Photocure ASA

Earnings Release • Feb 21, 2024

Photocure ASA: Results for the fourth quarter of 2023

Photocure ASA: Results for the fourth quarter of 2023

Oslo, Norway, 21 February 2024 - Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 114.2 million in the fourth quarter of

2023, an increase of 20% over the prior-year period (Q4 2022: NOK 94.9 million),

and EBITDA of NOK 29.9 million (NOK -16.9 million) following solid business

development for the Company. Total revenues increased 37% in the fourth quarter

of 2023 compared to Q4 2022, including a milestone payment from Asieris related

to the license agreement for Cevira[®]. Photocure has an ambition to deliver 40

-70 new and upgraded SaphiraT tower installations in 2024, consolidated product

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

business development expenses.

"Hexvix/Cysview revenue increased 20% year-over-year in the fourth quarter, and

we delivered EBITDA of NOK 29.9 million. Our U.S. business grew despite the

ongoing phase down of flexible BLC. In Europe, we continued to see positive

developments with sales growth in Germany and strong signs of traction in high

-potential underpenetrated territories, known as our Priority Growth Markets.

Additionally, our partner Asieris announced acceptance of their new drug

application for Hexvix in China, and that they plan to present the positive

Phase III results for Cevira at the EUROGIN 2024 HPV Congress in March,"  says

Dan Schneider, President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 142.5 million in the fourth

quarter of 2023 (NOK 104.2 million), and EBITDA* of NOK 29.9 million (NOK -16.9

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

benefit from foreign exchange. Hexvix/Cysview revenues ended at NOK 114.2

million in the quarter (Q4 2022: NOK 94.9 million). EBIT was NOK 22.5 million

(NOK -23.1 million) and the cash balance at the end of the period was NOK 259.5

million.

At the end of the fourth quarter of 2023, the installed base of rigid blue light

cystoscopy (BLC[®]) systems in the U.S. was 352, an increase of 17% or 51 towers

since the fourth quarter of 2022. 2023 marked the highest number of rigid

cystoscopes placed during any year since Photocure launched BLC in the U.S.

SaphiraT blue light towers now represent 39% of the installed base of U.S. rigid

towers.

"We continue to expect a large order of new rigid towers to come through,

however, timing of the order is now anticipated in the second quarter of this

year. We believe deployment of these towers has potential to significantly

expand access to blue light cystoscopy for more physicians and patients in the

U.S. In addition, our commercial team in North America remains focused on

increasing Cysview kit usage in existing accounts, accelerating adoption in

accounts using Saphira for the first time, reactivating low users or inactive

accounts, and expanding BLC usage by leveraging the positive clinical results

from studies reported in 2023,"  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. 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.

"This year, we are planning for further growth and are well-positioned for new

opportunities. We expect that the installed base of rigid towers in the U.S.

will continue to expand, augmented by a large potential order anticipated next

quarter. The technology upgrade cycle in blue light cystoscopy is expected to

continue with the anticipated launch of Olympus' new HD blue light system later

this year.  Also key to long term success is our strategy to reintroduce

flexible BLC in high definition so that we can further develop the large

surveillance market worldwide," Schneider continues, and concludes:

"The Citizen's Petition to reclassify BLC equipment from Class 3 to Class 2 in

the U.S. is a potential regulatory action that could change the game by creating

an accelerated approval process that would enable equipment manufacturers to

access the U.S. market quickly and expand BLC use by meeting the demands of the

market. Our partner Asieris continues to advance its licensed and partnered

programs: Cevira and Hexvix in China, respectively, which are both expected to

generate significant additional revenue through regulatory and future sales

milestones. With these initiatives and more, we look forward to the coming year.

We remain focused on driving value for patients, our customers and our

shareholders."

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

fourth quarter 2023 financial report on page 24.

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/20240221_5/

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

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.