Photocure ASA

Earnings Release • Nov 13, 2024

Photocure ASA: Results for the third quarter of 2024

Photocure ASA: Results for the third quarter of 2024

Oslo, Norway, 13 November 2024 - Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 120.1 million in the third quarter of 2024

(Q3 2023: NOK 107.3 million), and  EBITDA of NOK 5.0 million (NOK 3.3 million)

for the Company. Photocure reiterates its 2024 financial guidance and continues

to expect consolidated product revenue growth of 6% to 9% in constant currency

and positive EBITDA excluding business development expenses.

"We delivered solid performance in the third quarter, generating 12%

Hexvix/Cysview revenue growth and NOK 5.0 million in EBITDA. Year-to-date, we

have reported 9% growth in product revenues. Our business segments in North

American and Europe both generated positive contributions during the quarter,

and we made progress on key initiatives that we are pursuing to accelerate our

growth going forward,"  says Dan Schneider, President & Chief Executive Officer

of Photocure.

Photocure reported total group revenues of NOK 120.2 million in the third

quarter of 2024 (NOK 107.5 million), and EBITDA* of NOK 5.0 million (NOK 3.3

million), driven by revenue growth in North America and Europe. Hexvix/Cysview

revenues ended at NOK 120.1 million in the quarter (Q3 2023: NOK 107.3 million).

The EBIT was NOK -2.2 million (NOK -3.9 million) and the cash balance at the end

of the period was NOK 291.1 million.

At the end of the third quarter of 2024, the installed base of rigid BLC systems

in the U.S. was 387, up 13% since Q3 2023. This includes 18 mobile towers owned

by ForTec Medical. Photocure estimates that 25 flexible BLC towers remain in the

U.S. market. Photocure also entered into a strategic agreement with Richard Wolf

GmbH to develop and commercialize a next-generation flexible blue light

cystoscope based on Richard Wolf's system blue technology with the goal to

reintroduce and grow the use of BLC with Cysview/Hexvix in the surveillance

setting.

"We are also positioning for the future with our Richard Wolf partnership to

develop and commercialize a state-of-the-art flexible high-definition blue light

system. This partnership is focused on ensuring that physicians and patients

have reliable access to high quality BLC equipment in the surveillance setting.

The development project is well underway, with the goal to bring a new flexible

BLC system to patients globally as soon as possible. Additionally, the Karl

Storz' Citizen's Petition to have BLC equipment reclassified in the U.S. from

Class 3 to Class 2 is another significant opportunity that we continue to

monitor and pro-actively support,"  Schneider adds.

Photocure believes that the benefits of Blue Light Cystoscopy with

Hexvix/Cysview offering superior detection and management of bladder cancer will

continue to be adopted and become the standard of care. Photocure reiterates its

2024 guidance and continues to expect consolidated product revenue growth of 6%

to 9% in constant currency, positive EBITDA excluding business development

expenses, and new and upgraded SaphiraT installations in the U.S. in the range

of 55 to 70 towers.

"With our business continuing to show steady growth, industry trends in our

favor, and a number of initiatives underway that can enable Hexvix/Cysview to

grow faster, I believe that Photocure is well-positioned to deliver value to

patients and our shareholders in the coming quarters," Schneider concludes.

Please find the full financial report and presentation enclosed.

EBITDA* and other alternative performance measures (APMs) are defined and

reconciled to the IFRS financial statements as a part of the APM section of the

third quarter 2024 financial report on page 23.

The quarterly report and presentation will be published at 08:00 CET and will be

publicly available at www.photocure.com. Dan Schneider, CEO and Erik Dahl, CFO,

will host a live webcast at 14:00 CET.

The presentation will be held in English and questions can be submitted

throughout the event. The streaming event is available through

https://channel.royalcast.com/landingpage/hegnarmedia/20241113_5/

The presentation is scheduled to conclude at 14:45 CET.

For further information, please contact:

Dan Schneider

President and CEO

Photocure ASA

Email: ds@photocure.com

Erik Dahl

Chief Financial Officer

Email: ed@photocure.no

David Moskowitz

Vice President of Investor Relations

Tel: +1 202 280 0888

Email: david.moskowitz@photocure.com

Media and IR enquiries:

Geir Bjørlo

Corporate Communications (Norway)

Tel: +47 91540000

Email: geir.bjorlo@corpcom.no

About Photocure ASA

Photocure: The Bladder Cancer Company delivers transformative solutions to

improve the lives of bladder cancer patients. Our unique technology, making

cancer cells glow bright pink, has led to better health outcomes for patients

worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo

Stock Exchange (OSE: PHO). For more information, please visit us at

www.photocure.com, www.hexvix.com, www.cysview.com

All trademarks mentioned in this release are protected by law and are registered

trademarks of Photocure ASA.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act.  This stock exchange

announcement was published by Tolv Hillestad, Group Controller, Photocure ASA,

on 13 November 2024 at 08:00 CET.