Photocure ASA

Earnings Release • May 8, 2025

Photocure ASA: Results for the first quarter of 2025

Photocure ASA: Results for the first quarter of 2025

Oslo, Norway, 08 May 2025 - Photocure ASA (OSE:PHO) today reported

Hexvix®/Cysview® revenues of NOK 125.3 million in the first quarter of 2025 (Q1

2024: NOK 116.8 million), and an EBITDA of NOK 1.8 million (7.9) for the

company. 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 milestone

payments this year.

"We delivered another quarter of growth and positive EBITDA, driven by the

strong performance from our European franchise. In parallel, our North American

team continues the solid business development with an increasing number of

accounts adopting upgrades and new tower placements expecting to drive future

revenue growth. We are able to offset the expected decline in flexible

cystoscopy kits and expect the U.S. unit growth to accelerate in 2025 onwards.

The completion of our share buy-back programme also highlighted our capital

discipline commitment as the company continues to grow." says Dan Schneider,

President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 125.3 million in the first

quarter of 2025 (NOK 118.0 million), and an EBITDA of NOK 1.8 million (7.9). The

cash balance at the end of the period was NOK 259.5 million.

The company continued to execute on its plan to expand blue light cystoscopy use

in Q1 2025 with the installation of 21 new SaphiraT towers in the U.S. - 8 new

accounts and 13 blue light tower upgrades. There are now 337 active accounts in

the U.S., an increase of 17% versus the first quarter of 2024.

In Europe, Photocure announced during the quarter that the availability of an

Interim Flexible BLC solution to centers in all countries where System blue and

Richard Wolf reusable flexible cystoscopes are cleared. The co-development with

Richard Wolf for state of the art, HD Flexible cystoscope is progressing on

plan. Photocure is also collaborating closely with Olympus on their recently

launched high-definition Olympus Visera Elite-III equipment featuring blue light

cystoscopy.

"30 Olympus systems have already been upgraded since launch, and we fully expect

this new state-of-the art equipment to fuel Hexvix growth in the Nordic region

and throughout continental Europe this year and beyond," 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.

"Following an adequate stock of units already landed in the U.S, we have enough

inventory to carry us through most of the year. Given our low cost of goods

sold, tariffs represent a very limited impact on our U.S. profit and loss

statement. Meanwhile, we remain focused on the growth of our business and

investing in opportunities that can take us to the next level in 2025. In all,

we delivered another quarter of growth and solid business development and

reiterate our guidance of a product revenue growth in the range of 7% to 11% and

year of year EBITDA improvement in 2025," 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

first quarter 2025 financial report on page 25.

The quarterly report and presentation will be published at 07:00 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/20250508_10/

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

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 8 May 2025 at 07:00 CEST.