Fintech PR
Telix 2023 Full Year Results: Inaugural Profit Achieved, Strong Revenue Growth Underpins Investment in Late-stage Pipeline
MELBOURNE, Australia, Feb. 22, 2024 /PRNewswire/ — Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces its results for the financial year ended 31 December 2023. All figures are in AUD$ unless otherwise stated.[1]
2023 highlights
- Total Group revenue of $502.5M, an increase of 214% from $160.1M in 2022 primarily driven by continued strong growth in sales of Illuccix® in the second year since commercial launch (April 2022)
- Delivered positive adjusted earnings before interest, tax, depreciation, and amortisation (adjusted EBITDA) of $58.4M an increase of $126.2M, compared to a loss of $67.8M in 2022
- Inaugural full year profit of $5.2M after tax. A substantial improvement on the net loss after tax of $104.1M in 2022
- Investment in research and development (R&D) and selling, general and administration (SG&A) reflects progress across the late-stage pipeline and scale-up of the commercial organisation
- Overall operating costs as a percentage of revenue have reduced to 52% from 105% in 2022
- Gross margin has improved to 63% (vs. 59% in 2022) reflecting distribution and manufacturing costs optimisation
- Positive operating cash inflow in line with commercial sales growth, demonstrated through customer receipts of $463.7M (vs. $124.1M in 2022), and
- Closing cash balance was $123.2M as at 31 December 2023.
Progress across the core pipeline includes:
- First patients dosed in the ProstACT GLOBAL Phase III clinical trial of TLX591, a first-in-class investigational rADC[2] for prostate cancer therapy
- Positive interim readout from the ProstACT SELECT Phase I clinical trial reinforcing the differentiation of TLX591, including favourable safety profile and clinical utility of the patient-friendly short dosing regimen
- Submission of the Biologics License Application (BLA) for TLX250-CDx (Zircaix™[3]) to the United States Food and Drug Administration (U.S. FDA) for kidney cancer imaging on a rolling review basis
- Patients dosed in multiple clinical trials of Telix’s therapeutic candidate TLX250 for clear cell renal cell carcinoma (ccRCC) and other solid tumours expressing carbonic anhydrase IX (CAIX)
- First cohort of patients dosed in the IPAX-2 trial investigating Telix’s glioblastoma therapy candidate, TLX101, in newly diagnosed patients
- Commercialisation plans underway for glioma imaging agent, TLX101-CDx (Pixclara™[3]), ahead of the planned submission of a New Drug Application (NDA) to the U.S. FDA in Q1 2024, and
- Ethics approval granted to commence biodistribution and safety study of TLX300-CDx, first human study of radiolabelled olaratumab being developed as a therapeutic candidate for soft-tissue sarcoma.
Dr Christian Behrenbruch, Managing Director and Group CEO commented:
“This is an excellent result which demonstrates the strength of the Telix business model. We have achieved profitability while intensively investing in the development of our late-stage assets and the scale-up of our commercial infrastructure and marketing activity. This has resulted in Telix capturing a meaningful market share in the growing urology imaging market whilst laying the foundation for our next commercial products.
“We are highly focused on the development of our theranostic pipeline and vertical integration of supply and manufacturing. This activity is key to diversifying our revenue streams, creates additional value for our therapeutic assets and further differentiates Telix as a fully integrated global radiopharmaceutical company.”
Further details on the Company’s results can be found in the Appendix 4E, the accompanying investor presentation, and 2023 Annual Report lodged with the ASX and also available on the Company’s website.
Guidance
Full year revenue for 2024 expected range of US$445M to US$465M ($675M to $705M at current exchange rates), representing an approximate 35-40% increase on 2023.
Revenue guidance is based on worldwide sales of Illuccix®, with potential upside from Zircaix™[3] (kidney cancer imaging) and Pixclara™[3] (glioma imaging), subject to product regulatory approvals. Guidance will be updated throughout the year, as appropriate, to reflect product approvals.
Expected additional investment of 40-50% in R&D (compared with 2023), including both external and internal costs funded by operating cash flow and broadly in line with revenue growth.
