Photocure ASA

Earnings Release • Feb 19, 2025

Photocure ASA: Results for the fourth quarter of 2024

Photocure ASA: Results for the fourth quarter of 2024

Oslo, Norway, 19 February 2025 - Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 128.6 million in the fourth quarter of 2024

(Q4 2023: NOK 114.2 million) and EBITDA of NOK 8.5 million (NOK 29.9 million).

Photocure expects product revenue growth in the range of 7% to 11% and year-over

-year EBITDA improvement in 2025. While the company is not providing a specific

EBITDA guidance range, Photocure expects continued operating leverage flow

-through in its core commercial business and significant growth in milestones

this year.

"We delivered strong performance in the fourth quarter of 2024 with 13% growth

in Hexvix/Cysview revenue, 11% unit sales growth, and EBITDA of NOK 8.5 million.

For the full-year 2024, we grew product revenue by 10% and generated EBITDA of

NOK 49.2 million. We continue to execute on growing our Hexvix/Cysview business

and have consistently produced positive EBITDA over the last 7 quarters,"  says

Dan Schneider, President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 141.7 million in the fourth

quarter of 2024 (NOK 142.5 million), and EBITDA* of NOK 8.5 million (Q4 2023:

NOK 29.9 million), while Hexvix/Cysview revenues grew to NOK 128.6 million in

the quarter (NOK 114.2 million). The EBIT was NOK 1.2 million (NOK 22.5 million)

and the cash balance at the end of the period was NOK 293.8 million (NOK 259.5

million).

At the end of the fourth quarter of 2024, the installed base of rigid blue light

cystoscopy (BLC®) systems in the U.S. was 390, up 11% since the same period in

2023. This includes 18 ForTec Medical mobile towers. Photocure estimates that 25

flexible BLC towers remain in the U.S. market.

During the quarter, Olympus launched its high-definition blue light cystoscopy

upgrade for its state-of-the-art Viscera Elite III endoscopic platform, which

Photocure believes will increase the use of Hexvix in certain Nordic countries

and elsewhere in Europe. Also, subsequently in February, Photocure provided an

update from its collaboration with Richard Wolf disclosing that a flexible BLC

interim solution is now available in Europe.

"We remain focused on the growth of our business and investing in opportunities

that can take Photocure to the next level in 2025. Supporting our expected

growth this year, our U.S. business is performing well as we continue to

increase the base of active accounts using BLC, and mobile tower adoption is

anticipated to outweigh remaining declines in flexible BLC usage. New

therapeutics entering the market to treat NMIBC** are expected to continue

raising the awareness of precision bladder cancer management and emphasizing the

importance of better detection with BLC and Hexvix/Cysview. Additionally, the

launch of Olympus' upgraded BLC equipment in Europe is now underway, and our

partnership with Richard Wolf is progressing well with a flexible BLC interim

solution available sooner than expected," 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. Photocure expects

product revenue growth in the range of 7% to 11% and YoY EBITDA improvement in

2025. While the Company is not providing a specific EBITDA guidance range,

Photocure expects continued operating leverage flow-through in its core

commercial business and significant growth in milestones this year.

"We reported our strongest revenue ever in Q4 2024, and our full year revenue

and EBITDA results demonstrate Photocure's ability to execute through headwinds,

generate growth and create significant opportunities for the Company," 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

fourth 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 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/20250219_4/

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

NMIBC**: Non muscle-invasive bladder cancer

For further information, please contact:

Dan Schneider

President and CEO

Photocure ASA

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/news.

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 19 February 2025 at 08:00 CET.