Ann: Telix Investor Presentation July 2024, page-11

So, given that this is the thread coming off the investor presentation, I thought I might make a few more comment about the presentation specifically (as opposed to the $650m surrounding it).

The first six slides we've seen before, though it's handy seeing all the TAMs for the imaging markets on one slide. I've mentioned before that Lantheus reckons the TAM for prostate imaging will reach "3B+" by 2032. That's from their Jan 2024 presentation (on their website). The same presentation also echoes Telix's in saying that therapy will be a much bigger market than diagnostics by then.

Slide 7 then helpfully shows us what they consider to be the TAMs for their three major areas. I'm sure these numbers are substantially bigger than the numbers they proposed a number of years ago. My reference point was always the 2020 annual report (released Feb 26 2021) where, for example, the prostate therapy TAM was US$4.5b. Now it's 8.3b. The bottom line is that there's nearly 17b up for grabs though, particularly for prostate, competition will be fierce and may involve fighting established players.

While it's coincident with the con. notes, this presentation is a pretty good overall introduction to the current key aspects of the company. However, "key aspects" means the Big Four-  three imaging agents and one therapy agent. One of my favourite all-time Telix presentations was released all the way back in January 2019. Called "Detailed Program Update", it's exactly what it says, and even though it's now 5 years old is still worth a read. I would really like to see an equivalent document now,