Photocure ASA

Earnings Release • May 15, 2024

Photocure ASA: Results for the first quarter of 2024

Photocure ASA: Results for the first quarter of 2024

Oslo, Norway, 15 May 2024 - Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 116.8 million in the first quarter of 2024

(Q1 2023: NOK 105.9 million), and EBITDA of NOK 7.9 million (NOK -1.2 million)

following positive operational developments and cost control. The Company

reiterates its business and financial guidance for 2024 with 40 to 70 new and

upgraded SaphiraT blue light tower installations during the year, product

revenue growth of 6% to 9% in constant currency, and positive EBITDA excluding

business development expenses.

"Photocure delivered positive results in the first quarter of 2024 with

Hexvix/Cysview revenue growth of 10% year-over-year and EBITDA of NOK 7.9

million. Both our North American and European business segments had positive

contributions in the quarter as we continue to grow revenues and contain

expenses," says Dan Schneider, President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 118.0 million in the first

quarter of 2024 (NOK 106.2 million) and EBITDA* of NOK 7.9 million (NOK -1.2

million), driven by a combination of unit volume and price increases and a

benefit from foreign exchange. Hexvix[®]/Cysview[®] revenues ended at NOK 116.8

million in the quarter (Q1 2023: NOK 105.9 million). EBIT was NOK 0.7 million

(NOK -7.7 million) and the cash balance at the end of the period was NOK 258.3

million.

At the end of Q1 2024, the installed base of rigid BLC systems in the U.S. was

364, up 14% since Q1 2023. This includes 6 mobile towers owned by ForTec

Medical. In the U.S., 27 flexible BLC towers remain active.

"ForTec has decided to pursue a mobile BLC strategy, expanding on a pilot

program that began in 2021. In addition to the 6 SaphiraT towers that it

currently owns, ForTec intends to expand its portfolio of equipment and launch a

mobile BLC program throughout the U.S. later this year. A national roll-out by

ForTec's sales force would significantly increase the number of field-based

account managers selling BLC with Cysview, and would also open the market to

hospitals that currently do not have access to BLC equipment, particularly those

in ForTec's vast customer network,"  Schneider adds.

Photocure reiterates its business and financial guidance for 2024: The company

anticipates new and upgraded SaphiraT blue light tower installations in the U.S.

in the range of 40 to 70, consolidated product revenue growth of 6% to 9% in

constant currency, and positive EBITDA excluding business development expenses.

"Our first quarter results underscore that 2024 is off to a strong start as we

remain focused on maximizing the growth and profitability of our Hexvix/Cysview

franchise. We expect momentum to continue with the strong Saphira placements in

the U.S., increasing penetration in Europe leveraging the recent image quality

upgrades, the anticipated commercial expansion of Fortec's mobile tower

strategy, and building upon the growing awareness of the benefits of blue light

cystoscopy in light of the many new bladder cancer treatments coming to the

market," Schneider says, and concludes:

"Additionally, there are several initiatives and events that have potential to

create a step change in the future growth of our business including potential

reclassification of BLC equipment in the U.S., which is anticipated to open the

market to multiple tower manufacturers, our plan to reintroduce a new flexible

BLC solution globally through a partnership, and the anticipated market

approvals of Asieris's candidates; Cevira and Hexvix in China. Given the many

initiatives and activities in progress, we believe that 2024 is setting up to be

an exciting year for the Company."

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

first quarter 2024 financial report on page 23.

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

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

CFO, will host a live webcast at 14:00 CEST.

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/20240515_13/

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

For further information, please contact:

Dan Schneider

President and CEO

Photocure ASA

Tel: + 1-609 759-6515

Email: ds@photocure.com

Erik Dahl

Chief Financial Officer

Tel: +47 450 55 000

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 15 May 2024 at 08:00 CEST.