2024 R&D investment activity is expected to include validation of commercial manufacturing and market launch activities in preparation for approval of Zircaix™[3] and Pixclara™[3] a fully operationalised ProstACT GLOBAL therapy trial in prostate cancer, and initiation of additional therapeutic clinical trials, including manufacturing activity, across the broader pipeline. 2024 R&D investment also includes indication expansion and life-cycle management of Illuccix®.
Investor call
An investor webcast will be held at 9.00am AEDT on Friday 23 February 2024 (Thursday 22 February 2024, 5.00pm EST)
Participants can register for the webcast and find audio call details at the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Y7PkfQhS
About Telix Pharmaceuticals Limited
Telix is a biopharmaceutical company focused on the development and commercialisation of diagnostic and therapeutic radiopharmaceuticals and associated medical devices. Telix is headquartered in Melbourne, Australia, with international operations in the United States, Europe (Belgium and Switzerland), and Japan. Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX).
Visit www.telixpharma.com for further information about Telix, including details of the latest share price, announcements made to the ASX, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on X and LinkedIn.
Telix’s lead imaging product, gallium-68 (68Ga) gozetotide injection (also known as 68Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the U.S. Food and Drug Administration (FDA),[4] by the Australian Therapeutic Goods Administration (TGA),[5] and by Health Canada.[6] Telix’s miniaturised surgical gamma probe, SENSEI®, for minimally invasive and robotic-assisted surgery, has attained a marketing authorisation in the U.S., having been registered with the FDA and has attained a Conformité Européenne (CE) Mark for use in the European Economic Area for the intra-operative detection of sentinel lymph nodes (SLNs). With the exception of Illuccix® and SENSEI® as noted above, no Telix product has received a marketing authorisation in any jurisdiction.
Full United States prescribing information for Illuccix® can be found at: http://illuccixhcp.com/s/illuccix-prescribing-information.pdf
Telix Investor Relations
Ms. Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Investor Relations and Corporate Communications
Email: [email protected]
This announcement including earnings guidance has been authorised for release by the Telix Pharmaceuticals Limited Board.
Legal Notices
The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to shares of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained in this document or opinions expressed in the course of this announcement. The information contained in this announcement is subject to change without notification.
This announcement may contain forward-looking statements that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “outlook”, “forecast” and “guidance”, or other similar words. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on the Company’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect the Company’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of Telix’s preclinical and clinical studies, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities; the commercialisation of Telix’s product candidates, if or when they have been approved; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements. You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the ASX or on our website.
To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future developments or a change in expectations or assumptions.
Telix uses various non-IFRS information to reflect its underlying performance. For further information, the reconciliation of non-IFRS financial information to Telix’s statutory measures, reasons for usefulness and calculation methodology, please refer to the Alternative performance measures section in Telix’s Annual Report.
©2024 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals and Illuccix®, Pixclara™,[3] Zircaix™[3] and SENSEI® names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates – all rights reserved.
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[1] Conversion to AUD$ is at the exchange rate on the relevant transaction date. The average exchange rate realised during the period was AUD$1 = US$0.66; AUD$1 = €0.54. |
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[2] Radio antibody-drug conjugate. |
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[3] Trade name subject to final regulatory approval. |
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[4] Telix ASX disclosure 20 December 2021. |
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[5] Telix ASX disclosure 2 November 2021. |
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[6] Telix ASX disclosure 14 October 2022. |
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Fintech PR
Artificial Intelligence (AI) in Trading Market to Reach USD 35 Billion by 2030, Growing at a 10% CAGR | Valuates Reports
BANGALORE, India, Jan. 3, 2025 /PRNewswire/ — AI in Trading Market is Segmented by Type (Software, Services), by Application (Automotive, IT & Telecommunication, Transportation & Logistics, Energy & Utilities, Healthcare, Retail, Manufacturing).
