Photocure ASA

Earnings Release • Mar 3, 2021

Photocure ASA: Results for the fourth quarter of 2020

Photocure ASA: Results for the fourth quarter of 2020

Oslo, Norway, 3 March 2021: Photocure ASA (OSE:PHO) reports Hexvix[®]/Cysview[®]

revenues of NOK 97.7 million in the fourth quarter of 2020 (Q4 2019: NOK 58.8).

Product revenues increased 20% in FY2020 representing strong execution in an

unprecedented year. Due to the ongoing pandemic, the Company suspends guidance

for its 2023 revenue ambition in the range of NOK 1 billion. Photocure plans to

re-issue financial guidance once the impact from Covid-19 is significantly

diminished and physician practices and patient flow have normalized in both the

U.S. and Europe.

"Photocure grew sales in 2020 despite the significant operational challenges

during a major global pandemic," says Dan Schneider, President & Chief Executive

Officer of Photocure. "Despite the limited access to hospitals and physicians

due to Covid-19, we still achieved positive growth in the U.S. Key

accomplishments for the year included: continuing to generate growth in Cysview

product sales and installations of BLC equipment in the U.S.; successfully

integrating the European Hexvix business and launching commercial operations on

1 October; generating value with our partner, Asieris, who is advancing Cevira

through Phase III development, and working with our licensing partners to expand

Hexvix use worldwide."

Photocure reported total group revenues of NOK 97.9 million in the fourth

quarter of 2020 (NOK 115.6 million) with an EBITDA before restructuring of NOK

15.2 million (NOK 54.8 million), and where the corresponding period in 2019

included sign-on fee and milestone payments of NOK 56.5 million. Hexvix/Cysview

revenues were NOK 97.7 million (NOK 58.8 million). Growth in the U.S. market

continued, despite limited access to hospitals and physicians due to the Covid

-19 pandemic, with in-market unit sales up 11%, while European revenues grew

83.8% following a successful launch of the Company's commercial organization in

markets previously operated by Ipsen Pharma SAS.

The installed base of cystoscopes in the U.S. was 268 at the end of the fourth

quarter, an increase of 45 units or 20% since the end of 2019. Blue Light

Cystoscopy (BLC[®]) in the surveillance setting is a key priority for Photocure

in the U.S. market. By the end of the fourth quarter, a total base of 38

flexible cystoscopes have been installed representing a 46% increase over the

prior year, giving more patients access to blue light cystoscopy procedures with

less constraints in the office-based setting.

"I am pleased with how we managed through these unprecedented times and proud of

our employees for adapting to changing working conditions and continuing to

serve our patients and customers. Our performance in dealing with the business

volatility throughout 2020, including the rebound in the third quarter, gives me

confidence in the periods ahead," Schneider adds.

The ongoing Covid-19 pandemic adds continued uncertainty to Photocure's near

-term business forecast, which impacts the reliability of financial estimates.

However, the Company 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. Procedures are expected

to rebound back to pre-Covid-19 growth rates in the U.S. in places where bladder

cancer patient care has been disrupted by Covid-19. In the newly acquired

European markets, the Company also expects to see significant growth

opportunities.

"Given the ongoing pandemic conditions, we have suspended our guidance for 2023

revenues in the range of NOK 1 billion. However, we plan to re-issue financial

guidance once the impact of Covid-19 is significantly diminished and physician

practices and patient flow have normalized in both the U.S. and Europe.

Importantly, we are continuing to execute on our business plan to become a

leader in the bladder cancer treatment segment, and we remain well-prepared to

return to our prior growth trajectory when the pandemic is resolved," 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 2020 financial report on pages 26-27.

Photocure will present its fourth quarter 2020 report on Wednesday 3 March 2021

at 14:00 CET. The investor presentation will 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/20210303_1. 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

Head of Investor Relations

Tel: +1 202 280 0888

Email: david.moskowitz@photocure.com

Media 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 subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.