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ER - Photocure ASA: Results for the first quarter of 2024

Company: Photocure ASA Date: 2024-05-15 Language: English Register to download
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 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.