TLX +14.24%: Delivered a materially better FY25 result than expected today and guided revenue higher for FY26. Topline growth is coming through which has allayed short-term earnings pressure.
FY25 Highlights
- FY25 revenue $US803.8m, +56% y/y – consensus $US726m
- Adjusted EBITDA $39.5m, -41% y/y – consensus $US36.9m
- Net loss $7.1m (vs $33.7m profit y/y) – breakeven exp
- Cash balance $141.9m
- FY26 revenue guidance $950–970m – consensus was $US858m
Revenue momentum remains strong and guidance points to another year of solid top-line growth. The earnings pullback reflects deliberate reinvestment, higher amortisation post-acquisitions, and non-cash finance costs. With three pivotal trials underway and label expansions planned, 2026 is shaping up as a key year for TLX after a challenging 2025.
MM is cautiously bullish TLX ~$10
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