The Global Artificial Intelligence in Trading Market was valued at USD 18 Billion in 2023 and is anticipated to reach USD 35 Billion by 2030, witnessing a CAGR of 10% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Artificial Intelligence (AI) in Trading Market:
The Artificial Intelligence in Trading market is on a robust growth trajectory, driven by the increasing adoption of AI technologies to enhance trading performance and operational efficiency. The integration of machine learning algorithms, predictive analytics, and automated trading systems is transforming the landscape of financial trading, enabling more informed and strategic decision-making. The rising complexity and volatility of financial markets necessitate advanced AI-driven solutions that can analyze vast amounts of data, identify market trends, and execute trades with precision and speed. Additionally, the continuous advancements in AI and machine learning technologies are expanding the capabilities and applications of AI in trading, making these solutions more accessible and effective for a broader range of traders and financial institutions. The growing emphasis on data-driven trading strategies, coupled with the need for competitive advantage and risk management, propels the demand for AI-driven trading technologies. As financial markets continue to evolve and embrace digital transformation, the Artificial Intelligence in Trading market is poised to achieve significant growth, driven by innovation, investment, and the increasing reliance on technology-driven trading solutions.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL AI IN TRADING MARKET:
Software solutions are instrumental in driving the growth of the Artificial Intelligence in Trading market by enhancing the efficiency, accuracy, and speed of trading operations. Advanced trading software incorporates machine learning algorithms, predictive analytics, and real-time data processing capabilities, enabling traders to make informed decisions based on comprehensive market insights. These software platforms facilitate automated trading strategies, allowing for the execution of trades at optimal times without human intervention, thereby reducing latency and increasing profitability. Additionally, sophisticated risk management tools integrated into trading software help in identifying and mitigating potential risks, ensuring more stable and secure trading environments. The continuous evolution of trading software, with the integration of AI-driven features such as sentiment analysis and anomaly detection, further propels market growth by offering traders innovative tools to navigate complex financial markets. The increasing reliance on technology-driven trading solutions underscores the critical role of software in expanding the Artificial Intelligence in Trading market.
Services play a pivotal role in driving the growth of the Artificial Intelligence in Trading market by providing essential support and expertise required to implement and optimize AI-driven trading strategies. These services include consulting, system integration, data management, and ongoing technical support, which are crucial for financial institutions and traders looking to leverage AI technologies effectively. Professional services help organizations navigate the complexities of AI adoption, ensuring that AI models are accurately tailored to specific trading needs and market conditions. Additionally, managed services offer continuous monitoring and maintenance of AI systems, ensuring their optimal performance and adaptability to evolving market dynamics. Training and education services further enhance the capabilities of trading teams, equipping them with the necessary skills to utilize AI tools effectively. The comprehensive range of services provided by specialized firms enables seamless integration of AI technologies into trading operations, thereby accelerating the adoption and expansion of the Artificial Intelligence in Trading market.
Financial services are a major catalyst in the growth of the Artificial Intelligence in Trading market, as they are at the forefront of adopting AI technologies to gain a competitive edge in the financial markets. Investment banks, hedge funds, asset management firms, and proprietary trading firms increasingly utilize AI-driven trading systems to enhance their trading strategies, improve decision-making processes, and optimize portfolio management. The ability of AI to analyze vast amounts of financial data, identify market trends, and execute trades at high speeds enables financial services firms to achieve higher returns and manage risks more effectively. Additionally, the integration of AI in areas such as algorithmic trading, fraud detection, and customer service enhances operational efficiency and service quality within financial institutions. The growing recognition of AI’s potential to transform trading practices and deliver superior financial performance drives the continuous investment and expansion of AI technologies in the financial services sector, thereby propelling the growth of the Artificial Intelligence in Trading market.
The increasing demand for high-speed trading is a significant factor driving the Artificial Intelligence in Trading market. In today’s fast-paced financial markets, the ability to execute trades within milliseconds can provide a substantial competitive advantage. AI-driven trading systems are designed to process large volumes of data and execute trades at speeds that far surpass human capabilities, enabling traders to capitalize on fleeting market opportunities. The rise of high-frequency trading (HFT) strategies, which rely on rapid data analysis and automated execution, underscores the need for advanced AI technologies that can deliver the required speed and precision. The growing complexity and volatility of financial markets further amplify the demand for high-speed trading solutions, as traders seek to navigate rapid price fluctuations and capitalize on minute market movements. The continuous advancement of AI technologies to enhance trading speed and efficiency drives the expansion of the Artificial Intelligence in Trading market.
