Photocure ASA

Earnings Release • Nov 8, 2023

Photocure ASA: Results for the third quarter of 2023

Photocure ASA: Results for the third quarter of 2023

Oslo, Norway, 8 November 2023 - Photocure ASA (OSE:PHO) today reported

Hexvix[®]/Cysview[®] revenues of NOK 107.3 million in the third quarter of 2023

(Q3 2022: NOK 96.9 million), and an EBITDA of NOK 3.3 million (NOK 4.7 million)

for the company. Photocure refines its guidance ranges for 2023: The Company

continues to expect 65-75 new SaphiraT blue light tower installations assuming

delivery of an anticipated large purchase order in Q4; consolidated product

revenue growth in the range of 17-20% including the impact of FX and the ongoing

flexible BLC phase down; and positive EBITDA anticipated in the range of NOK 45

-50 million excluding BD spending.

"In the third quarter, Hexvix/Cysview revenue increased 11% year-over-year and

we delivered NOK 3.3 million in EBITDA while progressing numerous initiatives to

advance our business. We also announced successful Phase III clinical trial

outcomes for two assets with our partner Asieris: Cevira for the treatment of

pre-cervical cancer and Hexvix, our core product to be commercialized by Asieris

in China,"  says Dan Schneider, President & Chief Executive Officer of

Photocure.

Photocure reported total group revenues of NOK 107.5 million in the third

quarter of 2023 (NOK 106.8 million), and an EBITDA* of NOK 3.3 million (NOK 4.7

million), driven by a combination of price increases and a benefit from foreign

exchange, partially offset by lower unit volumes in the U.S. The

Hexvix®/Cysview® revenues ended at NOK 107.3 million in the quarter (Q3 2022:

NOK 96.9 million). The EBIT was NOK -3.9 million (NOK -1.4 million). In the

prior-year period, Photocure received a NOK 9.3 million milestone payment from

Asieris. The cash balance at the end of the period was NOK 255.1 million.

At the end of the third quarter of 2023, the installed base of rigid blue light

cystoscopy (BLC®) systems in the U.S. was 342, an increase of 23%, or 65 towers,

since the third quarter of 2022. These figures do not include the approximately

30 remaining active flexible cystoscopy towers in the U.S.

"The installed base of rigid blue light capital equipment continued to grow,

with 21 new Saphira towers readied for use in the third quarter. New high

definition Saphira cystoscope systems now represent more than a third of the

installed base of rigid BLC towers in the U.S. Currently, there are more than

100 quotes for new Saphira towers issued, with Karl Storz extending its

promotional program through year-end. As a result, we believe that both new

placements and upgrades to high-definition blue light equipment in the U.S. will

continue to be strong in Q4, as we work to offset the loss of active towers in

the surveillance segment,"  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, although the phase

down of flexible equipment represents challenges in near to intermediate term.

Photocure today refined its 2023 guidance ranges: The Company continues to

expect 65-75 new SaphiraT blue light tower installations assuming delivery of an

anticipated large purchase order in Q4; consolidated product revenue growth in

the range of 17-20% including the impact of FX and the ongoing flexible BLC

phase down; and positive EBITDA anticipated in the range of NOK 45-50 million

excluding BD spending.

"I am proud that in 2023 alone, Photocure has worked with blue light equipment

manufacturers to open a total of 56 new accounts and upgrade components or full

towers in over 150 accounts internationally. We believe that reclassification of

BLC equipment from Class 3 to Class 2 in the U.S. will open a regulatory pathway

facilitating the entry of equipment manufacturers eager to access the U.S.

market to expand BLC use, as indicated by Stryker Corporation's recent

supportive public comment on the pending Citizen's Petition. Simultaneously, we

are actively pursuing a global strategy to reintroduce flexible blue light

cystoscopy equipment with the intention to rebuild the larger surveillance

segment of the market worldwide. Given our plans to reaccelerate growth, a

strong balance sheet and the potential for additional milestones and sales

royalties from our partner Asieris, I remain confident that Photocure is in a

solid position to deliver value for our patients and shareholders," 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 2023 financial report on page 23.

The quarterly report and presentation will be published at 08:00 CET 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/20231108_3/

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 8 November 2023 at 08:00 CET.