement effective from October [8][10] - Financial guidance for the full year is projected between **$800 million and $820 million**, with expectations for continued growth over the next two to three years [10] Product Pipeline and Development - Telix is focusing on three therapeutic programs in **Phase 3 trials** this year, including **Pixclara** and **Zircaix**, with resubmissions expected to proceed as planned [12][22] - The company is also expanding indications for existing products, particularly in prostate cancer, which has a total addressable market (TAM) of approximately **$3 billion** [14] - A new **bypass biopsy study** aims to optimize patient selection for biopsies, potentially reducing unnecessary procedures and increasing market opportunities [16][54] Manufacturing and Supply Chain - Telix has established a nuclear pharmacy network in the U.S. and has delivered **150,000 doses** of Illuccix and Gazelix last year, contributing to a total of **2.9 million doses** across all operating segments [20] - The company is building GMP manufacturing capabilities in the U.S., Europe, and Japan, enhancing its global footprint [19] Regulatory Engagement and Challenges - The company has faced challenges with the FDA regarding manufacturing and comparability issues, particularly with **Zircaix**, but is optimistic about upcoming meetings and resubmissions [42][44] - There is a focus on integrating radioligand therapy into standard care, addressing the need for clinical infrastructure and practitioner training [45][47] Future Outlook - Telix aims to surpass **$1 billion** in revenue, with a strategy focused on reinvesting commercial revenue into pipeline and infrastructure development [21][22] - The company is positioning itself as a self-funded biotech, emphasizing the importance of pipeline expansion and therapeutic innovation [22][23] - Upcoming milestones include the readout of Phase 3 data for TLX-591 and the resubmission of Pixclara and Zircaix, which are expected to drive significant value creation [37][38] Additional Important Insights - The company is exploring in-house innovation capabilities to develop new isotopes and biologic-centric innovations [24] - Telix is committed to addressing the pharmacoeconomic benefits of its products, aiming to improve patient outcomes and reduce healthcare costs [16][54] - The competitive landscape in radiopharmaceuticals is evolving, with Telix focusing on differentiating its products and maintaining commercial leadership through lifecycle management strategies [15][36]

Lumexa Imaging FY Conference Summary Company Overview - **Company Name**: Lumexa Imaging (NasdaqGS:LMRI) - **Industry**: Diagnostic Imaging - **Market Size**: $140 billion Total Addressable Market (TAM) growing at a 4% CAGR; Outpatient sector at $33 billion TAM growing at a 7% CAGR [7][22] Key Points Industry Dynamics - Diagnostic imaging is a dynamic industry driven by an aging population and advancements in treatment paradigms requiring advanced imaging technologies such as MRI, CT, and PET scans [7][22] - The outpatient imaging sector is experiencing significant growth, with a shift towards lower-cost service centers [22][18] Company Positioning - Lumexa Imaging is the second largest platform in the outpatient imaging space with 188 sites across 13 states, focusing on high-growth markets [7][8] - The company operates a scalable model with a strong joint venture partnership strategy, having completed 44 de novos since inception, including a record nine in the past year [9][12] Financial Metrics - Advanced imaging accounts for 63% of revenue and 36% of volume, indicating a premium revenue model [13][27] - The company has a 97% patient satisfaction rate and an NPS of 91, significantly higher than industry benchmarks [12][15] - Revenue from outpatient imaging centers constitutes over 80% of total revenue and EBITDA [10][12] Growth Strategy - Lumexa aims to continue expanding through de novos and acquisitions, targeting 8-10 new centers annually [9][50] - The company emphasizes same-store growth by maximizing schedules and building referral relationships [48][49] - There is a focus on leveraging advanced technology, including AI, to enhance operational efficiency and patient care [10][33] Joint Venture Model - The joint venture model with health systems allows for shared capital expenditures and operational efficiencies, differentiating Lumexa from competitors [51][52] - The company has identified over 100 potential health system partners across top markets, many of whom currently lack imaging partnerships [43] Labor Market and Staffing - Lumexa benefits from a favorable labor market for radiologists and technologists, with better retention rates than industry averages [53] - The company provides flexibility and job satisfaction for staff, contributing to lower turnover [53] Future Outlook - The company is focused on maintaining a strong balance sheet while pursuing growth opportunities, with a commitment to transparency and communication with stakeholders [49][56] - Investors are expected to appreciate the consistency and quality of Lumexa's growth as it continues to establish itself as a leading outpatient imaging provider [55] Additional Insights - The outpatient imaging industry remains highly fragmented, with Lumexa and its largest competitor, RadNet, accounting for less than 10% of the market [25] - The company’s operational model allows for quick scalability and adaptability in response to market demands [30][41] - Lumexa's strategic partnerships and technology investments are designed to enhance patient experience and operational efficiency, positioning the company for sustained growth [34][36]

Core Insights - Telix Pharmaceuticals Limited is recognized as one of the most oversold healthcare stocks in 2025, focusing on precision oncology and targeted radiotherapies with active clinical programs in prostate cancer and rare oncologic conditions [1] Financial Performance - In the 2025 half-year update, Telix reported a 30% revenue increase in its Precision Medicine segment, driven by strong demand for its PET imaging agent, Illuccix, and the launch of new products like Gozellix, Zircaix, and Pixclara in international markets [2] - The company has expanded its manufacturing capabilities through Telix Manufacturing Solutions to support clinical and commercial operations globally [2] Research and Development - Telix increased its R&D spending by 47% year-over-year to $81.6 million, continuing to invest in its therapeutics pipeline despite being oversold [3] - Key milestones include the completion of target enrollment for the Phase 3 TLX591 trial in advanced metastatic castration-resistant prostate cancer (mCRPC), initiation of a Phase 1 trial for TLX592, and the start of the pivotal IPAX BrIGHT trial for TLX101 in metastatic brain cancer [3][4] - The company also gained IND approval for a Phase 1 study of TLX090 to manage bone pain in osteoblastic metastatic disease [3] Strategic Positioning - Diagnostic growth is further supported by the dosing of the first patient in the pivotal Phase 3 BiPASS trial, aimed at expanding indications for Illuccix and Gozellix in prostate cancer imaging [4] - Telix's dual strategy of commercial expansion and clinical innovation positions it as a leader in radiopharmaceuticals and precision oncology globally [4]