Photocure ASA

Earnings Release • Aug 7, 2024

Photocure ASA: Results for the second quarter of 2024

Photocure ASA: Results for the second quarter of 2024

Oslo, Norway, 7 August 2024 - Photocure ASA (OSE:PHO), The Bladder Cancer

Company, today reported Hexvix®/Cysview® revenues of NOK 122.4 million in the

second quarter of 2024 (Q2 2023: NOK 115.9 million) and EBITDA of NOK 27.8

million (NOK 23.4 million). Photocure reiterates its 2024 financial guidance of

product revenue growth of 6% to 9% in constant currency and positive EBITDA

excluding business development expenses. Photocure now expects new and upgraded

SaphiraT installations in the U.S. in the range of 55 to 70 towers for the full

year, up from the previous range of 40 to 70 towers.

"Photocure had a productive second quarter as we delivered Hexvix/Cysview

revenue growth of 6% year-over-year and EBITDA of NOK 27.8 million. Year-to

-date, we have reported 8% revenue growth, on track with our top-line guidance

for the year. Once again, both our North American and European business segments

had positive contributions during the period as we continue to grow revenues and

contain our expenses. We also initiated key business development activities to

accelerate our growth in the coming quarters and years,"  says Dan Schneider,

President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 145.4 million in the second

quarter of 2024 (NOK 144.3 million), and EBITDA* of NOK 27.8 million (NOK 23.4

million), driven by revenue growth and a milestone payment from Asieris for the

NDA acceptance of Cevira® in China. Hexvix/Cysview revenues were NOK 122.4

million in the quarter (Q2 2023: NOK 115.9 million). The EBIT was NOK 20.7

million (NOK 16.8 million) and the cash balance at the end of the period was NOK

267.0 million.

"During the second quarter, 20 new Saphira towers were installed including 5 new

account placements, 3 accounts that upgraded to Saphira, and 12 mobile BLC

towers delivered to ForTec Medical. High-definition Saphira systems now

represent approximately 46% of the installed base of rigid BLC towers in the

U.S. In early June, we announced our mobile tower initiative in the U.S. market,

aligned with an agreement between ForTec and Karl Storz to provide on-demand

Saphira BLC equipment to ForTec's vast network of hospital customers. ForTec is

in the process of rolling out the program nationally, and we look forward to

working with them to expand access to BLC procedures in the U.S.,"  Schneider

adds.

At the end of the second quarter of 2024, the installed base of rigid BLC

systems in the U.S. was 381, up 17% from the same period in 2023. This includes

18 mobile towers owned by ForTec Medical. In the U.S. 25 flexible BLC towers

remain active. After the closing of the quarter, Photocure entered into an

agreement with Richard Wolf to develop and globally commercialize a high

-definition blue light flexible cystoscope.

"Turning to potential drivers of our long-term growth, we were very pleased to

announce our partnership with Richard Wolf to develop and commercialize a state

of the art high-definition flexible blue light system. Richard Wolf is a premier

manufacturer of endoscopy equipment, and our partnership is focused on ensuring

that physicians and patients have reliable access to state-of-the-art, high

quality BLC in the surveillance setting. Given the number of new non-muscle

invasive bladder cancer therapeutics that have, or are expected to enter the

market, we believe that BLC technology will be more important than ever to

properly identify, stage and manage bladder cancer patients. As we head into the

second half of this year, we remain focused on accelerating the growth of our

Hexvix/Cysview franchise, leveraging our established commercial infrastructure,

and executing on the many initiatives and activities that can take Photocure to

the next level," Schneider concludes.

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. The Company

reiterates its 2024 financial guidance and continues to expect consolidated

product revenue growth of 6% to 9% in constant currency and positive EBITDA

excluding business development expenses. Photocure now expects new and upgraded

SaphiraT installations in the U.S. in the range of 55 to 70 towers, up from the

previous range of 40 to 70 towers for the full year.

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 2024 financial report on page 25.

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 CEST.

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/20240807_1/

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

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.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 7 August 2024 at 08:00 CEST.