Telix Reports Third Quarter 2022 Financial Results

Melbourne (Australia) | 20 October 2022

Telix issues Appendix 4C quarterly cash flow statement and accompanying Activities Report for the quarter ended 30 September 2022 (Q3 2022). All figures are in AUD$ unless otherwise stated1. All figures are provided on an unaudited basis.

Financial Summary

  • Telix reports total revenue of $55.3 million from global sales of Illuccix, up 168% on the previous quarter ($20.6 million, Q2 2022)
  • U.S. sales of Illuccix up 178% to $53.7 million (US$36.4 million) in second quarter of commercial sales ($19.3 million, Q2 2022)
  • Cash balance of $117.1 million; provides 21 quarters of cash runway (based on Q3 2022 burn rate)
  • Net operating cash outflow reduced by $20.5 million to $5.3 million, a significant reduction on the prior quarter ($25.8 million net operating cash outflow). Key factors impacting this improvement are:
    • Customer receipts of $44.5 million, up from $5.4 million in the previous quarter, reflecting growth in commercial sales
    • Q3 2022 expenditure to support commercial operations reflecting normalised operations, following one-off launch costs incurred in H1 2022
    • Ongoing cost-control of research and development (R&D) expenditure, aligned with product earnings growth
  • Capital expenditure included $1.7 million in build-out costs related to Telix’s manufacturing facility in Brussels South (Seneffe)

Commercial Activity Report

U.S. commercial update
In Q3 2022, the second quarter of commercial sales, Telix generated $53.7 million (US$36.4 million) revenue from sales of its prostate cancer imaging agent, Illuccix® (kit for the preparation of gallium-68 (68Ga) gozetotide (also known as PSMA-11) injection). This represents a 178% increase on the previous quarter ($19.3 million, Q2 2022). Sales
have increased steadily month on month since U.S. reimbursement – HCPCS2 code and transitional pass-through payment status – became effective on 1 July 2022. Doses were via Telix’s distribution network, currently consisting of 179 radiopharmacies.

Mr. Kevin Richardson, CEO Telix Americas said, “We are pleased with sales momentum since the U.S. launch. Sales have continued to increase each month, and we have continued to gather pace since reimbursement came into effect on 1 July. We have quickly built a diversified customer base and continue to add new sites. Notably, the commencement of pass-through in July has opened up access to more hospital outpatient accounts, including some of the major academic centres in the U.S. that recognise Illuccix’s differentiation in terms of scheduling flexibility and clinical workflow.”

Illuccix (TLX591-CDx)3 worldwide revenue
A total of $55.3 million in revenue was generated from sales of TLX591-CDx during the quarter. Of this, $1.6 million was generated from rest of world sales, predominantly from pre-commercial sales4, primarily in Europe and the United Kingdom.

Commercial sales of Illuccix in Australia5 and New Zealand6 commenced in September 2022.

A detailed commercial update along with a summary of Telix operations during the quarter can be found in the report.

To view the Appendix 4C and Activities Report please click here

To view the Q3 2022 Results shareholder update presentation click here

[1] Conversion to AUD is at the average exchange rate for the period. AUD$ = US$0.677; AUD$ = €0.671.

[2] Healthcare Common Procedure Coding System.

[3] For regulatory reasons, Telix refers to its 68 Ga-gozetotide kit as Illuccix in markets where it has received regulatory approval, and TLX591-CDx when referring to its use in both approved and unapproved markets.

[4] Pre-commercial sales are from investigational, clinical trial, magisterial and compassionate use in accordance with local laws and regulations (not as a commercial diagnostic imaging product sold for routine clinical practice).

[5] Telix press release 28 September 2022.

[6] Telix press release 30 September 2022.