Photocure ASA

Earnings Release • Aug 10, 2022

Photocure ASA: Results for the second quarter of 2022

Photocure ASA: Results for the second quarter of 2022

Oslo, Norway, 10 August 2022: Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 99.9 million in the second quarter of 2022

(Q1 2021: NOK 88.9 million), and a positive EBITDA of  NOK 1.4 million (NOK 5.8

million). Karl Storz's new high-definition blue light system is expected to

become commercially available in the United States in late third quarter 2022,

which is in turn expected to accelerate the placement of rigid towers.

"We delivered 12% Hexvix/Cysview revenue growth and 9% unit growth in the second

quarter of 2022, despite delays in the new Karl Storz blue light system launch

and ongoing effects from Covid-19. The commitment of our commercial teams in

both the U.S. and in Europe enabled the business to significantly recover from a

difficult first quarter and achieve positive year over year growth with our base

business, despite the staffing shortages that continue to plague healthcare

systems around the world. While access to care has reopened, many hospital

systems now have stricter rules for non-essential personnel within the facility,

and limited staffing means less time for face-to-face customer engagement.

Nevertheless, in the second quarter of 2022, our U.S. business achieved the

highest unit sales volume in our history, and we continue to increase Cysview's

penetration into the bladder cancer treatment market," says Dan Schneider,

President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 100.6 million in the second

quarter of 2022 (NOK 90.4 million), and an EBITDA* of NOK 1.4 million (NOK 5.8

million). The Hexvix/Cysview revenues ended at NOK 99.9 million in the quarter

(Q2 2021: NOK 88.9 million), on higher unit sales in both North American and

Europe and a favorable net benefit from foreign exchange. The EBIT was NOK -4.6

million (NOK -0.2 million) and the cash balance at the end of the second quarter

2022 was NOK 273.1 million. The installed base of blue light cystoscopes in the

U.S. was 329 at the end of the second quarter, an increase of 41 towers or 14%

since the same period in 2021, including a total base of 58 flexible

cystoscopes, which grew 38% year over year.

"I am pleased to reiterate that demand for blue light cystoscopy (BLC[®])

continues to be very strong, and that new high-definition blue light equipment

from Karl Storz is anticipated by our accounts in both the U.S. and European

markets. Major capital equipment suppliers are highly aware of the need, and are

preparing to launch new upgraded blue light systems in Europe. These technology

upgrades are expected to improve the BLC experience for physicians, and we

believe that the use of high-definition towers will further accelerate demand

for Hexvix/Cysview. Our U.S. pipeline for new BLC towers remains robust, and we

continue to work with Karl Storz in preparation of the launch of the new blue

light system later this quarter,"  Schneider adds.

With the new Karl Storz system anticipated to launch in the U.S. in late third

quarter of 2022, Photocure expects that the placements of new blue light rigid

towers will accelerate in the fourth quarter of this year. Meanwhile, the

company will continue to focus on increasing the use of Cysview in existing

accounts as well as placing flexible BLC equipment, for which installation

momentum has increased.

"We believe that the second half of this year has potential for some exciting

developments. With healthcare access now reopened and the new high-definition

blue light system expected to launch in the coming weeks, we are looking forward

to significantly expanding the base of blue light capital equipment and

accelerating the growth of our Hexvix/Cysview franchise,"  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

second quarter 2022 financial report on page 22.

Photocure will present its second quarter 2022 report on Wednesday 10 August

2022 at 14:00 CEST at Hotel Continental, Oslo, Norway. The investor presentation

will also be streamed live and be hosted by Dan Schneider, CEO and Erik Dahl,

CFO.

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/20220810_2/

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

For further information, please contact:

Dan Schneider

President and CEO

Photocure ASA

Email: ds@photocure.com

Erik Dahl

CFO

Photocure ASA

Tel: +47 45055000

Email: ed@photocure.com

David Moskowitz

Vice-President Investor Relations

Photocure ASA

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 10 August 2022 at 08:00 CET.