Investor Presentation • May 11, 2022
Investor Presentation
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May 11, 2022
Dan Schneider, President and CEO
Erik Dahl, CFO
By reading this company presentation (the "Presentation") or attending any meeting or oral presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations.
The Presentation has been produced by Photocure ASA (the "Company") for information purposes only and does not in itself constitute, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. The distribution of this Presentation may be restricted by law in certain jurisdictions, and the Recipient should inform itself about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction.
The Recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company's business. The Company shall not have any liability whatsoever (in negligence or otherwise) arising directly or indirectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation, or violation of distribution restrictions.
The Presentation will be used during an oral presentation and is therefore not a complete summary of the presentation held. Further, it is not the intention to provide, and the Recipient may not rely on the Presentation as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. Several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a further description of other relevant risk factors, we refer to the Company's annual report for 2021. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation.
This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts. Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. The Company cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of opinions expressed in this Presentation or the actual occurrence of forecasted developments.
This Presentation speaks as at the date set out on herein. Neither the delivery of this Presentation nor any further discussions of the Company shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).
This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.
China: Asieris obtained approval to conduct real-world evidence study as part of Hainan pilot program to support Phase III trial (February 2022)
North America and Europe markets
Pandemic conditions worsened early Q1, improvement seen late in the quarter
Expected procedure volume improvement in Q2 as Covid more manageable; staffing shortages still a challenge
Hexvix/Cysview Units in First Quarter 2021 and 2022
13 Towers installed in Q1 ahead of upgraded Karl Storz system launch
*2012 – 17 of the 23 installations were converted clinical sites upon Cysview approval
Q2 2021: 8 Installations (7 Rigid & 1 Flex) Q3 2021: 14 Installations (11 Rigid & 3 Flex) Q4 2021: 9 Installations (6 Rigid & 3 Flex) Q1 2022: 13 installations (8 Rigid & 5 Flex)
Rigid Towers Flex Towers
tumor margins better"
"Wow. There is clear visibility"
"The new camera head feels good in your hand"
| Feature | Benefit |
|---|---|
| High Definition | Enabling precision Blue Light and razor-sharp quality in all visualization modes |
| New LED Light Source with 30,000-Hour Life |
Providing more consistent light which won't degrade over time |
| New Fiber Light Cable |
Giving HCPs convenient autoclave (sterilization) options |
| CHROMA Red Contrast Enhancement |
Allowing more visualization of vascularity |
| Ergonomic Integrated Camera Head |
Enabling "Blue Light Intensity Control" with an easy toggle between visualization modes and blue light output |
National roll out of Karl Storz high-definition Blue Light Powered by Saphira towers anticipated Q2 2022
Ongoing contracting with key health systems and community-based Urology Groups
Recent tower installations, pipeline building interest and demand with key VAs in the United States
Virtual and on-site programs have increased access and surge of interest in Blue Light
Cysview website locator map serving as a useful tool to get physicians to notice patients are looking for BLC locally
Expanding brand awareness, opening doors for sales reps through advertisements, mailers etc.