The availability and integration of vast amounts of financial data are crucial drivers of the Artificial Intelligence in Trading market. The proliferation of data sources, including market feeds, news articles, social media, and economic indicators, provides a rich foundation for AI algorithms to analyze and derive actionable insights. Effective integration of diverse data sets allows AI systems to develop more accurate predictive models and trading strategies, enhancing their ability to anticipate market movements and make informed trading decisions. Additionally, the advancement of big data technologies and data processing frameworks facilitates the seamless ingestion, storage, and analysis of large-scale financial data, enabling AI-driven trading systems to operate more efficiently and effectively. The increasing emphasis on data-driven decision-making in trading practices underscores the importance of robust data integration capabilities, thereby fueling the growth of the Artificial Intelligence in Trading market.
Effective risk management and mitigation are critical factors driving the Artificial Intelligence in Trading market. AI-driven trading systems offer advanced risk assessment and management capabilities that help traders and financial institutions identify, evaluate, and mitigate potential risks in real-time. Machine learning algorithms can analyze historical and real-time data to detect abnormal trading patterns, predict market downturns, and optimize portfolio allocations to minimize exposure to adverse market conditions. Additionally, AI technologies enable the development of sophisticated hedging strategies and automated stop-loss mechanisms, enhancing the ability to manage financial risks proactively. The ability to quickly adapt to changing market dynamics and implement risk mitigation measures is essential for maintaining financial stability and achieving sustainable trading performance. As the complexity and interconnectedness of financial markets increase, the demand for robust AI-driven risk management solutions intensifies, thereby fueling the growth of the Artificial Intelligence in Trading market.
Achieving a competitive advantage is a significant driver in the growth of the Artificial Intelligence in Trading market. Financial institutions and traders seek to leverage AI technologies to gain an edge over competitors by enhancing the speed, accuracy, and efficiency of their trading operations. AI-driven trading systems enable the development of proprietary trading strategies, optimize trade execution, and improve the ability to anticipate market movements, thereby increasing profitability and market share. The ability to process and analyze vast amounts of data in real-time allows traders to make informed decisions faster than competitors relying on traditional trading methods. Additionally, AI technologies facilitate the customization of trading strategies to align with specific investment goals and risk profiles, further differentiating traders in the competitive financial landscape. The pursuit of superior performance and the need to stay ahead in the highly competitive trading environment drive the adoption and investment in AI-driven trading solutions, thereby propelling the growth of the Artificial Intelligence in Trading market.
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AI IN TRADING MARKET SHARE
China and the United States are two leaders in the AI industry. On the AI 100 list (2022) released by CB Insights, the number of companies in the United States ranks first, with more than 70 companies, followed by the United Kingdom, with 8 companies on the list. China and Canada both hold 5 companies on the list. According to data from the China Academy of Information and Communications Technology, the scale of China’s core artificial intelligence industry reached ¥508 Billion in 2022, a year-on-year increase of 18%.
The Artificial Intelligence in Trading market exhibits significant regional variations, influenced by factors such as financial market maturity, technological infrastructure, and regulatory environments. North America leads the market, driven by the presence of major financial hubs like New York and Silicon Valley, advanced technological infrastructure, and a high concentration of fintech startups specializing in AI-driven trading solutions.
Key Companies:
- IBM Corporation
- Trading Technologies International, Inc
- GreenKey Technologies, LLC
- Trade Ideas, LLC
- Imperative Execution Inc
- Looking Glass Investments LLC
- Aitrades
- Kavout
- Auquan
- WOA
- Techtrader
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Fintech PR
Bybit x Block Scholes Report: BTC Options Steady with Call-Put Parity, ETH Braces for Short-Term Volatility
DUBAI, UAE, Jan. 3, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report in collaboration with Block Scholes. The report sheds light on key trends in open interest and market behavior during the significant year-end options expiration for Bitcoin (BTC) and Ethereum (ETH).
