In short: "Pet Labs growing very rapidly now and thinks they will get to $150m in nuclear medicine revenue by the end of the decade. That includes YT I think" — the poster's shorthand, most plausibly the ytterbium-derived medical isotope stream, flagged as his own uncertain reading rather than Mann's wording.
PET Labs is ASP Isotopes' nuclear-medicine business in South Africa — it makes the short-lived radioactive tracers used in PET scans and, increasingly, the isotopes used to treat cancer directly. It is not separately listed; it sits inside ASPI, and it is the part of the group closest to producing real, recurring revenue today.
On this call management said PET Labs is "growing very rapidly" and expects to reach $150m of nuclear-medicine revenue by the end of the decade. The poster adds that he believes this figure includes the ytterbium-derived isotope stream, but flags that as his own reading rather than something confirmed on the call — so treat the $150m as the number and its composition as unverified.
In short: "PET Labs is growing great. We achieved over 50% revenue growth during the first half of the year. Revenue should double in 2026 versus 2025." Investment there takes "a couple of years" to show up, "and so we're really at this point now where revenue is starting to accelerate and build momentum over the next three or four years." Inside it, AlphaNostics "has developed a number of proprietary drugs to treat cancer and they will go into clinical trials later this year." Modelled at $40–100m of the 2031 EBITDA target — the division with "more visibility over" it.
PET Labs makes the radioactive substances used to image and treat cancer. "PET" refers to positron-emission tomography, the scanning technique that needs a short-lived radioactive tracer injected into the patient; the same expertise extends to therapeutic isotopes, which deliver radiation to a tumour rather than merely photographing it.
The numbers Mann gives are ordinary business numbers rather than science: revenue grew more than 50% in the first half of 2026 and he expects full-year revenue to double versus 2025. He also explains why the growth arrives in a lump — money spent on a new facility does not show up as revenue for a couple of years, so several past investments are converting to sales at once, with "momentum over the next three or four years."
The optional extra is AlphaNostics, an in-house drug programme within PET Labs with several proprietary cancer candidates entering clinical trials later this year. That moves the unit from selling materials to owning drugs — higher value if it works, and a completely different risk profile. In the 2031 plan PET Labs is modelled at $40–100m of EBITDA, and Mann calls it the division he has the most visibility over.
2:13We achieved over 50% revenue growth during the first half of the year. Revenue should double in 2026 versus 2025. And when we invest in PET Labs, we typically don't see the pick up in revenues for a couple of years. And so we're really at this point now where revenue is starting to accelerate and build momentum over the next three or four years.
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