Photocure ASA

Earnings Release • Nov 2, 2022

Photocure ASA: Results for the third quarter of 2022

Photocure ASA: Results for the third quarter of 2022

Oslo, Norway, 2 November 2022: Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 96.9 million in the third quarter of 2022,

up 12% compared to Q3 2021 (NOK 86.7 million), and  positive EBITDA of NOK 4.7

million (NOK -0.2 million) for the Company. With the launch of Karl Storz's new

high-definition blue light system in the U.S., Photocure expects that placements

of new blue light rigid towers will begin to accelerate in the fourth quarter of

this year. A recent ruling by the Centers for Medicare and Medicaid Services

(CMS) improves U.S. reimbursement for Cysview, expanding access in the

Ambulatory Surgery Center (ASC) segment.

"Photocure delivered Hexvix/Cysview revenue growth of 12%, driven by higher unit

sales in both North America and Europe in addition to the net favorable effect

of foreign exchange. I am very pleased to report that our North American

business segment achieved the highest quarterly unit sales volume in our

history, and we are now in a strong position to significantly expand the

installed base of blue light capital equipment in the U.S. and get back to the

high growth trajectory that we were achieving before the pandemic,"  says Daniel

Schneider, President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 106.8 million in the third

quarter of 2022 (NOK 87.4 million), and EBITDA* of NOK 4.7 million (NOK -0.2

million), driven by the increase in product revenue and a milestone payment from

Asieris. Hexvix/Cysview revenues ended at NOK 96.9 million in the quarter (Q3

2021: NOK 86.7 million), due to higher unit sales in both North America and

Europe, and net favorable foreign exchange. EBIT was NOK -1.4 million (-6.3

million) and the cash balance at the end of Q3 2022 was NOK 283.9 million.

Photocure announced the commercial availability of Karl Storz's new high

-definition blue light rigid system in the United States late in the quarter.

The Company reports that 10 new blue light towers were installed during the

period; 6 new SaphiraT cystoscopes and 4 flexible units. The installed base of

blue light cystoscopes in the U.S. was 339 (302) at the end of the third

quarter, a 12% increase from the same period last year. This includes 62

flexible cystoscopes, an increase of 38%.

"The pipeline for new blue light cystoscopy towers remains stronger than ever.

With the new system now officially launched, we are currently assisting Karl

Storz with the placement and activation of towers for accounts that participated

in the obsolescence protection program to replace the old standard definition

system. We anticipate broader installations of rigid BLC equipment in new

accounts this quarter,"  Schneider adds.

With the launch of Karl Storz's new high-definition blue light system in the

U.S. at the end of the third quarter 2022, Photocure expects that placements of

new blue light rigid towers will accelerate in the fourth quarter of this year

and beyond. Additionally, the post-period ruling by CMS to improve Medicare

reimbursement is anticipated to help increase sales in the Hospital-Based

Outpatient Department (HOPD) setting and enable Photocure's U.S. commercial team

to penetrate accounts in the ASC site of care.

"With account access now open in our major markets, Karl Storz's new blue light

system launching, and an improvement in Medicare access and reimbursement

expected to take effect January 1 of next year, I believe that Photocure's

business is at an inflection point. We remain focused on positioning the

Hexvix/Cysview franchise as the standard of care in the management of bladder

cancer,"  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 2022 financial report on page 22.

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

publicly available at www.photocure.com. Daniel 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/hegnarmedia/#!/hegnarmedia/20221102_7

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.

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 2 November 2022 at 08:00 CET.