Key highlights:
Open Interest Solid Amid Year-End Options Expiration
Although open interest in BTC and ETH perpetual swaps has not returned to the early December 2024 highs, it remained stable during the critical year-end options expiration. This stability suggests that traders did not heavily rely on perpetual contracts to hedge the delta of expiring options, which contributed to the muted volatility observed during this period. Trading volumes dipped during the winter holiday season, aligning with a collapse in realized volatility, which reached its lowest levels of December.
BTC Option Curve Remains Steep During Call-Put Parity
Contrary to expectations, the expiration of December’s options did not spark a surge in volatility. Instead, realized volatility declined to the lower end of its recent range. The implied volatility term structure for BTC options remains steep, with longer-dated implied volatility hovering around 57% and 1-week at-the-money options trading approximately five points lower. Most of the expired open interest has not been reinvested, maintaining a neutral call-put balance. As a result, BTC’s options market shows limited leverage compared to its position at the beginning of December 2024, reflecting a cautious sentiment.
Huge ETH Option Expiring Doesn’t Cause Volatility
Despite the substantial expiration of ETH options in late December 2024, market dynamics remained stable. A spike in realized volatility during December failed to extend into the new year, with ETH’s spot price currently showing lower volatility compared to short-tenor implied volatility. Over the past week, the implied volatility term structure for ETH options has shifted, steepening briefly before flattening again, diverging from BTC’s consistently steep profile. This pattern suggests that ETH’s options market is bracing for potential short-term volatility in spot price movements.
Interestingly, despite the expiration, call options for ETH have gained momentum at the start of 2025, dominating the market and indicating an optimistic outlook among traders.
Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full Bybit x Block Scholes Crypto Derivatives Analytics Report.
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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ABU DHABI, UAE, Jan. 3, 2025 /PRNewswire/ — Arctech, the world’s leading solar tracking and racking solutions provider, announced that it signed a 1.5GW order of its 1P single-axis solar tracking system SkyLine II with PowerChina for a solar project in Al Ajban, UAE, marking a great start for the company in the Middle East market in 2025.
As a key initiative under “UAE Energy Strategy 2050”, which aims to provide the country with zero-emission clean energy, this 1.5GW Al Ajban Solar PV plant will become one of the largest single-site solar plants worldwide once completed.
Upon completion, this plant is projected to generate green electricity capable of fulfilling the electricity demands of approximately 160,000 households. It is expected to reduce Abu Dhabi’s annual carbon emissions by 2.4 million tons each year, thereby significantly advancing green development and facilitating energy transition in the Middle East.
Since establishing its local operations in 2017, Arctech has expanded to include a service center, an R&D center, two local offices and a manufacturing base in the Middle East. Among which, Arctech’s Jeddah Phase II manufacturing base is currently under construction and will officially enter operation in 2025. Combined with its global supply chain, this expansion will enable Arctech to achieve a local delivery capacity of 15GW.
Up to now, Arctech has established a complete full life cycle service network in the Middle East market, including technical support, supply chain delivery, after-sales service, local operation and maintenance capabilities, and brand marketing strategies. Looking ahead, Arctech is well-positioned to further contribute to UAE’s “Energy Strategy 2050” through its enhanced localization initiatives and comprehensive white-glove services.
About Arctech
Arctech (SSE-STAR:688408) is the world-leading supplier of intelligent solar trackers, fixed-tilt structures, PV cleaning robots and energy storage solutions. Empowered by over 530 patents, Arctech products have been applied in utility-scale and commercial solar PV projects since 2009. It was listed among the top 4 tracker suppliers by IHS Markit and Wood Mackenzie from 2017 to 2020. The company went public on China’s Nasdaq-style STAR market in 2020. As of June 2024, Arctech has supplied over 76 GW of tracking and racking systems to nearly 1,800 PV plants in 40 countries. For more information, please visit https://www.arctechsolar.us/. Follow us on Linkedin, Twitter, Facebook and YouTube.
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