Nordics: ~40% penetration
DACH region: ~30% penetration France: ~10% penetration Benelux: ~10% penetration
UK, Italy, Spain, Poland ~0% penetration
Baltics, Czech Rep, Hungary, Ireland, Greece, Portugal ~0% penetration
*In-Market Units Sales Photocure – Presentation of Q1 2022 Results
Identify the strongest advocates for BLC among European top experts and leverage their experience
Impactful campaign to clarify potential misconceptions about Hexvix in formerly neglected/new territories
Leverage cooperation opportunities with Equipment Suppliers realizing common business interests
Group of experts to educate about BLC supported by developing Centers of Excellence across Europe
Consistently meet opportunity with the right resource and competence level as the commercial situation develops in Europe
Build a strong customer data base in new territories identifying the hot spots for growth and execute
| Amounts in NOK million |
Q1 '22 | Q1 '21 | Change | FY '21 |
|---|---|---|---|---|
| Total revenues | 30.5 | 27.3 | 12% | 125.2 |
| Gross profit | 29.3 | 26.6 | 10% | 121.3 |
| % of revenue |
96% | 98% | 97% | |
| Direct costs | -38.0 | -30.2 | 26% | -128.6 |
| Contribution (1) | -8.6 | -3.6 | -7.3 | |
| EBITDA | -17.5 | -8.8 | -35.2 | |
| % of revenue |
-58% | -32% | -28% |
| million Amounts in NOK |
Q1 '22 | Q '21 | Change | FY '21 |
|---|---|---|---|---|
| Total revenues | 50.4 | 54.3 | -7% | 225.8 |
| Gross profit | 45.7 | 50.0 | -8% | 207.3 |
| of % revenue |
91% | 92% | 92% | |
| Direct costs | -21.5 | -16.1 | 33% | -88.7 |
| Contribution (1) | 24.2 | 33.8 | 118.6 | |
| EBITDA | 8.2 | 23.0 | 63.8 | |
| % of revenue |
16% | 42% | 28% |
| million Amounts in NOK |
Q1 '22 | Q1 '21 | Change | FY '21 |
|---|---|---|---|---|
| Hexvix/Cysview Revenue | 81.4 | 81.6 | -% | 351.4 |
| Other Revenue | 0.3 | 6.6 | 9.2 | |
| Total Revenue | 81.6 | 88.2 | -7% | 360.5 |
| Gross Profit | 75.6 | 83.1 | -9% | 336.5 |
| Operating Expenses | -89.5 | -65.0 | 38% | -318.2 |
| EBITDA | -13.8 | 18.1 | 18.3 | |
| Depreciation & Amortization | -6.0 | -5.9 | -24.1 | |
| EBIT | -19.9 | 12.3 | -5.8 | |
| Net Financial Items | -7.4 | 8.1 | -25.8 | |
| Earnings before Tax | -27.3 | 20.3 | -31.7 | |
| Tax Expenses | 5.3 | -5.2 | 0.8 | |
| Net earnings | -22.0 | 15.2 | -30.9 |
Decline in Q1 EBITDA driven by higher operating costs as well as decline in other revenue. Limited FX impact
Q1 for both years driven mainly by the Ipsen earnout payment. 2021 net financial income driven by unrealized currency gain of NOK 14 million
| in NOK million Amounts |
Q1 '22 | Q1 '21 | FY '21 |
|---|---|---|---|
| Operations Cash Flow | -22.1 | -1.9 | 23.9 |
| Earnings before tax | -27.3 | 20.3 | -31.7 |
| Depreciation & amortization | 6.0 | 5.9 | 24.1 |
| Adjustment earnout liability | - | - | 17.2 |
| Working capital | -8.5 | -20.5 | -3.2 |
| Other | 7.7 | -7.6 | 17.4 |
| Investments Cash Flow | 0.5 | -0.3 | -1.9 |
| Financing Cash Flow | -15.8 | -3.3 | -34.0 |
| Net Change in Cash | -37.4 | -5.5 | -12.0 |
| in NOK million Amounts |
31.03.22 | 31.03.21 | 31.12.21 |
| Non-current assets | 375.9 | 353.9 | 376.5 |
| Inventory & receivables | 76.7 | 83.6 | 90.3 |
| Cash & short-term deposits | 285.5 | 329.4 | 322.9 |
| Equity | 481.0 | 530.0 | 502.6 |
| Long-term liabilities | 176.8 | 165.0 | 185.0 |
| Current liabilities | 80.3 | 71.8 | 102.0 |
| Total balance | 738.1 | 766.9 | 789.6 |
KEY SUCCESS FACTORS
*AUA, EAU, SUO, AFU, NICE, DGU guidelines **TAM = estimation of total addressable market U.S. and EU5 ¹Source: Photocure internal patient-based model built on Globocan 2019 EU5 data.
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