ASX growth shares May 2026

These 3 ASX growth shares continue expanding through major contracts, strong revenue growth, strategic partnerships and long-term project development.

Best ASX growth shares

Pro Medicus Ltd (ASX: PME) 

Telix Pharmaceuticals Limited (ASX: TLX) 

PLS Group Ltd (ASX: PLS) 

Pro Medicus Ltd (ASX: PME) 

on 13 April 2026 announced a 5-year A$37 million renewal with Northwestern Medicine for the Visage 7 Viewer platform. The deal uses a transaction-based model with possible extra revenue over time. The agreement includes higher minimum volumes and a higher fee per exam compared with the earlier contract. Northwestern Medicine operates major hospitals and more than 200 healthcare locations across Illinois.

On 8 April 2026 the company signed a 5-year A$23 million agreement with University of Maryland Medical System. The contract covers Visage 7 Viewer and Visage 7 Workflow through a cloud-based setup. The rollout is expected to begin immediately with go-live planned for early 2027.

On 9 March 2026, PME secured a A$31 million 5-year renewal with MedStar Health covering Viewer Open Archive Worklist and Cardiology Imaging modules. The company also completed a separate 5-year A$9 million renewal with Zwanger-Pesiri for its viewer platform.

Telix Pharmaceuticals Limited (ASX: TLX) 

on 28 April 2026 shared an investor webinar focused on PSMA targeted therapy and its prostate cancer treatment portfolio. The session will discuss the OPTIMAL-PSMA trial data for TLX597-Tx which is a second generation small molecule therapy designed to improve access to lutetium treatment in selected regions.

The company achieved strong 2025 results with group revenue of $804 million up 56% from the previous year. Precision Medicine revenue reached $622 million while RLS Radiopharmacies added $170 million in revenue. Group EBITDA was $40 million with a cash balance of $142 million. More than $500 million was invested across research commercial operations and infrastructure.

For Q1 2026, Telix recorded group revenue of US$230 million which increased 11% from the previous quarter. The company also continued progress across several late-stage trials and product launches.

TLX also announced a strategic partnership with Regeneron. The deal includes US$40 million upfront and potential breakthrough payments of up to US$2.1 billion plus royalties.

PLS Group Ltd (ASX: PLS) 

PLS Group Ltd shared its main goal is powering a sustainable energy future through lithium production and battery materials growth. The company plans to improve operating performance expand global assets increase value through chemicals and build revenue outside the Pilgangoora project.

The company stated it is well placed through changing market conditions with operations in Australia and Brazil fully owned by the group. Pilgangoora remains a major producing asset with an estimated mine life of around 31 years. PLS also reported strong cash generation with $1.455 billion cash balance and about $2.1 billion liquidity.

In the March Quarter the company reported group revenue of $567 million which was 52% higher than the December Quarter. The Ngungaju restart remains on track for July 2026 while studies for the P2000 expansion and Colina project continue.

PLS also outlined future growth plans including doubling Pilgangoora production capacity through the P2000 project. Feasibility study results are expected in the December Quarter 2026 while the Colina project study is due in the December Quarter 2027.

(Source: Company Report)