Photocure ASA Reports Impressive Q2 Growth and Outlook
Photocure ASA Achieves Record Revenue in Q2
Photocure ASA has shared strong results for the second quarter of the year, showcasing remarkable growth in its Hexvix/Cysview product line. This quarter marked an unprecedented achievement with revenues reaching NOK 135.6 million, reflecting a significant increase compared to NOK 122.4 million from the same period last year.
Strong EBITDA and Future Projections
The company reported an EBITDA of NOK 14.8 million this quarter, down from NOK 27.8 million last year, which included an exceptional milestone payment. Nonetheless, Photocure remains optimistic, anticipating a product revenue growth ranging from 7% to 11% and an improvement in year-over-year EBITDA throughout the year.
U.S. Market Performance
According to Dan Schneider, President & CEO, the U.S. market has been instrumental in driving growth. The company has experienced a 24% increase in active accounts, significantly supporting the sales of its rigid cystoscopy kits, which rose by 21% in Q2 alone. These developments indicate a robust upward trend in unit growth that Photocure expects will continue.
Expansion of Blue Light Cystoscopy Use
In its ongoing commitment to enhance bladder cancer care, Photocure installed 12 new Saphira™ towers in the U.S. during the quarter. This includes three new accounts and updates for nine existing blue light systems. The expansion reflects the company’s strategy to enhance its technology offerings, aiming to raise awareness and adoption of Blue Light Cystoscopy using Hexvix.
Installation Across Europe
In Europe, the company successfully installed a total of 36 Olympus Visera Elite III systems since launching its Blue Light Cystoscopy capabilities. This rollout is expected to boost Hexvix sales significantly, particularly in the Nordic region.
Strategic Partnerships and Future Innovations
Photocure is actively pursuing partnerships to integrate Blue Light Cystoscopy with innovative technologies. An example is their development partnership with Richard Wolf, aimed at advancing flexible BLC solutions. Additionally, their license agreement with Asieris for Cevira holds prospects for significant milestone payments once regulatory approval is obtained in China.
Contact Information
For further inquiries, please reach out to:
Dan Schneider
President and CEO
Photocure ASA
Email: ds@photocure.com
For financial inquiries:
Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.no
For media inquiries:
Geir Bjørlo
Corporate Communications
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no
Frequently Asked Questions
What are the key highlights of Photocure's Q2 report?
The key highlights include record revenues of NOK 135.6 million, an EBITDA of NOK 14.8 million, and increased active accounts in the U.S. market.
How did the U.S. market contribute to Photocure's growth?
The U.S. market contributed significantly with a 24% increase in active accounts and a 21% rise in sales of rigid cystoscopy kits.
What are Photocure's future projections for revenue growth?
The company projects product revenue growth between 7% and 11%, alongside continued improvement in EBITDA.
What actions is Photocure taking to expand its market reach?
Photocure is expanding its blue light cystoscopy capabilities through installations and partnerships, aiming to enhance the standard of care in bladder cancer treatment.
How can I contact Photocure for more information?
Interested parties can contact Dan Schneider via email or reach out to Erik Dahl for financial matters, with provided emails in the article.
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